Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Marshall wrote the book Introduction to economics Principles of economics Classical economics Micro economics theory
2 Wealth of nations is another name for united nations is name of a book indicates total wealth of rich countries contains formulas to earn wealth
3 Marshall is his definition of economics uses the concept of material welfare dislikes wealth accuses Adam smith Praises Robbins
4 Adam smith was a President of France a modern economist good sports man classical economist
5 Economics laws must be followed are hated by people show economic behavior of people are unscientific
6 Economics is more important than mathematics is a social science should be made compulsory for every student is difficult to study
7 Three basic economics problems are what, how and for whom why, where and when what, which and how much what, which and why
8 Macro economics deals with how to buy groceries aggregate economics activity establishment of a new firm industrial activity
9 Micro economics concentrates on inflation international economics relations individual economics units economics development of Pakistan
10 Scarcity exists in only poor countries in a country that uses resources inefficiently in all countries of the world when society produces unimportant goods
11 Basic economic problem is inflation unemployment scarcity lack of money
12 normative economics deals solely with the facts is never studied in colleges involves opinions and interpretations is clearly preferable to positive economics
13 A positive statement concerns what is is always accurate deals with values and opinions cannot be tested in the real world
14 In economics, assumptions make economics theory useless mean other things equal enable economics to simplify reality used in micro and not in macroeconomics
15 Ceteris paribus means other things equal all variable are independent all relationships are inverse that no other assumptions are made
16 Which statement is true? 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
17 Which statement relates to macroeconomics 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
18 Economics problems arise because of greed scarcity dishonesty laziness
19 Economics is a science Spiritual Social dismal moral
20 Economics laws are exact approximate brief definite
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