Question # 1

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

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

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union

organisation

household

house members

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

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

Wealth of Nations was written in

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1976

1876

1776

1676

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

Robbins definition of economics spell out the existence of

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Economics problem

Social problem

Political problem

Moral problem

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Economic principle are also called

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economic law

economic theory

economic model

all of the above

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Economics Ics Part 1 English Medium Chapter 1 Online Test MCQs With Answers

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