11th ECONOMICS REVISION TEST-1

What is other name for Economics?

• a) Political Economy

• b) Capitalist Economy

• c) Socialist Economy

• d) Traditional Economy

The Term ____________________ means "Management of households".

• a) Commerce

• b) Business

• c) Economics

• d) All the above

The author of growth definition is _______________ .

• a) Samuelson

• b) Adam Smith

• c) Marshal

• d) J.S. Mill

According to Adam Smith "Economics as the science of ____________________ " .

• a) Wealth

• b) Welfare

• c) Scarcity

• d) Growth

Which Theory generally included under Macro - Economics.

• a) Prince Theory

• b) Income Theory

• c) Employment Theory

• d) Trade Theory

Who has given scarcity definition of economics?

• a) Adam Smith

• b) Marshall

• c) Robbins

• d) Robertson

Identify the correct characteristics of utility

• a) It is equivalent to ‘usefulness’

• b) It has moral significance

• c) It is same as pleasure

• d) It depends upon consumer’s mental attitude

Marginal Utility is measured by using the formula of

• a) TUn -TUn-1

• b) TUn-TUn+1

• c) TU +TUn+1

• TUn+ TUn-1

Utility analysis was developed by ____

• a) Alfred Marshall and Adam Smith

• b) Alfred Marshall and Prof. J.R. Hicks

• c) Alfred Marshall and A.C. Pigou

• d) Alfred Marshall and J.K. Easthan

Equi – Marginal Utility means equal marginal utilities derived from the consumption of more than ____

• a) four goods

• b) three goods

• c) two goods

• d) one good