| 1 |
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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| 2 |
Economics is a science |
- A. Spiritual
- B. Social
- C. dismal
- D. moral
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| 3 |
Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in. |
- A. 1784
- B. 1792
- C. 1776
- D. 1796
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| 4 |
Basic economic problem is |
- A. inflation
- B. unemployment
- C. scarcity
- D. lack of money
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| 5 |
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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| 6 |
normative economics |
- A. deals solely with the facts
- B. is never studied in colleges
- C. involves opinions and interpretations
- D. is clearly preferable to positive economics
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| 7 |
Economics laws are: |
- A. Statements of tendencies in economic behaviour
- B. Unrealistic to deal with real economic problems.
- C. Absolute and certain like the laws of physical science
- D. Used to forecast the growth rate of an economy.
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| 8 |
Who was the exponent of welfare economics. |
- A. Alfred Marshall.
- B. Adam smith.
- C. Lionel Robbins
- D. J.M. Keynes.
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| 9 |
Adam smith was a |
- A. President of France
- B. a modern economist
- C. good sports man
- D. classical economist
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| 10 |
Scope of economics is defined as: |
- A. Individual and aggregate economic behaviour of the people.
- B. Subject matter of economics.
- C. Welfare Economics.
- D. All of the abpove
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