Question # 1

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

Economics laws are

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exact

approximate

brief

definite

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

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

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Economic goods

Services

Non-economics goods

Services

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Economics is a science which studies.

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Distribution of income

Optimum use of scarce resources.

Production of wealth only

Exchange of wealth only

Robbins definition of economics spell out the existence of

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Economics problem

Social problem

Political problem

Moral problem

Scope of economics is defined as:

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Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

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

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

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