Economics MCQS with Answers 1st Year
One of the following is not a characteristics of economic laws.
Economic laws lack predictability
Economic laws lack exactitude
They are not optional
They are not universa!
Wealth of nations
is name of a book
contains formulas to earn wealth
indicates total wealth of rich countries
is another name for united nations
Ceteris paribus means
other things equal
all relationships are inverse
that no other assumptions are made
all variable are independent
He described economics as a science of material welfare
Keyness
Ricardo
Robbins
Marshall
Who was the founder of classical school of thought?
Maithus
Marshall
Keynes
Adam Smith
In economics, assumptions
enable economics to simplify reality
make economics theory useless
used in micro and not in macroeconomics
mean other things equal
Scarcity exists
when society produces unimportant goods
in all countries of the world
in a country that uses resources inefficiently
in only poor countries
According to Alfred Marshall, Economics should be taken as:
Normative economics
Welfare economics
Positive economics
Applied economics
Which type of problems are brought under discussion in micro economics .
Balance of payment
Public finance
Consumer’s behaviour
International trade
All non materials products which can satisfy human wants are called.
Non-economics goods
Services
Economic goods
Services
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