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WorksheetsECONOMICS QUIZ 1
Total questions: 15
Worksheet time: 8mins
Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.
1776
1786
1789
1790
Who defines Economics in terms of Dynamic Growth and Development?
Robbins
Paul A Samuelson
Adam Smith
none
All wants of an individual are not of:
Equal importance
Immediate importance
Fixed importance
All of the above
Which one of the following is incorrect about Business Economics?
It is applied economics that fills the gap between economic theory and business practice.
Business Economics integrates economic theory with business practice.
Business Economics is also re-ferred to as Managerial Econom-ics.
Business Economics is more concerned with Macro Economics.
analyses causes and effect relationship between variables in an objective and scientific manner.
The Central problem in every eco-nomic society is:
To ensure a minimum level of income for every individual.
To allocate scarce resources in such a manner that societies unlimited wants are satisfied in the best possible manner.
To ensure that production occurs in the most efficient manner.
To provide job to every jobseeker.
Which of the following is not one of the four central questions that the study of economics is supposed to answer?
Who produces what ?
When are goods produced?
Who consumes what?
How are goods produced?
In a free market economy the al-location of resources is determined by __________.
Voting done by consumers
A central planning authority.
Consumer preferences.
The level of profits of firms.
Which of the following is not demerit of Capitalism?
Precedence of property rights over human rights.
Misallocation of resources.
Punishment for inefficient & imprudent men.
Environmental degradation due to excessive materialism.
The Concept of socialist economy was propounded by __________.
Karl Mark
Frederic Engels
Adam Smith
Both (a) & (b)
Which one of the following is Not a feature of socialist economy?
Collective ownership
Absence of consumer choice
Minimum role of Price Mechanism
High Competition
Which of these is an example of macro economics:
Problem of unemployment in India
Rising price level in the country
Increase in disparities of income
All of the above
Consider the following and decide which, if any, economy is without scarcity:
The pre-independent Indian economy, where most people were farmers.
A mythical economy where everybody is a billionaire.
Any economy where income is distributed equally among its people.
None of the above
Oikonomia means __________.
Industry
Management of household
Services
None of these
A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of:
Micro Economics
Descriptive Economics
Micro Economics
Normative Economics
