Economics Quiz

What is the definition of economics?

• The study of wealth

• The study of history

• The study of politics

• The study of poverty

Which of the following is NOT an economic activity?

• Sleeping

• Distribution

• Consumption

• Earning

From which Greek word is 'Economics' derived?

• Oikonomikos

• Sociologos

• Politikos

• Anthropos

What is the primary focus of microeconomics?

• National income

• Individual economic units

• Government policies

• Global trade

Who is known as the 'Father of Economics'?

• Lionnel Robbins

• David Ricardo

• Adam Smith

• Alfred Marshall

What does Alfred Marshall's definition of economics emphasize?

• Material welfare

• Production

• Wealth

• Scarcity

Which economist introduced the concept of scarcity in economics?

• John Maynard Keynes

• Adam Smith

• Lionnel Robbins

• Alfred Marshall

What is the main criticism of Adam Smith's definition of economics?

• Focuses on services

• Ignores scarcity

• Wealth-centered

• Too broad

What is the focus of normative economics?

• Analyzing data

• Studying history

• Providing opinions

• Describing facts

Which of the following is a characteristic of microeconomics?

• Deals with national income

• Analyzes individual units

• Focuses on aggregate variables

• Studies the economy as a whole