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Definitions of Economics

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

Adam Smith's definition of economics is

a)

Growth oriented

b)

Scarcity oriented

c)

Wealth oriented

d)

Welfare oriented

2.

Which Economist has given this definition of economics?

"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"

a)

Prof. Lionel Robbins

b)

Paul Samuelson

c)

Adam Smith

d)

J.M. Keynes

3.

Identify the Economist. His definition of economics is based on

a)

Lionel Robbins, Scarcity

b)

Paul Samuelson, Scarcity

c)

Adam Smith, Wealth

d)

Paul Samuelson, Growth

4.

Which definition states that giving solution to economic problems is as a part of economics?

a)

Scarcity Oriented

b)

Welfare Oriented

c)

Growth Oriented

d)

Wealth Oriented

5.

This definition of economics is given by which economist?

"Economics is a study of administration of a scarce means and the determinants of employment and income."

a)

J.M. Keynes

b)

Alfred Marshal

c)

Paul Samuelson

d)

Adam Smith

6.

Who is the author of this book? What does his definition of economics focus on?

a)

Adam Smith, Wealth

b)

Lionel Robbins, Growth

c)

Lionel Robbins, Scarcity

d)

Paul Samuelson, Scarcity

7.

A branch that studies of a group of entire economy or aggregates is

a)

Macroeconomics

b)

Microeconomics

8.

In Microeconomics 'I' stands for (a)  

9.

Microeconomics is also called as

a)

Individual theory

b)

Wealth theory

c)

Price theory

10.

General price level is an example of ___________________

a)

Microeconomics

b)

Macroeconomics

11.

Playing games, dancing, donations to temples are economic activities.

a)

True

b)

False

12.

Types of economic activities are______________, _______________, ______________________ & ________________.

a)

land, labour, capital, enterprise

b)

producers, households, consumers, government

c)

production, consumption, distribution, exchange

d)

wealth, welfare, scarcity, growth

13.

Mr. A organising a birthday party for his son is a ________________ activity, whereas Mr. A organising a birthday party for a client is an _________________ activity.

a)

non-economic, economic

b)

economic, non-economic

14.

All the activities concerned with _____________ and _____________ are economic activities.

a)

wealth and growth

b)

scarce means and unlimited wants

c)

welfare and scarcity

d)

money and wealth

15.

The terms 'microeconomics' and 'macroeconomics' were coined by ___________________

a)

Prof. Ragnar Frisch

b)

Prof. Paul Samuleson

c)

Prof. Alfred Marshall

d)

Prof. Lionel Robbins

16.

This economist believes that economics is the study of the economy as a whole.

a)

Paul Samuelson

b)

J.M. Keynes

c)

Lionel Robbins

d)

Adam Smith

17.

This economist believes that economics is the not only the study analysing the economic problems but also suggesting ways to attain higher standard of living.

a)

Paul Samuelson

b)

J.M. Keynes

c)

Lionel Robbins

d)

Adam Smith