The basic problem studied in Economics is

(a)

Unlimited wants

(b)

Unlimited means

(c)

Scarcity

(d)

Strategy to meet all our wants

"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

Which theory is generally included under micro economics?

(a)

Price Theory

(b)

Income Theory

(c)

Employment Theory

(d)

Trade Theory

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

(a)

Adam Smith

(b)

Lionel Robbins

(c)

Alfred Marshall

(d)

Samuelson

______means using up of goods and services

(a)

Production

(b)

Consumption

(c)

Distribution

(d)

Exchange

What is the name for money Income.

(a)

Nominal Income

(b)

Real Income

(c)

Both

(d)

None

Economics is a science.

(a)

Social

(b)

Political

(c)

Environmental

(d)

Developmental

The deductive method is also known as ________.

(a)

Abstract Method

(b)

Empirical method

(c)

Traditional Method

(d)

None

Marshall states that utility can be measured indirectly using the______________.

(a)

deductive method

(b)

inductive method

(c)

consumption method

(d)

measuring rod of money

Which of the following would not result in a rightward shift of the PPC?

(a)

Increase in investment in capital stock

(b)

Reduction in labour unemployment rate

(c)

Discovery of new oil deposits

(d)

Increase in the number of people

Define Positive economics.

What are the various books available in the titles of economics?

What are the methods of analysis?

What are capital goods?

What are the difference between public goods and private goods?

What are the different features of services?

Compare positive economics and normative economics.

Explain the basic issues of any society.

What is the kinds of goods and services?

Explain the nature' of economic laws.

Explain various Steps of Deductive and Inductive methods.

Explain the wealth definition given by Adam Smith.

Examine whether Economics is an Art or a Science.