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


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


Question:
  Human wants are:

1.One thousand

2.Few

3.Innumerable

4.Countable


Question:
  Market system means:

1.Socialism

2.Capitalism

3.A place where goods are traded

4.All of the above


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


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


Question:
  Select the correct statement:

1.Economics affects politics

2.Economics affects history

3.Geography affects economics

4.All of the above are true


Question:
  Utility and usefulness are:

1.Equal

2.Different

3.Similar

4.Unrelated


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


Question:
 Economic laws are:

1.Scientific

2.Moral

3.Natural

4.Unreal


Question:
 Economic problems arise because of:

1.Greed

2.Scarcity

3.Dishonesty

4.Laziness


Question:
 Economics is a science:

1.Spiritual

2.Social

3.Dismal

4.Moral


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


Question:
 Microeconomics concentrates:

1.On inflation

2.International economic relations

3.Individual economic units

4.Economic development of Pakistan


Question:
 Professor Marshall thinks:

1.Economics studies national welfare

2.Economics studies personal welfare

3.Economics studies total welfare

4.Economics studies material welfare


Question:
 Rotten eggs are:

1.Free good

2.Economic good

3.Service

4.Wealth


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


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


Question:
Adam Smith was a:

1.Was a Saint

2.A modern economist

3.Good sports man

4.Classical economist


Question:
Basic economic problem is:

1.Inflation

2.Unemployment

3.Poverty

4.Scarcity


Question:
Economic law:

1.Must be followed

2.Are hated by people

3.Show economic behaviour of people

4.Are unscientific


Question:
Economic theory means:

1.Economic policy

2.Principles of economics

3. Descriptive economics

4.Economic facts


Question:
Everyone should study economics:

1.Is a positive statement

2.Is a narmative statement

3.Is a true statement

4. Is nonsense


Question:
Father of political economy:

1.Adam Smith

2.Malthus

3.Marshall

4.Samuelson


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

1.Robbins

2.Marshall

3.Ricardo

4.Keynes


Question:
Macroeconomic deals with:

1.How to buy groceries

2.Aggregate economic activity

3.Establishment of a new firm

4.Industrial activity


Question:
Marshall in his definition of economics:

1.Uses the concept of material welfare

2.Dislikes wealth

3.Accuses Adam Smith

4.Praises Robbins


Question:
Marshall wrote the book:

1.Introduction to economics

2.Principles of economics

3.Classical economics

4.Microeconomic theory


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


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


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


Question:
Scarcity means:

1.Non-availability of goods

2.High price of goods

3.Less supply than demand

4.High profit of the firms


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


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


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


Question:
Wealth of nations was written by:

1.Adam Smith

2.Malthus

3.Marshall

4.Newton


Question:
Wealth of Nations was written in:

1.1976

2.1876

3.1776

4.1676


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


More MCQS

  1. Class 9th Economics
  2. Class 10th Economics
  3. Economics Development
  4. Social Economics -Development
  5. Sectors of Indian Economy
  6. Indian Economy for Competitive Examinations
  7. Economics Bank System MCQS
  8. Economics National Income MCQS Set-1
  9. Economics National Income MCQS Set-2
  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
  19. Economics Business and Finance
  20. Economics Economics and Commercial Geography
  21. Economics International Economic Organisations set-2
  22. Economics Money and Value of Money
  23. Economics Demand and Supply Set-1
  24. Economics Economy of Pakistan
  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
  34. Economics National Income Accounting Set-1
  35. Economics World Economy
  36. Economics National Income Accounting Set-2
  37. MCQ Indian Economy Set 5
  38. MCQ Indian Economy Set 1
  39. MCQ Indian Economy Set 2
  40. MCQ Indian Economy Set 3
  41. MCQ Indian Economy Set 4
  42. Indian Economy MCQs Part 1
  43. Indian Economy MCQs Part 2
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