Eco - yes bank - chap 1 & 2

Economics is derived from the following Greek words.

• Oikos

• Onnus

• Nomos

• Monos

Find the odd one out

• Adam Smith - A study of man in the ordinary business of life

• Samuelson - Scarcity is the fundamental economic problem

• Alfred Marshall - An inquiry into the nature & causes of the wealth of nations

• Samuelson - The study of men and society.

Scarcity occurs when

• There are no choices

• There are limited wants

• There are unlimited wants

• There are unlimited resources

__________ results in the sacrifice for the next best alternative.

• Opportunity cost

• Trade off

• Prioritization

• Choice

There are two options. You can invest in a bond giving 12% or in a FD giving 6% per annum without any risk. Which of the options has the least opportunity cost if the duration of investment is the same?

• Bond

• FD

Which of the following statements is not true for the concept of utility?

• Utility is same for all the people consuming the same commodity

• Utility differs from person to person

• Utility differs with place and time

• Utility refers to want satisfying power of a commodity

Which of the following is not a way in which governments manage scarcity?

• They decide what to produce

• They decide how to produce

• They decide for whom to produce

• They decide not to produce

Oikonomia refers to economics of

• A country

• A person

• An individual

• A community

Utility is measured by

• Utils

• Utels

• Utals

• Utols

If Raj has given the following utils for eating 5 chocolates - 90, 85, 70, 45 and 20. What is the total utility of 4 chocolates?

• 290

• 310

• 45

• 270