Question # 1

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

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

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Which of the following is the subject matter of Economics.

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Optimum use of limited resources for the satisfaction of unlimited human wants.

Economic problems of the developing countries.

Labour problems.

Balance of payment problems.

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

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

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Economic goods

Services

Non-economics goods

Services

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Wealth of Nations was written in

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1976

1876

1776

1676

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

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

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1784

1792

1776

1796

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

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

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