Worksheets11TH ECONOMICS FORMATIVE TEST 1
Total questions: 20
Worksheet time: 11mins
Adam Smith's definition of economics is
Growth oriented
Scarcity oriented
Wealth oriented
Welfare oriented
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"
Prof. Lionel Robbins
Paul Samuelson
Adam Smith
J.M. Keynes
Identify the Economist. His definition of economics is based on
Lionel Robbins, Scarcity
Paul Samuelson, Scarcity
Adam Smith, Wealth
Paul Samuelson, Growth
Which definition states that giving solution to economic problems is as a part of economics?
Scarcity Oriented
Welfare Oriented
Growth Oriented
Wealth Oriented
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."
J.M. Keynes
Alfred Marshal
Paul Samuelson
Adam Smith
Who is the author of this book? What does his definition of economics focus on?
Adam Smith, Wealth
Lionel Robbins, Growth
Lionel Robbins, Scarcity
Paul Samuelson, Scarcity
All personal needs, such as health care and education, are provided by the government.
Traditional Economy
Free enterprise (Capitalist) Economy
Communist (Command) Economy
Socialist Economy
Entrepreneurs bear their own risks but reap ALL their own PROFITS!
Traditional Economy
Communist (Command) Economy
Socialist Economy
Free Enterprise (Capitalist) Economy
Cuba and North Korea are close to having this type of system.
Socialist
Command
Free enterprise
Traditional Economy
Almost every person is a farmer. The government provides few services for health and education.
Socialist Economy
Communist (Command) Economy
Free Enterprise (Capitalist) Economy
Traditional Economy
Below are the characteristics of capitalist economy EXCEPT
Private ownership of resources
Price mechanism of lesser importance
Freedom of enterprise and choice
Competition
An economy in which a central authority draws up a plan and makes all economic decision is:
a capitalist economy
a laissez faire economy
a socialism economy
a mixed economy
Malaysia is one of the countries that exercise _______________ as the system economics.
Capitalism
Command economy
Mixed economy
Laissez-faire economy
The following are an example of economic resources under Land EXCEPT
timber
minerals
silk
agriculture product
What does the form of labour’s earn in economics?
profit
wage
interest
bonus
An economy in which a central authority draws up a plan and makes all economic decision is:
a capitalist economy
a laissez faire economy
a socialism economy
a mixed economy
An economy in which individual people and firms pursues their own self-interests without any central direction or regulation is
a command economy
a laissez-faire economy
a mixed economy
a private sector economy
