First Year Economics Chapter 1 Online MCQ Test for 1st Year Economics Chapter 1 (Nature and Scope)

This online test contains MCQs about following topics:

Human Wants,Utility,Scarcity,Defination By Adam Smith,Marshall and Robbins,Modern View of Economics ,Comparison of Defination , Methods of Economics ,Economics Theory, Economic Principle ,Policy Economics , Micro Vs Macroeconomics ,Economics Laws Deductive and Inductive Methods

ICS Part 1 Economics Chapter 1 Test

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 1 "Economics Ics Part 1 English Medium Chapter 1 Online Test"

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Economics Ics Part 1 English Medium Chapter 1 Online Test

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Question # 1

All non materials products which can satisfy human wants are called.

Question # 2

The basic economic problem to all societies is

Question # 3

According to Alfred Marshall, Economics should be taken as:

Question # 4

Which of the following is the subject matter of Economics.

Question # 5

One of the following is not studied in Micro economics.

Question # 6

Prof. Robins wrote a book in 1931 entitled.

Question # 7

normative economics

Question # 8

Economic principle are also called

Question # 9

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

Question # 10

Wealth of Nations was written in

Question # 11

Father of the political economy

Question # 12

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

Question # 13

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

Question # 14

Economics laws are:

Question # 15

Basic economic problem is

Question # 16

Validity of economics theories can never be proved with 100 percent certainty, because

Question # 17

Marshall wrote the book

Question # 18

Select the correct statement

Question # 19

Macro economics deals with

Question # 20

Scarcity of goods means

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ICS Part 1 Economics Chapter 1 MCQs Test

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ICS Part 1 Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 He described economics as a science of material welfare
A. Robbins
B. Marshall
C. Ricardo
D. Keyness
2 Micro economics concentrates
A. on inflation
B. international economics relations
C. individual economics units
D. economics development of Pakistan
3 Marshall is his definition of economics
A. uses the concept of material welfare
B. dislikes wealth
C. accuses Adam smith
D. Praises Robbins
4 Scarcity means
A. non availability of goods
B. high price of goods
C. less supply than demand
D. high profit of the firms
5 Wants are unlimited for:
A. Poor person
B. Rich person
C. All persons
D. None of them
6 Which one is not doing an economic activity.
A. One who is offering prayers.
B. One who works for wage.
C. One who rents out his property .
D. One who is an employee of Government
7 Ceteris paribus means
A. other things equal
B. all variable are independent
C. all relationships are inverse
D. that no other assumptions are made
8 Economics laws are
A. exact
B. approximate
C. brief
D. definite
9 All materials goods which can satisfy humans wants are called.
A. Non economic goods
B. Economic goods
C. Capital goods
D. Services
10 In which year Alfred Marshall wrote a book entitled "Principle of economics"
A. 1850
B. 190
C. 1870
D. 1890

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