Economics/Economics Nature and Scope of Economics Sample Test,Sample questions

Question:
  Economic principles are also called:

1.Economic law

2. Economic theory

3.Economic model

4.All of the above

Posted Date:-2021-08-16 08:18:28


Question:
  Economics:

1.Is more important than mathematics

2.Is a social science

3.Should be made compulsory for every student

4. None of these

Posted Date:-2021-08-16 08:18:28


Question:
  Human wants are:

1.One thousand

2.Few

3.Innumerable

4.Countable

Posted Date:-2021-08-16 08:18:28


Question:
  Market system means:

1.Socialism

2.Capitalism

3.A place where goods are traded

4.All of the above

Posted Date:-2021-08-16 08:18:28


Question:
  One or more persons living together and having a common budget is called:

1.A family

2.Organisation

3.Household

4.All commodities in a house

Posted Date:-2021-08-16 08:18:28


Question:
  Robbins in his definition:

1.Talks of scarcity of resources

2. Preaches moral values

3.Advises neutrality in economics

4.None of the above

Posted Date:-2021-08-16 08:18:28


Question:
  Select the correct statement:

1.Economics affects politics

2.Economics affects history

3.Geography affects economics

4.All of the above are true

Posted Date:-2021-08-16 08:18:28


Question:
  Utility and usefulness are:

1.Equal

2.Different

3.Similar

4.Unrelated

Posted Date:-2021-08-16 08:18:28


Question:
 Ceteris paribus means:

1.Other things equal

2.All variables are independent

3.Enable economists to simplify reality

4.That no other assumptions are made

Posted Date:-2021-08-16 08:18:28


Question:
 Economic laws are:

1.Scientific

2.Moral

3.Natural

4.Unreal

Posted Date:-2021-08-16 08:18:28


Question:
 Economic problems arise because of:

1.Greed

2.Scarcity

3.Dishonesty

4.Laziness

Posted Date:-2021-08-16 08:18:28


Question:
 Economics is a science:

1.Spiritual

2.Social

3.Dismal

4.Moral

Posted Date:-2021-08-16 08:18:28


Question:
 In economics assumptions:

1.Make economic theory useless

2.Mean other things equal

3.Enable economists to simplify reality

4.Used in micro and not in macroeconomist

Posted Date:-2021-08-16 08:18:28


Question:
 Microeconomics concentrates:

1.On inflation

2.International economic relations

3.Individual economic units

4.Economic development of Pakistan

Posted Date:-2021-08-16 08:18:28


Question:
 Professor Marshall thinks:

1.Economics studies national welfare

2.Economics studies personal welfare

3.Economics studies total welfare

4.Economics studies material welfare

Posted Date:-2021-08-16 08:18:28


Question:
 Rotten eggs are:

1.Free good

2.Economic good

3.Service

4.Wealth

Posted Date:-2021-08-16 08:18:28


Question:
 Wealth of Nations:

1.Is another name for United Nations

2.Is a book

3.Indicates total wealth of rich countries

4. Contains formulas to earn wealth

Posted Date:-2021-08-16 08:18:28


Question:
 Which statement is true?

1. Economics is a physical and normative science

2.Economics is a social and natural science

3.Economics is physical and positive science

4.Economics is a social and normative science

Posted Date:-2021-08-16 08:18:28


Question:
Adam Smith was a:

1.Was a Saint

2.A modern economist

3.Good sports man

4.Classical economist

Posted Date:-2021-08-16 08:18:28


Question:
Basic economic problem is:

1.Inflation

2.Unemployment

3.Poverty

4.Scarcity

Posted Date:-2021-08-16 08:18:28


Question:
Economic law:

1.Must be followed

2.Are hated by people

3.Show economic behaviour of people

4.Are unscientific

Posted Date:-2021-08-16 08:18:28


Question:
Economic theory means:

1.Economic policy

2.Principles of economics

3. Descriptive economics

4.Economic facts

Posted Date:-2021-08-16 08:18:28


Question:
Everyone should study economics:

