Practice Test

Q1) The word "Economics" originates from the word ____________ Show Answer

Q2) The word "Economics" originates from the __________ word "Oikonomikos" Show Answer

Q3) "oikos" which means _________ Show Answer

Q4) "Nomos" which means ________ Show Answer

Q5) The meaning of Greek word "oikonomikos" is ________ Show Answer

Q6) AS per the old Economist Economics means ______ Show Answer

Q7) The _________ of the discipline of economics is to study the working of an economy and the issues by it. Show Answer

Q8) The nature of economic problems and their solutions is closely linked with the _________ of the economic system. Show Answer

Q9) Economics is ___________ Show Answer

Q10) Economics is a _______ Show Answer

Q11) Study of an economy includes : Alternative forms of an economy like __________ economy Show Answer

Q12) Human wants may be classified into __________ Show Answer

Q13) wants can be satisfied by the consumption of __________, are economic wants Show Answer

Q14) Which of the following can be treated as characteristic of economic want? Show Answer

Q15) Wants are ________ Show Answer

Q16) The " Means" available for satisfaction of wants are ________ Show Answer

Q17) "If economists were laid end to end, they would not reach to conclusion." this is said by _________ Show Answer

Q18) Arrange the following in proper form: Stages as Economics developed as a Subject:I. Material Welfare DefinitionII. Wealth DefinitionIII. Development and growth definitionIV. Scarcity and Choice Definition Show Answer

Q19) _______ considered to be the founding father of economics Show Answer

Q20) During the eighteeneth and the early part of nineteenth century, Adam Smith, Cnsidered to be the founding father of modern economics, along with the economists like____ Show Answer

Q21) _________ systemised the concept in the form the book which was entitled as " An Enquiry into the Nature and Cause of the Wealth of Nations." Show Answer

Q22) Adam smith systematized the concept in the form of the book which was entitled as ______. Show Answer

Q23) Adam smith systematized the concept in the form of the book which was entitled " An Enquiry into the Nature and Cause of the Wealth of Nations." publishe in the year ________ Show Answer

Q24) Who of the following referred economics as science of wealth? Show Answer

Q25) ___________ assumed that, the wealthier a nation, the happier its citizens are. Show Answer

Q26) The central point in Adam Smith's definition is ___________ Show Answer

Q27) __________ defined Economics in terms of " The Science Of Wealth" Show Answer

Q28) Which of the following is the merit of Wealth definition? Show Answer

Q29) Which of the following is the demerit of Wealth definition? Show Answer

Q30) The produce of the earth all that Is derived from its surface by the united application of labour , machinery and capital is divided among three classes of the community,namely,the proprietor of the land ,the owner of the stock of capital necessary for its cultivation,and the labourers by whose industry it is cultivated."Thus,"to determine the laws which regulate this distribution is the principal problem in political Economy". This is said by________ Show Answer

Q31) Welfare definition of economics was propounded by _______ Show Answer

Q32) Welfare Definition of economics was profounded by Alfred Marshall and supported by economist like ______ Show Answer

Q33) As per _______, "Economics is the study of man in the ordinary business of life it enquires how he gets his income and how he use it. Thus it is on the one side the study of wealth and on the other end more important side, a part of the study of man." Show Answer

Q34) Alfred Marshal published his book, "___________" Show Answer

Q35) Alfred Marshal published his book, "Principles of economics" in _________ Show Answer

Q36) According to Marshall, " end is the ________ " Show Answer

Q37) __________ was the pioneer of welfare thought. Show Answer

Q38) "The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into a relation with the measuring rod of money". This definition was given by _________ Show Answer

Q39) A.C. Pigou published his book "_______" Show Answer

Q40) Pigou's definition of economics, therfore, was restricted only to such economic syetem: ________ Show Answer

Q41) Welfare definitions of economics are more relevant, comprehensive and scietific than wealth definitions. Show Answer

Q42) AS per ______, "Economics is being regarded as engine of social betterment" Show Answer

Q43) ________ was the first to recognise the significance of human welfare. Show Answer

Q44) The important feature(s) of Marshall's Definition: ____________ Show Answer

Q45) ________ has offered most scientific definition of Economics. Show Answer

Q46) Lionel Robbins has however offered most scientific definition in his famous book, titled "___________" Show Answer

Q47) As per ______. " Economics is the science, which studies human behaviours as a relationship between ends and scarce means which have alternative uses." Show Answer

Q48) "Economics is a science which studies human behaviour as a relationship between________which have alternative uses." Show Answer

Q49) As per Robbins definition; Economics is a _________________ Show Answer

Q50) As per Robbins definition; ends refers to the ___________ Show Answer

Q51) As per Robbins definition; Human wants are _____________ Show Answer

Q52) According to _________, economists should concentrate upon the study of the manner in which economics tries to solv its problem of scarcity of means satisfaction as compared with its needs. Show Answer

Q53) Which of the following can be treated as demerit of Robbin's definition? Show Answer

Q54) As per __________, Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption, now or in the future, among various persons or groups in society. It analyses costs and benefits of improving patterns of resource allocation." Show Answer

Q55) Paul A. Samuelson has profounded what has come to be known as the ________ oriented definition of economics. Show Answer

