Question # 1

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

Which statement relates to macroeconomics

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Oil prices are rising in Pakistan

Profit rate is high in textile industry

The firms try to make huge profits

The government had failed to control inflation

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

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1850

190

1870

1890

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

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

Economic problems arises because of.

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Unlimited wants.

Scarcity of resources.

Alternative use of resources.

All of the above

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

Economics is a science

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Spiritual

Social

dismal

moral

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

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