Question 1

"The starting point of all economic activity is the existence of human wants" Who said this?

Accepted Answer

A) adam smith 
B) selligman 
C) ricardo 
D) alfred marshall 
A) adam smith 
B) selligman 
C) ricardo 
D) alfred marshall B

Question 2

Odd-man out from the following

Accepted Answer

A) steel 
B) medicine 
C) education 
D) train 
A) steel 
B) medicine 
C) education 
D) train C

Question 3

Firms owned by stock holders are known as

Accepted Answer

A) proprietorship 
B) partnership 
C) corporations 
D) none of the above 
A) proprietorship 
B) partnership 
C) corporations 
D) none of the above C

Question 4

Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.

Accepted Answer

A) adam smith 
B) alfred marshall 
C) ragner frisc 
D) p a samuelson 
A) adam smith 
B) alfred marshall 
C) ragner frisc 
D) p a samuelson

Question 5

Economic problem arises in

Accepted Answer

A) planned economies 
B) free market economies 
C) mixed economies 
D) all of the above 
A) planned economies 
B) free market economies 
C) mixed economies 
D) all of the above

Question 6

The choice of techniques of production is related to the problem of

Accepted Answer

A) what to produce 
B) how to produce 
C) for whom to produce 
D) none of the above 
A) what to produce 
B) how to produce 
C) for whom to produce 
D) none of the above

Question 7

Which one of the following is not come under macro economics

Accepted Answer

A) national income 
B) per capita income 
C) disposable income 
D) individual income 
A) national income 
B) per capita income 
C) disposable income 
D) individual income

Question 8

Economic growth can be achieved through

Accepted Answer

A) advanced technology 
B) expansion of resources 
C) both a & b 
D) neither a & b 
A) advanced technology 
B) expansion of resources 
C) both a & b 
D) neither a & b

Question 9

Which one of the following come under macro economics:

Accepted Answer

A) per capita income 
B) study of a firm 
C) individual income 
D) theory of factor pricing 
A) per capita income 
B) study of a firm 
C) individual income 
D) theory of factor pricing

Question 10

Micro economics doesn't deal with:

Accepted Answer

A) the study of individual economic units 
B) determination of factor prices 
C) price determination of commodities 
D) general equilibrium analysis 
A) the study of individual economic units 
B) determination of factor prices 
C) price determination of commodities 
D) general equilibrium analysis

Question 11

The problem of allocation of resources is concerned with:

Accepted Answer

A) what to produce 
B) how to produce 
C) for whom to produce 
D) all of the above 
A) what to produce 
B) how to produce 
C) for whom to produce 
D) all of the above

Question 12

----- is an example of secondary input

Accepted Answer

A) land 
B) labour 
C) capital 
D) raw material 
A) land 
B) labour 
C) capital 
D) raw material

Question 13

Which one of the following is an example of fixed input

Accepted Answer

A) raw materials 
B) casual workers 
C) plant and equipments 
D) all of the above 
A) raw materials 
B) casual workers 
C) plant and equipments 
D) all of the above

Question 14

The resources are :

Accepted Answer

A) limited 
B) unlimited 
C) not only limited but are capable of alternative uses 
D) none of the above 
A) limited 
B) unlimited 
C) not only limited but are capable of alternative uses 
D) none of the above

Question 15

The economic problem arises since

Accepted Answer

A) wants are unlimited 
B) resources are limited 
C) resources are capable of alternative uses 
D) all of the above 
A) wants are unlimited 
B) resources are limited 
C) resources are capable of alternative uses 
D) all of the above

Question 16

The functional relationship between inputs and outputs is called

Accepted Answer

A) production function 
B) consumption function 
C) investment function 
D) saving function 
A) production function 
B) consumption function 
C) investment function 
D) saving function

Question 17

The term production refers to:

Accepted Answer

A) producing things which are capable of satisfying human wants 
B) creation or addition of utilities 
C) transformation of inputs into output 
D) all of the above 
A) producing things which are capable of satisfying human wants 
B) creation or addition of utilities 
C) transformation of inputs into output 
D) all of the above

Question 18

Partial equilibrium analysis come under:

Accepted Answer

A) micro economics 
B) macro economics 
C) welfare economics 
D) international economics 
A) micro economics 
B) macro economics 
C) welfare economics 
D) international economics

Question 19

The major objective of a firm is

Accepted Answer

A) profit maximization 
B) revenue maximization 
C) sales maximization 
D) none of the above 
A) profit maximization 
B) revenue maximization 
C) sales maximization 
D) none of the above

Question 20

The distribution of national product among the members of the society is the problem of:

Accepted Answer

A) what to produce 
B) how to produce 
C) for whom to produce 
D) all of the above 
A) what to produce 
B) how to produce 
C) for whom to produce 
D) all of the above

"The starting point of all economic activity is the existence of human wants" Who said this?

Odd-man out from the following

Firms owned by stock holders are known as

Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.

Economic problem arises in

The choice of techniques of production is related to the problem of

Which one of the following is not come under macro economics

Economic growth can be achieved through

Which one of the following come under macro economics:

Micro economics doesn't deal with:

The problem of allocation of resources is concerned with:

----- is an example of secondary input

Which one of the following is an example of fixed input

The resources are :

The economic problem arises since

The functional relationship between inputs and outputs is called

The term production refers to:

Partial equilibrium analysis come under:

The major objective of a firm is

The distribution of national product among the members of the society is the problem of:

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

Understanding Economic Concepts and Theories

Filters

Exam 1: Economic Concepts and Terminologies

"The starting point of all economic activity is the existence of human wants" Who said this?

Odd-man out from the following

Firms owned by stock holders are known as

Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.

Economic problem arises in

The choice of techniques of production is related to the problem of

Which one of the following is not come under macro economics

Economic growth can be achieved through

Which one of the following come under macro economics:

Micro economics doesn't deal with:

The problem of allocation of resources is concerned with:

----- is an example of secondary input

Which one of the following is an example of fixed input

The resources are :

The economic problem arises since

The functional relationship between inputs and outputs is called

The term production refers to:

Partial equilibrium analysis come under:

The major objective of a firm is

The distribution of national product among the members of the society is the problem of:

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

Understanding Economic Concepts and Theories

Filters