Quiz on Economics

Who is consider to be the Father of Economics?

• Adam Smith

• David Ricardo

• John Stuart Mill

• J.B. Say

"In the long run, we are all dead." said__________

Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to 
 

• A allocate scarce resources.
•  B collect taxes.
• C improve productivity. 
•  D invest in education and technology.

  Competition and free enterprise are most common in which type of economic system? 

• A traditional
•  B market
• C communist
• D planned

Importing more than exporting is

• trade surplus
• trade deficit
• balance of trade
• balance of payment

What is the basic difference between positive and normative Economics?

Demand for a good depends on​ ​

• all of the above
• its price
• consumers income
• price of related goods
• consumer's taste and preferences

Which of the following books is written by J.M. Keynes-

• Wealth of Nation

• General Theory of Unemployment and Money

• Poor Economics

• Development as Freedom