Economics MCQS with Answers 1st Year
Market system means
a place where goods are traded
Capitalism
all of the above
Socialism
A positive statement
is always accurate
cannot be tested in the real world
deals with values and opinions
concerns what is
Basic economic problem is
unemployment
inflation
scarcity
lack of money
Validity of economics theories can never be proved with 100 percent certainty, because
very large number of economic theories proved false in the past
b and c
limited number of observation is possible
ceteris paribus clause
The products which are not priced in the market are called .
Merit goods
Economic goods
Non-economic goods
Social goods
Who criticized economics as “dismal Science”.
J.M. Keynes.
Alfred Marshall
Lionel Robbins
Carlyle and Ruskin
Economics theory means
descriptive economics
economic policy
economic principles
economics facts
Economics is a science which studies.
Exchange of wealth only
Distribution of income
Production of wealth only
Optimum use of scarce resources.
Scope of economics is defined as:
Welfare Economics.
Individual and aggregate economic behaviour of the people.
All of the abpove
Subject matter of economics.
Which statement is true?
Economics is a social and normative science
Economics is a physical and normative science
Economics is physical and positive science
Economics is a social and natural science
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