2. Adam Smith is one of the founders of classical school of economics. Which among his notable books where he tried to study the economy as a separate doctrine from policy, ethics and law?

(a)  

3. It is the process by which the activities of an organization are distributed or delegated away from  a central, authoritative location or group

(a)  

4. Refers to how fairly resources are being distibuted within an economy

(a)  

5. Vilfredo Pareto: Pareto Criterion: Leon Walras: (a)   ?

6. is one where there are numerous producers that compete with one another in hopes to provide goods and services consimers wants and needs

(a)  

7. It is an economic state where resources can be reallocate to achieve efficiency.

(a)  

8. It is an economic state where resources are allocated in the most efficient manner

(a)  

9. It is a metaphor describing the unintended greater social benefits and public good brought about by individuals acting their own selfish interest.

(a)  

10. Occurs when the price of good is lower  than the equilibrium price

(a)  

11. According to him, the conflict between equality and efficiency is escapable.

(a)  

12 an aphorism which asserts that greater percentage of outcomes (or outputs) result from little percentage of all causes (or inputs) for any given event.

(a)  

13. branch of economics that seeks to evaluate economic policies in terms of their effects on the well-being of the community.

(a)  

14. is an economic theory that states that individuals should pay the same tax as those earning the same income

(a)  

15. If A is made so much better off by reorganization that he can compensate B for the loss and is still left with something better off, then such reorganization is unequivocal improvement

(a)  

16. Efficiency in the allocation of factors among commodities

(a)  

17. Efficiency in the allocation of factors among firms

(a)  

18. .Who introduces law of income distribution?

(a)  

19. "It is not from the benevolence of the butcher, the brewer or the baker that we expect to eat our dinner, but from their regard to their own interest."

(a)  

20. In neoclassical economics, utility is being measured through?

(a)  

21. promotes "the greatest amount of good for the greatest number of people."

(a)  

22. refers to overall utilitarian state of society.

(a)  

23. If A is made so much better off by reorganization that he can compensate B for the loss and is still left with something better off, then such reorganization is unequivocal improvement

(a)  

24. It means that a change is an improvement if the gainers in the changed situation are able to persuade the losers to accept the change and simultaneously losers are not able to persuade the gainers to remain in the original situation

(a)  

25. considers welfare for a given set of individual preferences or welfare rankings

(a)