| 1 |
Select the correct statement |
- A. Economics affects politics
- B. Economics affects history
- C. Geography affects economics
- D. all of the above are true
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| 2 |
Economics is a science which studies. |
- A. Distribution of income
- B. Optimum use of scarce resources.
- C. Production of wealth only
- D. Exchange of wealth only
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| 3 |
Everyone should study economics is a |
- A. positive statement
- B. normative statement
- C. true statement
- D. nonsense
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| 4 |
Robbins definition of economics spell out the existence of |
- A. Economics problem
- B. Social problem
- C. Political problem
- D. Moral problem
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| 5 |
Who was the founder of classical school of thought? |
- A. Adam Smith
- B. Marshall
- C. Keynes
- D. Maithus
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| 6 |
According to Alfred Marshall, Economics should be taken as: |
- A. Positive economics
- B. Normative economics
- C. Welfare economics
- D. Applied economics
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| 7 |
Basic economic problem is |
- A. inflation
- B. unemployment
- C. scarcity
- D. lack of money
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| 8 |
Economics problems arise because of |
- A. greed
- B. scarcity
- C. dishonesty
- D. laziness
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| 9 |
One or more persons living together and having a common budget is called |
- A. union
- B. organisation
- C. household
- D. house members
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| 10 |
One of the following is not a characteristics of economic laws. |
- A. Economic laws lack exactitude
- B. Economic laws lack predictability
- C. They are not universa!
- D. They are not optional
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