Question # 1

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

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

Economics laws are

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exact

approximate

brief

definite

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

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

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

Which statement relates to macroeconomics

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Oil prices are rising in Pakistan

Profit rate is high in textile industry

The firms try to make huge profits

The government had failed to control inflation

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

Marshall wrote the book

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Introduction to economics

Principles of economics

Classical economics

Micro economics theory

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

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Economics laws are:

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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.

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

Economics is a science

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Spiritual

Social

dismal

moral

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

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