Q56) Paul A. Samuelson written a book titled ______________ Show Answer

Q57) Match The following:a) Adam Smithb) Marshallc) Robbinsd) Samuelsoni) Scarcity Definitionii) Growth Definitioniii) Wealth Definitioniv) Welfare definition Show Answer

Q58) A subject is considered science if: _____ Show Answer

Q59) ________ says that " An art is a system of rules for the achievement of given end." Show Answer

Q60) Economics is ___________ Show Answer

Q61) ___________ analyses cause and effect relationship between variables but it does not pass value judgement. Show Answer

Q62) A Positive science states, "__________" Show Answer

Q63) Who of the following treated Economics as Positive science? Show Answer

Q64) Who of the following treated Economics as Normative science? Show Answer

Q65) In a ________ we study a phenomenon as it exists. Show Answer

Q66) ________ remains strictly neutral as regards ends Show Answer

Q67) ___________ deals with the things as they ought to be Show Answer

Q68) Positive science is ____________ Show Answer

Q69) Which of the following is positive statement? Show Answer

Q70) Which of the following is normative statement? Show Answer

Q71) Which of the following is an example of a normative statement? Show Answer

Q72) _________________ may be defined as that branch of economic analysis which studies the economic behaviour of individual unit, may be a person, a particular household, or particular firm. Show Answer

Q73) ______________ may be defined as that branch of economic analysis which studies behaviour of not one particular unit, but all the units combines together. Show Answer

Q74) _____________ is a study of one particular unt rather than all units comibned together. Show Answer

Q75) _______ is a study in aggregates. Show Answer

Q76) Micro and macro economics were coined by ________ during the twenties, and since than they are frequently used by economists for economic analysis Show Answer

Q77) The Publication of ________ General theory, in 1936, gave a strong impetus to the growth and development of modern macro economics Show Answer

Q78) We Mainly study the following in micro economics:______ Show Answer

Q79) We Mainly study the following in micro economics:______ Show Answer

Q80) We Mainly study the following in macro economics:______ Show Answer

Q81) We Mainly study the following in macro economics:______ Show Answer

Q82) We Mainly study the following in micro economics:______ Show Answer

Q83) We Mainly study the following in macro economics:______ Show Answer

Q84) Micro economics deals with _________ Show Answer

Q85) Micro and macro are not two independent approaches to economic analysis but they are complementary to each other. Show Answer

Q86) Central problem of Economy is ________ Show Answer

Q87) Central problem of Economy is ________ Show Answer

Q88) In economics the central problem is:_____ Show Answer

Q89) _________ used the concept of the production possibility curve to explain the economic problem of a society. Show Answer

Q90) A _________ is the locus of all such combinations of two commodities which can be produced in a country with its given resources and technology. Show Answer

Q91) ________ is the value of alternative forgone in order to have something else. Show Answer

Q92) Which of the following are assumptions underlying the PPC? Show Answer

Q93) A________ is one which is characterized by free markets and the absence of government intervention in the economy. Show Answer

Q94) ______ is an organisation of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights. Show Answer

Q95) A _____ has been defined as a system in which the public sector and the private sector are alloted their respective roles simultaneously in promoting the economic welfare of the community. Show Answer

Q96) Features of capitalist economic system is/are ______ Show Answer

Q97) Features of capitalist economic system is / are ____________ Show Answer

Q98) __________ is characterised by the policy of laissez faire on the part of the State Authorities Show Answer

Q99) In capitalism, all economic activities are guided by _____________ Show Answer

Q100) Consumer sovereignty is a feature of _________ Show Answer

Q101) Which of the following country have features of Capitalist economic system? Show Answer

Q102) In the words of _______, "Socialism is an organisation of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights." Show Answer

Q103) According to _____," The fundamental characteristic of socialism consist in its abolition of class relation which bfrom the basis of capitalist production through expropriation of the propertied class and the socialisation of land and capital." Show Answer

Q104) The Erstwhile ______ is an example of socialist economy Show Answer

Q105) Features of Socialist economic system is /are ________ Show Answer

Q106) Centralised economic planning is a feature of __________ Show Answer

Q107) Co-existence of public and private sector is feature of ________ Show Answer

Q108) The term ______ refers to the economy wide fluctuations in production or economic activity such as income, employment, savings and investment over several months or years Show Answer

Q109) _______ occurs when national output is rising strongly at a rate faster than the trend rate of growth or long term growth rate of about 2.5% per year. Show Answer

Q110) Characteristic(s) of an economic boom is/are __________ Show Answer

Q111) Characteristic(s) of an economic boom is/are __________ Show Answer

Q112) ________ occurs when the rate of growth decelerates but national output is still rising Show Answer

Q113) __________ means a fall in the level of real national output i.e. a period when the rate of economic growth is negative. Show Answer

Q114) _________ occurs when real national output picks up from the through reached at the low point of the recession. Show Answer

Q115) Some of the most important Criticisms against the welfare definition is/ are:_______________
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Q116) Robbin's definition is superior to the earlier definition because of: __________
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Q117) On which of the following themes of economics Samuelson has emphasized?
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