ECONOMICS QUIZ 1

Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.

• 1776

• 1786

• 1789

• 1790

Who defines Economics in terms of Dynamic Growth and Development?

• Robbins

• Paul A Samuelson

• Adam Smith

• none

All wants of an individual are not of:

• Equal importance

• Immediate importance

• Fixed importance

• All of the above

Which one of the following is incorrect about Business Economics?

• It is applied economics that fills the gap between economic theory and business practice.

• Business Economics integrates economic theory with business practice.

• Business Economics is also re-ferred to as Managerial Econom-ics.

• Business Economics is more concerned with Macro Economics.

analyses causes and effect relationship between variables in an objective and  scientific manner.

• Positive  Science

• Normative  Science

• Negative Science

• Analytical Science

The Central problem in every eco-nomic society is:

• To ensure a minimum level of income for every individual.

• To allocate scarce resources in such a manner that societies unlimited wants are satisfied in the best possible manner.

• To ensure that production occurs in the most efficient manner.

• To provide job to every jobseeker.

Which of the following is not one of the four central questions that the study of economics is supposed to answer?

• Who produces what ?

• When are goods produced?

• Who consumes what?

• How are goods produced?

In a free market economy the al-location of resources is determined by __________.

• Voting done by consumers

• A central planning authority.

• Consumer preferences.

• The level of profits of firms.

Which of the following is not demerit of Capitalism?

• Precedence of property rights over human rights.

• Misallocation of resources.

• Punishment for inefficient & imprudent men.

• Environmental degradation due to excessive materialism.

The Concept of socialist economy was propounded by __________.

• Karl Mark

• Frederic Engels

• Adam Smith

• Both (a) & (b)