First Year Economics Chapter 1 Online MCQ Test for 1st Year Economics Chapter 1 (Nature and Scope)

This online test contains MCQs about following topics:

Human Wants,Utility,Scarcity,Defination By Adam Smith,Marshall and Robbins,Modern View of Economics ,Comparison of Defination , Methods of Economics ,Economics Theory, Economic Principle ,Policy Economics , Micro Vs Macroeconomics ,Economics Laws Deductive and Inductive Methods

ICS Part 1 Economics Chapter 1 Test

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 1 "Economics Ics Part 1 English Medium Chapter 1 Online Test"

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  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 1 Online Test

00:00
Question # 1

Economic laws can be define as .

Question # 2

Validity of economics theories can never be proved with 100 percent certainty, because

Question # 3

The products which are not priced in the market are called .

Question # 4

All materials goods which can satisfy humans wants are called.

Question # 5

Economic principle are also called

Question # 6

Wealth of Nations was written by

Question # 7

Which of the following is the subject matter of Economics.

Question # 8

Basic economic problem is

Question # 9

Scarcity exists

Question # 10

Micro economics concentrates

Question # 11

In economics, assumptions

Question # 12

normative economics

Question # 13

Everyone should study economics is a

Question # 14

Adam smith was a

Question # 15

Who criticized economics as "dismal Science".

Question # 16

In which year Alfred Marshall wrote a book entitled "Principle of economics"

Question # 17

Which laws are implemented with an executive authority .

Question # 18

Wealth of nations

Question # 19

Three basic economics problems are

Question # 20

Which type of problems are brought under discussion in micro economics .

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ICS Part 1 Economics Chapter 1 MCQs Test

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ICS Part 1 Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 Economic principle are also called
A. economic law
B. economic theory
C. economic model
D. all of the above
2 Economics is a science which studies.
A. Distribution of income
B. Optimum use of scarce resources.
C. Production of wealth only
D. Exchange of wealth only
3 Which one is the non-economic activity.
A. Service of a doctor
B. Morning walk
C. Service of teacher
D. Service of an advocate
4 Market system means
A. Socialism
B. Capitalism
C. a place where goods are traded
D. all of the above
5 Economic problems arises because of.
A. Unlimited wants.
B. Scarcity of resources.
C. Alternative use of resources.
D. All of the above
6 Economic laws can be define as .
A. A statement of social behaviour
B. Laws implement by an executive
C. Laws of the state
D. Statement of general economic tendencies
7 Which one is not doing an economic activity.
A. One who is offering prayers.
B. One who works for wage.
C. One who rents out his property .
D. One who is an employee of Government
8 Economics problems arise because of
A. greed
B. scarcity
C. dishonesty
D. laziness
9 Father of the political economy
A. Adam smith
B. Malthus
C. Marshall
D. Samuelson
10 Which laws are implemented with an executive authority .
A. Economic laws
B. Moral laws
C. State laws
D. Physical laws

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