Question # 1

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

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Public finance

International trade.

Consumer behaviour.

National income.

One or more persons living together and having a common budget is called

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union

organisation

household

house members

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

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

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

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

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

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.

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

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

Economics is a science

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Spiritual

Social

dismal

moral

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

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

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

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

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