1. Adam smith
defined Economics as a
a) Study of welfare
b)Study
of ‘means’ and ‘ends’
c) Study of Wealth
d)None
of these
2. Macroeconomics
deals with
a) Gross domestic product
b)Unemployment rate
c)Price indices
d)All the above
3. Who is
considered as the founder of the field of Microeconomics?
a)Lionel Robbins
b)Amartya Sen
c)Adam Smith
d)Prof. Alfred Marshall
4. Microeconomics
is concerned with the behaviour of
a)Gross domestic product
b)Individual entities
c)Economy as a whole
d)None of the above
5. Ends refer
to
a)Demand
b)Resources
c)Utility
d)Wants
6. A market
economy is one
a)In which individuals and private firms make the
major decisions about production and consumption
b)In which the government makes all important
decisions about production and distribution.
c)Both the above
d) None of these
7. India is a
a)Capitalistic Economy
b)Socialistic Economy
c)Mixed Economy
d)Laissez-faire economy
8. Laissez-faire
economy is
a)The extreme case of market economy
b)The extreme case of a Command Economy
c)The extreme case of a mixed economy
d)None of these
9. Market economy
is also known as
a)Mixed Economy
b)Capitalistic Economy
c)Command Economy
d)Socialistic Economy
10.
Which of the following is a Capitalistic Economy?
a)England
b)China
c)India
d)None of the above
Ans:
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
c
|
d
|
c
|
b
|
d
|
a
|
c
|
a
|
b
|
a
|
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