1.Is a positive statement

2.Is a narmative statement

3.Is a true statement

4. Is nonsense

Posted Date:-2021-08-16 08:18:28


Question:
Father of political economy:

1.Adam Smith

2.Malthus

3.Marshall

4.Samuelson

Posted Date:-2021-08-16 08:18:28


Question:
He described economics as a science of material welfare:

1.Robbins

2.Marshall

3.Ricardo

4.Keynes

Posted Date:-2021-08-16 08:18:28


Question:
Macroeconomic deals with:

1.How to buy groceries

2.Aggregate economic activity

3.Establishment of a new firm

4.Industrial activity

Posted Date:-2021-08-16 08:18:28


Question:
Marshall in his definition of economics:

1.Uses the concept of material welfare

2.Dislikes wealth

3.Accuses Adam Smith

4.Praises Robbins

Posted Date:-2021-08-16 08:18:28


Question:
Marshall wrote the book:

1.Introduction to economics

2.Principles of economics

3.Classical economics

4.Microeconomic theory

Posted Date:-2021-08-16 08:18:28


Question:
Microeconomics concentrates:

1.In only poor countries

2.In a country that uses resources inefficiently

3.In all countries of the world

4. When society produces unimportant or silly goods

Posted Date:-2021-08-16 08:18:28


Question:
Normative economics:

1.Deals solely with the facts

2.Is never studied in colleges

3.Involves opinions and interpretations

4.Is clearly preferable to positive economics

Posted Date:-2021-08-16 08:18:28


Question:
Scarcity means that:

1.Non-availability of goods

2.High price of goods

3.Nobody wants to consume it

4.The good is available but it is not free

Posted Date:-2021-08-16 08:18:28


Question:
Scarcity means:

1.Non-availability of goods

2.High price of goods

3.Less supply than demand

4.High profit of the firms

Posted Date:-2021-08-16 08:18:28


Question:
The basic economic problem common to all societies is:

1.Scarcity cannot be totally eliminated

2. What how and for whom to produce

3.Equal distribution of wealth

4.The achievement of full employment

Posted Date:-2021-08-16 08:18:28


Question:
Three basic economic problems:

1.What how and for whom

2.Why where and when

3.What which and how much

4.What which why

Posted Date:-2021-08-16 08:18:28


Question:
Validity of economic theories can never be proved with 100 percent certainty because:

1.Ceteris paribus clause

2.Limited number of observation is possible

3.Some observation will be made in furture which refute the theory

4.(b) and c

Posted Date:-2021-08-16 08:18:28


Question:
Wealth of nations was written by:

1.Adam Smith

2.Malthus

3.Marshall

4.Newton

Posted Date:-2021-08-16 08:18:28


Question:
Wealth of Nations was written in:

1.1976

2.1876

3.1776

4.1676

Posted Date:-2021-08-16 08:18:28


Question:
Which statement relates to macroeconomics:

1.Oil prices are rising in Pakistan

2.Profit rate is high in textile industry

3.The firms try to make huge profits

4.The government has failed to control inflation

Posted Date:-2021-08-16 08:18:28


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  10. Economic Growth and Development
  11. Economics Money Banking and International Trade
  12. Economics Nature and Scope of Economics
  13. Economics Production and Production Function
  14. Economic Development and Planning
  15. Economics Balance of Payments
  16. Economics Central Bank
  17. Economics Equilibrium Of National Income
  18. Economics International Economic Organisations
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  22. Economics Money and Value of Money
  23. Economics Demand and Supply Set-1
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  25. Economics Public Finance
  26. Economics Scale Of Production and Laws of Returns
  27. Economics Transport Communication and Human Resources
  28. Economics Wages Rent Interest and Profit
  29. Economics Demand and Supply Set-2
  30. Economics Great Economists and Their Work Set-1
  31. Economics Great Economists and Their Work Set-2
  32. Economics Market and Revenue Curves
  33. Economics Market Equilibrium
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  35. Economics World Economy
  36. Economics National Income Accounting Set-2
  37. MCQ Indian Economy Set 5
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