Economics - Chapter 1 (First Year)

Adam Smith was the founder of

• Modern Economics
• Keynesian Economics
• New Classical Economics
• Classical Economics

According to Professor Robbins, Economics is the science of

• Material Wealth
• Wealth
• Scarcity & Choice
• None of these

Ends or Human wants are

• Limited
• Unlimited
• A few
• Numerous

The method for Economic Analysis

• Deductive Method
• Inductive Method
• Both Methods
• None of these

Macroeconomics is also known as

• Theory of Income and Employment
• Theory of inflation
• Fiscal Theory
• Monetary Theory

Theory of National income is studied in

• Macroeconomics
• Microeconomics
• Monetary Economics
• Development Economics

According to Marshall. Economics laws are

• Statements of tendencies
• Exact & precise
• Realistic Assumptions
• Hypothesis

The inductive method is also known as

• An Empirical Method
• A Productive Method
• Explanatory Method
• An Informative Method

Marshall's book "Principle of Economics" deals with

• Macroeconomics
• Microeconomics
• Monetary Economics
• Development Economics

An inquiry into the Nature & causes of wealth was written by

• Marshall
• Adam Smith
• Robbins
• Keynes