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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Economics Ics Part 1 English Medium Chapter 1 Online Test

00:00
Question # 1

Wealth of nations

Question # 2

Micro economics concentrates

Question # 3

Select the correct statement

Question # 4

Market system means

Question # 5

Who said that "Economics is a science of human welfare"

Question # 6

Prof. Robins wrote a book in 1931 entitled.

Question # 7

Wealth of Nations was written in

Question # 8

Economics is a science which studies.

Question # 9

Wants are unlimited for:

Question # 10

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

Question # 11

Economic principle are also called

Question # 12

The basic economic problem to all societies is

Question # 13

All non materials products which can satisfy human wants are called.

Question # 14

He described economics as a science of material welfare

Question # 15

Wealth of Nations was written by

Question # 16

One of the following is not a characteristics of economic laws.

Question # 17

Economic problems arises because of.

Question # 18

Adam smith was a

Question # 19

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

Question # 20

normative 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 In economics, assumptions
A. make economics theory useless
B. mean other things equal
C. enable economics to simplify reality
D. used in micro and not in macroeconomics
2 One of the following is not a characteristics of economic laws.
A. Economic laws lack exactitude
B. Economic laws lack predictability
C. They are not universa!
D. They are not optional
3 Prof. Marshall thinks
A. Economics studies national welfare
B. Economics studies personal welfare
C. Economics studies total welfare
D. Economics studies material welfare
4 Economics is a science
A. Spiritual
B. Social
C. dismal
D. moral
5 One or more persons living together and having a common budget is called
A. union
B. organisation
C. household
D. house members
6 Economic problems arises because of.
A. Unlimited wants.
B. Scarcity of resources.
C. Alternative use of resources.
D. All of the above
7 The basic economic problem to all societies is
A. elimination of scarcity
B. what how and for whom to produce
C. equal distribution of wealth
D. to develop agriculture
8 Marshall is his definition of economics
A. uses the concept of material welfare
B. dislikes wealth
C. accuses Adam smith
D. Praises Robbins
9 Wealth of Nations was written by
A. Adam Smith
B. Malthus
C. Marshall
D. Newton
10 Which one is the non-economic activity.
A. Service of a doctor
B. Morning walk
C. Service of teacher
D. Service of an advocate

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