Quiz 1 (09/06/2021)

Who is the father of Economics?

• Alfred Marshall

• Adam Smith

• J. S. Mill

• J. B. Say

Who defined Economics as a Science of Welfare?

• Adam Smith

• Lionel Robins

• Paul Sweezy

• Alfred Marshall

Economics is a social science which deals with human wants and their satisfaction.

• True

• False

Scarcity arises because all societies have

• limited resources to satisfy unlimited wants and needs

• unlimited productive resources to satisfy limited wants

• limited needs and unlimited wants

• unlimited needs and limited wants

The most important measure of economic growth is... 

• GNP
• GNC
• DDP
• GDP