'Economics is a study of mankind in the ordinary business of life' - It is the statement of

(a)

Adam Smith

(b)

Lionel Robbins

(c)

Alfred Marshall

(d)

Samuelson

The basic problem studied in Economics is

(a)

Unlimited wants

(b)

Unlimited means

(c)

Scarcity

(d)

Strategy to meet all our wants

The equilibrium price is the price at which

(a)

Everything is sold

(b)

Buyers spend their money

(c)

Quantity demanded equals quantity supplied

(d)

Exess demand is zero

Author of "An inquiry into the Nature and causes of wealth of Nations"

(a)

Alfred Marshall

(b)

Adam Smith

(c)

Lionel Robbins

(d)

Paul A Samuelson

"Economics is a science" The basis of this statement is ______

(a)

Relation between cause and effect

(b)

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

(c)

Experiments

(d)

All of the above

Utility means

(a)

Equilibrium point at which demand and supply are equal

(b)

Want - satisfying capacity of goods and services

(c)

Total value of commodity

(d)

Desire for goods and services

A market is

(a)

Only a place to buy things

(b)

Only a place to sell things

(c)

Only a place where prices adjust

(d)

A system where persons buy and sell goods directly or indirectly

_____have exchange value and their ownership rights can be established and exchanged

(a)

Goods

(b)

Services

(c)

Markets

(d)

Revenue

The process of reasoning from particular to general is

(a)

Deductive method

(b)

Inductive method

(c)

Positive economics

(d)

Normative economics

Total revenue is equal to total output sold multiplied by

(a)

Price

(b)

Total cost

(c)

Marginal revenue

(d)

Marginal cost

'Oikos' means

(a)

Police

(b)

Management

(c)

Household

(d)

All the above

'Nomos' means

(a)

Police

(b)

Management

(c)

Household

(d)

None of these

Capital goods also called as_____good

(a)

Consumer

(b)

Producer's

(c)

Free goods

(d)

None of these

_______utility derived by having knowledge of a particular thing

(a)

Place

(b)

Time

(c)

Knowledge

(d)

Service

Micro Economics covers

(a)

Value theory

(b)

Theory of economic welfare

(c)

Both 'a' and 'b'

(d)

Income theory

Micro means

(a)

Small

(b)

Big

(c)

Large

(d)

Aggregate

Economics is a

(a)

Positive science

(b)

Normative science

(c)

Both

(d)

None

In economics is a

(a)

Deductive method

(b)

Inductive method

(c)

Both

(d)

None

Macro Economics means

(a)

The theory as a whole

(b)

Different sector of a country

(c)

The study of individual economic behaviour

(d)

None of the above

The author of growth definition is _______.

(a)

Samuelson

(b)

Adam Smith

(c)

Marshal

(d)

J.S. Mill