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

Who is the father of Economics?

(a)

Max Muller

(b)

Adam Smith

(c)

Karl Marx

(d)

Paul A Samuelson

The term or word 'Economics' comes from language

(a)

Latin

(b)

Ancient Greek

(c)

Spanish

(d)

British

"Economics as the science of wealth" - It is the statement of

(a)

Adam Smith

(b)

Lionel Robbins

(c)

Alfred Marshall

(d)

Samuelson

What are goods?

Distinguish goods from services.

Give the meaning of deductive method.

Distinguish between free goods and economic goods.

What are the definitions of Economics?

What are the crucial decisions involved in 'what to produce'?

What are the different features of services?

What are the importance of microeconomics?

Critically examine the Adamsmith's wealth definition?

What are the fundamental problems faced by an economy?

Explain various Steps of Deductive and Inductive methods.

Explain basic problems of the economy with the help of production possibility curve.

Explain the different types of utility.

What do you mean by stable equilibrium, particular equilibrium and general equilibrium? Explain.