Question # 1

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Which one is not doing an economic activity.

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One who is offering prayers.

One who works for wage.

One who rents out his property .

One who is an employee of Government

Economics laws are

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exact

approximate

brief

definite

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.

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

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

Economics is a science

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Spiritual

Social

dismal

moral

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

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

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1850

190

1870

1890

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

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

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

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

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

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Economics is a science which studies.

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Distribution of income

Optimum use of scarce resources.

Production of wealth only

Exchange of wealth only

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Economics Ics Part 1 English Medium Chapter 1 Online Test MCQs With Answers

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