What is Economics?

What is economics?

• The study of ancient civilizations

• The social science that studies how societies allocate scarce resources

• The art of painting

• The science of weather patterns

Who is known as 'The Father of Economics'?

• Adam Smith

• John Maynard Keynes

• Karl Marx

• David Ricardo

Which of the following is not a conventional factor of production?

• Land

• Labour

• Capital

• Technology

What does the term 'labour' refer to according to the passage?

• A type of work or task

• A type of machinery

• A type of leisure activity

• A type of food

According to the passage, which of the following is NOT a type of labour?

• Manual

• Intellectual

• Emotional

• Technical

Which of the following is an example of financial capital?

• Machinery

• Factories

• Cash

• Tools

Company cars are an example of:

• Employee benefits

• Company assets

• Transportation expenses

• Marketing tools

Patents are an example of:

• Intellectual Property

• Physical Property

• Public Domain

• Trade Secret

Bonds are an example of:

• Equity

• Debt

• Derivatives

• Commodities

How do private sector organizations raise capital?

• Through government funding

• By increasing taxes

• Through private investments, bank loans, and selling shares to shareholders

• By donations