Economics Quiz

„Economics is a study of mankind in the ordinary business of life‟ - It is the statement of ___

• Adam Smith

• Lionel Robbins

• Alfred Marshall

• Samuelson

The basic problem studied in Economics is __________.

• Unlimited wants

• Unlimited means

• Scarcity

• Strategy to meet all our wants

Micro economics is concerned with __________.

• The economy as a whole

• Different sectors of an economy

• The study of individual economic units behaviour

• The interactions within the entire economy

Which of the following is a micro economics statement?

• The real domestic output increased by 2.5 percent last year.

• Unemployment was 9.8 percent of the labour force last year.

• The price of wheat determines its demand

• The general price level increased by 4 percent last year.

Find the odd one out:

• “An inquiry into the nature and the causes of the Wealth of Nations”

• “Principles of Economics”

• “Nature and Significance of Economic Science”

• “Ceteris paribus”

The equilibrium price is the price at which __________.

• Everything is sold

• Buyers spend their money

• Quantity demanded equals quantity supplied

• Excess demand is zero

Author of “An Inquiry into the Nature and Causes of Wealth of Nations” __________.

• Alfred Marshall

• Adam Smith

• Lionel Robbins

• Paul A Samuelson

“Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses” is the definition of economics of _________.

• Lionel Robbins

• Adam Smith

• Alfred Marshall

• Paul A Samuelson

Who is the Father of Economics?

• Max Muller

• Adam Smith

• Karl Marx

• Paul A Samuelson

“Economics is a science”. The basis of this statement is __________.

• Relation between cause and effect

• Use of deductive method and inductive method for the formations of laws

• Experiments

• All of the above