Question 1

A function refers to :

Accepted Answer

A) The demand for a commodity 
B) The supply of a commodity 
C) The demand and supply of a commodity service or resource 
D) The relationship between one dependent variable and one or more 
A) The demand for a commodity 
B) The supply of a commodity 
C) The demand and supply of a commodity service or resource 
D) The relationship between one dependent variable and one or more D

Question 2

What is true for deductive method?

Accepted Answer

A) Abstract 
B) Realistic 
C) Economic conditions assumed to be changing 
D) Supported by historical school. 
A) Abstract 
B) Realistic 
C) Economic conditions assumed to be changing 
D) Supported by historical school. A

Question 3

The fundamental problem faced by an economy is one of :

Accepted Answer

A) Exchange 
B) Decision making by the government 
C) Economic welfare 
D) Scarcity of resources and multiplicity of wants. 
A) Exchange 
B) Decision making by the government 
C) Economic welfare 
D) Scarcity of resources and multiplicity of wants. D

Question 4

The subject matter of economics is the study of:

Accepted Answer

A) Wealth 
B) Welfare 
C) Scarcity 
D) Scarcity and Choice 
A) Wealth 
B) Welfare 
C) Scarcity 
D) Scarcity and Choice

Question 5

Of the following economists who is considered as master of partial analysis?

Accepted Answer

A) Alfred Marshall 
B) A.C.Pigou 
C) J.M.Keynes 
D) J.S.Mill. 
A) Alfred Marshall 
B) A.C.Pigou 
C) J.M.Keynes 
D) J.S.Mill.

Question 6

Who considered Political Economy as "an enquiry into the nature and causes of the wealth of nations"?

Accepted Answer

A) Adam Smith 
B) J.B.Say 
C) Marshall 
D) Keynes 
A) Adam Smith 
B) J.B.Say 
C) Marshall 
D) Keynes

Question 7

Micro economic theory studies how a free enterprise economy determines:

Accepted Answer

A) The Price of goods 
B) The price of services 
C) The price of resources 
D) All of these. 
A) The Price of goods 
B) The price of services 
C) The price of resources 
D) All of these.

Question 8

Which of the following statements has been drawn by inductive method?

Accepted Answer

A) A consumer will buy from the cheapest market 
B) All businessmen wish to buy at low price and sell at high price 
C) A private firm will try to maximize its profits 
D) The larger the stock of money with a person, the lower is the utility that he 
A) A consumer will buy from the cheapest market 
B) All businessmen wish to buy at low price and sell at high price 
C) A private firm will try to maximize its profits 
D) The larger the stock of money with a person, the lower is the utility that he

Question 9

A theory is:

Accepted Answer

A) An assumption 
B) A validated hypothesis 
C) An 'if then' proposition 
D) A hypothesis 
A) An assumption 
B) A validated hypothesis 
C) An 'if then' proposition 
D) A hypothesis

Question 10

Who of the following emphasized the normative aspect of Economics as a science?

Accepted Answer

A) The English classical school 
B) Lionel Robbins 
C) The German historical school 
D) None of these. 
A) The English classical school 
B) Lionel Robbins 
C) The German historical school 
D) None of these.

Question 11

The first economist who coined the terms micro economics and macroeconomics

Accepted Answer

A) Ragnar Frisch 
B) Keynes 
C) Marshall 
D) Friedman 
A) Ragnar Frisch 
B) Keynes 
C) Marshall 
D) Friedman

Question 12

Which aspect of taxation involves normative economics?

Accepted Answer

A) The incidence of the tax 
B) The fairness of the tax 
C) The effect of the tax on incentives to work 
D) All of the above 
A) The incidence of the tax 
B) The fairness of the tax 
C) The effect of the tax on incentives to work 
D) All of the above

Question 13

Which of the following embodies a more widely accepted definition of economics?

Accepted Answer

A) Science of material welfare 
B) Science of wealth 
C) A study of mankind in the ordinary business of life 
D) Science of making choice. 
A) Science of material welfare 
B) Science of wealth 
C) A study of mankind in the ordinary business of life 
D) Science of making choice.

Question 14

Microeconomics deals with:

Accepted Answer

A) The theory of factor pricing 
B) The theory of product pricing 
C) The theory of economic welfare 
D) All the above 
A) The theory of factor pricing 
B) The theory of product pricing 
C) The theory of economic welfare 
D) All the above

Question 15

Find out the correct statement:

Accepted Answer

A) Prediction of economic models cannot be refuted by empirical evidence 
B) Models transform verbal expressions in to more scientific expressions 
C) Models make no assumptions 
D) Economic models are comprehensive and not partial 
A) Prediction of economic models cannot be refuted by empirical evidence 
B) Models transform verbal expressions in to more scientific expressions 
C) Models make no assumptions 
D) Economic models are comprehensive and not partial

Question 16

Microeconomics deals primarily with:

Accepted Answer

A) Comparative statics, general equilibrium and positive economics 
B) Comparative statics, partial equilibrium and normative economics 
C) Dynamics, partial equilibrium and positive economics 
D) Comparative statics, partial equilibrium and positive economics. 
A) Comparative statics, general equilibrium and positive economics 
B) Comparative statics, partial equilibrium and normative economics 
C) Dynamics, partial equilibrium and positive economics 
D) Comparative statics, partial equilibrium and positive economics.

