11TH ECONOMICS FORMATIVE TEST 1

Adam Smith's definition of economics is

• Growth oriented

• Scarcity oriented

• Wealth oriented

• Welfare oriented

Which Economist has given this definition of economics?

"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"

• Prof. Lionel Robbins

• Paul Samuelson

• Adam Smith

• J.M. Keynes

Identify the Economist. His definition of economics is based on

• Lionel Robbins, Scarcity

• Paul Samuelson, Scarcity

• Adam Smith, Wealth

• Paul Samuelson, Growth

Which definition states that giving solution to economic problems is as a part of economics?

• Scarcity Oriented

• Welfare Oriented

• Growth Oriented

• Wealth Oriented

This definition of economics is given by which economist?

"Economics is a study of administration of a scarce means and the determinants of employment and income."

• J.M. Keynes

• Alfred Marshal

• Paul Samuelson

• Adam Smith

Who is the author of this book? What does his definition of economics focus on?

• Adam Smith, Wealth

• Lionel Robbins, Growth

• Lionel Robbins, Scarcity

• Paul Samuelson, Scarcity

What is a characteristics of a market economy?

• lack of choice
• individual choice
• competition
• central ownership of property

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

If the government makes me produce 70 T-Shirts, what economic system is this?

• Mixed
• Traditional
• Command
• Market

All personal needs, such as health care and education, are provided by the government.

• Traditional Economy

• Free enterprise (Capitalist) Economy

• Communist (Command) Economy

• Socialist Economy