| 1 |
Validity of economics theories can never be proved with 100 percent certainty, because |
- A. ceteris paribus clause
- B. limited number of observation is possible
- C. very large number of economic theories proved false in the past
- D. b and c
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| 2 |
Ceteris paribus means |
- A. other things equal
- B. all variable are independent
- C. all relationships are inverse
- D. that no other assumptions are made
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| 3 |
Who criticized economics as "dismal Science". |
- A. Alfred Marshall
- B. Lionel Robbins
- C. Carlyle and Ruskin
- D. J.M. Keynes.
|
| 4 |
He described economics as a science of material welfare |
- A. Robbins
- B. Marshall
- C. Ricardo
- D. Keyness
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| 5 |
Who was the exponent of macro economics in recent times. |
- A. Adam Smith
- B. J.M. Keynes
- C. Marshall
- D. Maithus
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| 6 |
Economics problems arise because of |
- A. greed
- B. scarcity
- C. dishonesty
- D. laziness
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| 7 |
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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| 8 |
Which statement relates to macroeconomics |
- A. Oil prices are rising in Pakistan
- B. Profit rate is high in textile industry
- C. The firms try to make huge profits
- D. The government had failed to control inflation
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| 9 |
The products which are not priced in the market are called . |
- A. Economic goods
- B. Non-economic goods
- C. Merit goods
- D. Social goods
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| 10 |
Scarcity exists |
- A. in only poor countries
- B. in a country that uses resources inefficiently
- C. in all countries of the world
- D. when society produces unimportant goods
|