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Terminology Online Test MCQs With Answers

Question # 1

Political liberty without economic liberty is a myth, Who has made this statement?

Choose an answer

Aristotle

T,H,Green

J,S, Mill

H,J, Laski

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Question # 2

Who has said that a welfare state is'' a state that provides for its citizens a wide range of social services''?

Choose an answer

G,D,H Cole

H, J, Laski

Abraham

T,W,Kent

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Question # 3

A system in which private citizens own the factors of production:

Choose an answer

Traditionalism

Communism

Capitalism

Profit

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Question # 4

Which of the following is an active factor of production?

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Land

Labour

Capital

Organization

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Question # 5

Where could you most likely have seen the letters TWA?

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Army base

Church

Airport

Gift store

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Question # 6

A brief story in prose or verse that teaches a moral or gives a pract6ical lesson about how to get along in life is called a:

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Myth

Dram

Folk tale

Fable

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Question # 7

What is the main characteristic of a capialist of free market economy:

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Individuals are the owners factors of Production

Profit is the min motives of carrying out various activities

Consumer freedom

All of above

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Question # 8

Who defined "Economics is the Science of Wealth"?

Choose an answer

J.K Mehta

Marshall

Adam Smith

Robbins

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Question # 9

Ultimate burden of tax is known as

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Impact

Incidence

shifting of tax

Property tax

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Question # 10

Which of the following is not a direct tax?

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Income tax

Property tax

Sales tax

House tax

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Question # 11

If you were being treated extremely well by someone and they made you fell really special, It is said that you are getting the _____ treatment?

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PIP

^VIP

PPI

XSP

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