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

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Economics Ics Part 1 English Medium Chapter 1 Online Test

Sr. # Questions Answers Choice
1 Scope of economics is defined as: Individual and aggregate economic behaviour of the people. Subject matter of economics. Welfare Economics. All of the abpove
2 Economic problems arises because of. Unlimited wants. Scarcity of resources. Alternative use of resources. All of the above
3 Which of the following is the subject matter of Economics. Optimum use of limited resources for the satisfaction of unlimited human wants. Economic problems of the developing countries. Labour problems. Balance of payment problems.
4 Prof. Robins wrote a book in 1931 entitled. General Theory of employment. Interest and money. An inquiry into the nature and causes of wealth of nations. Principle of economics. Nature and Significance of economic science.
5 One of the following is not a part of macro economics. Public finance International trade. Consumer behaviour. National income.
6 One of the following is not studied in Micro economics. Equilibrium to the firm Distribution of rewards to factors of productions Banking system Market equilibrium
7 Which one is not doing an economic activity. One who is offering prayers. One who works for wage. One who rents out his property . One who is an employee of Government
8 Who was the exponent of welfare economics. Alfred Marshall. Adam smith. Lionel Robbins J.M. Keynes.
9 Economics laws are: Statements of tendencies in economic behaviour Unrealistic to deal with real economic problems. Absolute and certain like the laws of physical science Used to forecast the growth rate of an economy.
10 Economics is a science which studies. Distribution of income Optimum use of scarce resources. Production of wealth only Exchange of wealth only
11 Validity of economics theories can never be proved with 100 percent certainty, because ceteris paribus clause limited number of observation is possible very large number of economic theories proved false in the past b and c
12 Scarcity means non availability of goods high price of goods less supply than demand high profit of the firms
13 The basic economic problem to all societies is elimination of scarcity what how and for whom to produce equal distribution of wealth to develop agriculture
14 Scarcity of goods means 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
15 Everyone should study economics is a positive statement normative statement true statement nonsense
16 Prof. Marshall thinks Economics studies national welfare Economics studies personal welfare Economics studies total welfare Economics studies material welfare
17 Select the correct statement Economics affects politics Economics affects history Geography affects economics all of the above are true
18 Wealth of Nations was written by Adam Smith Malthus Marshall Newton
19 Economic principle are also called economic law economic theory economic model all of the above
20 Wealth of Nations was written in 1976 1876 1776 1676
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