Question # 1

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

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

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

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

Which of the following is the subject matter of Economics.

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Optimum use of limited resources for the satisfaction of unlimited human wants.

Economic problems of the developing countries.

Labour problems.

Balance of payment problems.

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

Scope of economics is defined as:

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Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

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

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

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

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.

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

Economics is a science

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Spiritual

Social

dismal

moral

Economic problems arises because of.

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Unlimited wants.

Scarcity of resources.

Alternative use of resources.

All of the above

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

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

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Economic goods

Non-economic goods

Merit goods

Social goods

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

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

Marshall wrote the book

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Introduction to economics

Principles of economics

Classical economics

Micro economics theory

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

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