Economic principles are also called:
1.Economic law
2. Economic theory
3.Economic model
4.All of the above
Economics:
1.Is more important than mathematics
2.Is a social science
3.Should be made compulsory for every student
4. None of these
Human wants are:
1.One thousand
2.Few
3.Innumerable
4.Countable
Market system means:
1.Socialism
2.Capitalism
3.A place where goods are traded
4.All of the above
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
Robbins in his definition:
1.Talks of scarcity of resources
2. Preaches moral values
3.Advises neutrality in economics
4.None of the above
Select the correct statement:
1.Economics affects politics
2.Economics affects history
3.Geography affects economics
4.All of the above are true
Utility and usefulness are:
1.Equal
2.Different
3.Similar
4.Unrelated
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
Economic laws are:
1.Scientific
2.Moral
3.Natural
4.Unreal
Economic problems arise because of:
1.Greed
2.Scarcity
3.Dishonesty
4.Laziness
Economics is a science:
1.Spiritual
2.Social
3.Dismal
4.Moral
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
Microeconomics concentrates:
1.On inflation
2.International economic relations
3.Individual economic units
4.Economic development of Pakistan
Professor Marshall thinks:
1.Economics studies national welfare
2.Economics studies personal welfare
3.Economics studies total welfare
4.Economics studies material welfare
Rotten eggs are:
1.Free good
2.Economic good
3.Service
4.Wealth
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
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
Adam Smith was a:
1.Was a Saint
2.A modern economist
3.Good sports man
4.Classical economist
Basic economic problem is:
1.Inflation
2.Unemployment
3.Poverty
4.Scarcity
Economic law:
1.Must be followed
2.Are hated by people
3.Show economic behaviour of people
4.Are unscientific
Economic theory means:
1.Economic policy
2.Principles of economics
3. Descriptive economics
4.Economic facts
Everyone should study economics:
1.Is a positive statement
2.Is a narmative statement
3.Is a true statement
4. Is nonsense
Father of political economy:
1.Adam Smith
2.Malthus
3.Marshall
4.Samuelson
He described economics as a science of material welfare:
1.Robbins
2.Marshall
3.Ricardo
4.Keynes
Macroeconomic deals with:
1.How to buy groceries
2.Aggregate economic activity
3.Establishment of a new firm
4.Industrial activity
Marshall in his definition of economics:
1.Uses the concept of material welfare
2.Dislikes wealth
3.Accuses Adam Smith
4.Praises Robbins
Marshall wrote the book:
1.Introduction to economics
2.Principles of economics
3.Classical economics
4.Microeconomic theory
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
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
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
Scarcity means:
1.Non-availability of goods
2.High price of goods
3.Less supply than demand
4.High profit of the firms
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
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
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
Wealth of nations was written by:
1.Adam Smith
2.Malthus
3.Marshall
4.Newton
Wealth of Nations was written in:
1.1976
2.1876
3.1776
4.1676
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