'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

Microeconomics is concerned with

(a)

The economy as a whole

(b)

Different sectors of an economy

(c)

The study of individual economic units behaviour

(d)

The interactions within the entire economy

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.

Name any two types of utility.

State four definitions of economics.

Who criticized Adam Smith's Wealth definition? 

What are the major features of Robbins definitions?

What are the important features of utility?

Distinguish between microeconomics and macroeconomics.

Compare positive economics and normative economics.

What are the important features of Marshall's Welfare definition?

Examine the major implications of samuelson growth definition

Distinguish between particular equilibrium and general equilibrium.

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

Explain the stable equilibrium with the help of diagram.

Examine Adam Smith's Definition of Economics.