1. The subject matter of economics is concerned with
A. Production
C. Distribution and exchange
B. Consumption
D. All of the above
2. The economic problem arises since
A. Wants are unlimited
B. Resources are limited
C. Resources are capable of alternative uses
D. All of the above
3. The wants of the people are
A. Limited
C. Unlimited
B. Satiable
D. All of the above
4. Economic problem arises in
A. Planned economies
C. Mixed economies
B. Free market economies
D. All of the above
5. The resources are :
A. Limited
B. Unlimited
C. Not only limited but are capable of alternative uses
D. None of the above
6. Which one of the following is an example of an economic good
A. Sunlight
C. Petrol
B. Air
D. None of the above
7. ----- is not an example of free good
A. Sunlight
C. Petrol
B. Car
D. Computer
8. The term production refers to:
A. Producing things which are capable of satisfying human wants
B. Creation or addition of utilities
C. Transformation of inputs into output
D. All of the above
9. The problem of allocation of resources is concerned with:
A. What to produce
C. For whom to produce
B. How to produce
D. All of the above
10. The distribution of national product among the members of the society is the problem of:
A. What to produce
C. For whom to produce
B. How to produce
D. All of the above
11. Production is said to be efficient when:
A. The re-allocation of resources cannot increase the production of the article even by one unit
B. More output is produced with the given input
C. Resources are fully employed
D. All of the above
12. Which one of the following come under macro economics:
A. Per capita income
C. Individual income
B. Study of a firm
D. Theory of factor pricing
13. Which one of the following is not come under macro economics
A. National income
C. Disposable income
B. Per capita income
D. Individual income
14. Partial equilibrium analysis come under:
A. Micro economics
C. Welfare economics
B. Macro economics
D. International economics
15. “The starting point of all economic activity is the existence of human wants” Who said this?
A. Adam Smith
C. Ricardo
B. Selligman
D. Alfred Marshall
16. Production and consumption takes place simultaneously in the case of
A. Goods
B. Services
C. Both in the case of goods and services
D. Neither in the case of goods and services
17. Economics is a social science because
A. The central point in economics is man and his problems
B. Economics uses scientific approach to derive its laws
C. Like History, Politics and Psychology economics deals with the problems of human being
D. All of the above
18. Economic growth can be achieved through
A. Advanced technology
C. Both A & B
B. Expansion of resources
D. Neither A & B
19. Micro economics doesn’t deal with:
A. The study of individual economic units
B. Determination of factor prices
C. Price determination of commodities
D. General equilibrium analysis
20. Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.
A. Adam Smith
C. Ragner Frisch
B. Alfred Marshall
D. P A Samuelson
ANSWER KEYS
1 D 2 D 3 C 4 D 5 C 6 C 7 A 8 D 9 A 10 C
11 A 12 A 13 D 14 A 15 B 16 B 17 D 18 C 19 D
20 C
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