ECONOMICS ASSESSMENT - 2 (2020-21)

1. Microeconomics is concerned with the

• Behaviour of the society

• Behaviour of small units

• Behaviour of individual economic units

• Behaviour of consumers

The word 'Economic' is most closely connected to the word

• Scarcity

• Unlimited

• Restricted

• Free

Consumer Behaviour is the study of

• Microeconomics

• Macroeconomics

• Income theory

• None of the avove

Economic problem is basically a

• problem of consumer choice

• problem of choice arising due to limited means

• problem of firms choice

• None of these

Which of the following is a normative statement?

• Planed economics allocate resources via government departments.

• Most transitional economies have experienced problems of falling output and rising prices over the past decade.

• There is greater degree of consumer sovereignty in market economies than planned economies.

• Reducing inequality should be a major priority for mixed economies.

The problem of 'What to produce' relates to:

• The choice of technique

• Distribution of income

• Market value of the good and services

• The choice of good and service

Central problem of an economy can be:

• What goods to produce and how much to produce

• How to produce

• For whom to produce

• All of the above

Theory of distribution studies the problem of:

• What goods to produce and how much to produce

• How to produce

• For whom to produce

• All of the above

Who is called the 'Father of Economics'?

• Adam Smith,

• Marshall

• Robbins

• None of these

An economy can be classified as-

• capitalist or market economy

• mixed economy

• Centrally planned or socialist economy,

• All of these