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

Wealth of nations

Question # 2

Who was the exponent of macro economics in recent times.

Question # 3

Economic laws can be define as .

Question # 4

Adam smith was a

Question # 5

Scope of economics is defined as:

Question # 6

Robbins definition of economics spell out the existence of

Question # 7

All the products which are priced in the market are.

Question # 8

Economics is a science which studies.

Question # 9

Robbins in his definition

Question # 10

Who was the exponent of welfare economics.

Question # 11

Which laws are always subjected to certain conditions.

Question # 12

Who was the founder of classical school of thought?

Question # 13

Economics problems arise because of

Question # 14

Wants are unlimited for:

Question # 15

Economics

Question # 16

Economics laws are

Question # 17

Which one is not doing an economic activity.

Question # 18

Wealth of Nations was written by

Question # 19

Scarcity exists

Question # 20

According to Alfred Marshall, Economics should be taken as:

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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 Market system means
A. Socialism
B. Capitalism
C. a place where goods are traded
D. all of the above
2 Economics
A. is more important than mathematics
B. is a social science
C. should be made compulsory for every student
D. is difficult to study
3 One or more persons living together and having a common budget is called
A. union
B. organisation
C. household
D. house members
4 Wealth of nations
A. is another name for united nations
B. is name of a book
C. indicates total wealth of rich countries
D. contains formulas to earn wealth
5 Economic principle are also called
A. economic law
B. economic theory
C. economic model
D. all of the above
6 One of the following is not a part of macro economics.
A. Public finance
B. International trade.
C. Consumer behaviour.
D. National income.
7 Micro economics concentrates
A. on inflation
B. international economics relations
C. individual economics units
D. economics development of Pakistan
8 In which year Alfred Marshall wrote a book entitled "Principle of economics"
A. 1850
B. 190
C. 1870
D. 1890
9 Three basic economics problems are
A. what, how and for whom
B. why, where and when
C. what, which and how much
D. what, which and why
10 Scarcity means
A. non availability of goods
B. high price of goods
C. less supply than demand
D. high profit of the firms

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