Question 17

What is true for inductive method?

Accepted Answer

A) Hypothetical 
B) Empirical 
C) Ignores experimentation 
D) Static 
A) Hypothetical 
B) Empirical 
C) Ignores experimentation 
D) Static

Question 18

The word micro was first used in Economics by:

Accepted Answer

A) Keynes 
B) Ragnar Frisch 
C) J.R.Hicks 
D) Marshall 
A) Keynes 
B) Ragnar Frisch 
C) J.R.Hicks 
D) Marshall

Question 19

State whether Economics is :

Accepted Answer

A) A positive science only 
B) Neither a positive science 
C) A science but not art 
D) A science or an art depending on who uses Economics and for what 
A) A positive science only 
B) Neither a positive science 
C) A science but not art 
D) A science or an art depending on who uses Economics and for what

Question 20

Which of the following definitions of Economics include the economic concept of 'scales of Preferences'?

Accepted Answer

A) Wealth definition 
B) Welfare definition 
C) Scarcity definition 
D) Growth definition 
A) Wealth definition 
B) Welfare definition 
C) Scarcity definition 
D) Growth definition

A function refers to :

What is true for deductive method?

The fundamental problem faced by an economy is one of :

The subject matter of economics is the study of:

Of the following economists who is considered as master of partial analysis?

Who considered Political Economy as "an enquiry into the nature and causes of the wealth of nations"?

Micro economic theory studies how a free enterprise economy determines:

Which of the following statements has been drawn by inductive method?

A theory is:

Who of the following emphasized the normative aspect of Economics as a science?

The first economist who coined the terms micro economics and macroeconomics

Which aspect of taxation involves normative economics?

Which of the following embodies a more widely accepted definition of economics?

Microeconomics deals with:

Find out the correct statement:

Microeconomics deals primarily with:

What is true for inductive method?

The word micro was first used in Economics by:

State whether Economics is :

Which of the following definitions of Economics include the economic concept of 'scales of Preferences'?

Consumer Theory and Utility

Indifference Curve Analysis and Consumer Theory

Cost Theory and Production Possibility Curve Analysis

Classical Economic Theory

Macroeconomic Theory and Models

Macroeconomic Equilibrium and Concepts

Keynesian Economics and Related Concepts

National Income and Keynesian Economics

Economics and Economic Theory

Economic Concepts and Theories

Macroeconomics and Economic Theories

Economics and Social Science

Production and Costs

Demand Analysis and Utility Theory

Indifference Curves, Ordering, Wealth of Nations, and More

Economics Questions on Demand and Supply

Elasticity of Supply and Demand

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Exam 12: Economics and Economic Methods

A function refers to :

What is true for deductive method?

The fundamental problem faced by an economy is one of :

The subject matter of economics is the study of:

Of the following economists who is considered as master of partial analysis?

Who considered Political Economy as "an enquiry into the nature and causes of the wealth of nations"?

Micro economic theory studies how a free enterprise economy determines:

Which of the following statements has been drawn by inductive method?

A theory is:

Who of the following emphasized the normative aspect of Economics as a science?

The first economist who coined the terms micro economics and macroeconomics

Which aspect of taxation involves normative economics?

Which of the following embodies a more widely accepted definition of economics?

Microeconomics deals with:

Find out the correct statement:

Microeconomics deals primarily with:

What is true for inductive method?

The word micro was first used in Economics by:

State whether Economics is :

Which of the following definitions of Economics include the economic concept of 'scales of Preferences'?

Consumer Theory and Utility

Indifference Curve Analysis and Consumer Theory

Cost Theory and Production Possibility Curve Analysis

Classical Economic Theory

Macroeconomic Theory and Models

Macroeconomic Equilibrium and Concepts

Keynesian Economics and Related Concepts

National Income and Keynesian Economics

Economics and Economic Theory

Economic Concepts and Theories

Macroeconomics and Economic Theories

Economics and Social Science

Production and Costs

Demand Analysis and Utility Theory

Indifference Curves, Ordering, Wealth of Nations, and More

Economics Questions on Demand and Supply

Elasticity of Supply and Demand

Filters