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 One or more persons living together and having a common budget is called union organisation household house members
2 Market system means Socialism Capitalism a place where goods are traded all of the above
3 Robbins in his definition talks of scarcity of resources preached moral values supports Adam smith view none of the above
4 Economics theory means economic policy economic principles descriptive economics economics facts
5 Marshall wrote the book Introduction to economics Principles of economics Classical economics Micro economics theory
6 Wealth of nations is another name for united nations is name of a book indicates total wealth of rich countries contains formulas to earn wealth
7 Marshall is his definition of economics uses the concept of material welfare dislikes wealth accuses Adam smith Praises Robbins
8 Adam smith was a President of France a modern economist good sports man classical economist
9 Economics laws must be followed are hated by people show economic behavior of people are unscientific
10 Economics is more important than mathematics is a social science should be made compulsory for every student is difficult to study
11 Three basic economics problems are what, how and for whom why, where and when what, which and how much what, which and why
12 Macro economics deals with how to buy groceries aggregate economics activity establishment of a new firm industrial activity
13 Micro economics concentrates on inflation international economics relations individual economics units economics development of Pakistan
14 Scarcity exists in only poor countries in a country that uses resources inefficiently in all countries of the world when society produces unimportant goods
15 Basic economic problem is inflation unemployment scarcity lack of money
16 normative economics deals solely with the facts is never studied in colleges involves opinions and interpretations is clearly preferable to positive economics
17 A positive statement concerns what is is always accurate deals with values and opinions cannot be tested in the real world
18 In economics, assumptions make economics theory useless mean other things equal enable economics to simplify reality used in micro and not in macroeconomics
19 Ceteris paribus means other things equal all variable are independent all relationships are inverse that no other assumptions are made
20 Which statement is true? 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
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