| 1 |
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
|
| 2 |
Economic principle are also called |
- A. economic law
- B. economic theory
- C. economic model
- D. all of the above
|
| 3 |
Which statement is true? |
- A. Economics is a physical and normative science
- B. Economics is a social and natural science
- C. Economics is physical and positive science
- D. Economics is a social and normative science
|
| 4 |
Wealth of Nations was written by |
- A. Adam Smith
- B. Malthus
- C. Marshall
- D. Newton
|
| 5 |
Market system means |
- A. Socialism
- B. Capitalism
- C. a place where goods are traded
- D. all of the above
|
| 6 |
The basic economic problem to all societies is |
- A. elimination of scarcity
- B. what how and for whom to produce
- C. equal distribution of wealth
- D. to develop agriculture
|
| 7 |
All materials goods which can satisfy humans wants are called. |
- A. Non economic goods
- B. Economic goods
- C. Capital goods
- D. Services
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| 8 |
All non materials products which can satisfy human wants are called. |
- A. Economic goods
- B. Services
- C. Non-economics goods
- D. Services
|
| 9 |
Which of the following is the subject matter of Economics. |
- A. Optimum use of limited resources for the satisfaction of unlimited human wants.
- B. Economic problems of the developing countries.
- C. Labour problems.
- D. Balance of payment problems.
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| 10 |
Select the correct statement |
- A. Economics affects politics
- B. Economics affects history
- C. Geography affects economics
- D. all of the above are true
|