Question # 1

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

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Economic goods

Non-economic goods

Merit goods

Social goods

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

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

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

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Economics laws are

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exact

approximate

brief

definite

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 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.

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

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1784

1792

1776

1796

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Wealth of Nations was written in

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1976

1876

1776

1676

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

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

Robbins definition of economics spell out the existence of

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Economics problem

Social problem

Political problem

Moral problem

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

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

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Economic goods

Services

Non-economics goods

Services

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Which one is the non-economic activity.

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Service of a doctor

Morning walk

Service of teacher

Service of an advocate

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

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