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

Which one of the following is not a point in the Welfare Definition of Economics?

(a)

Study of an ordinary man

(b)

Economics does not focus on wealth alone

(c)

Economics is the study of material welfare

(d)

Economics deals with unlimited wants and limited means

Growth definition takes into account

(a)

The problem of choice in the dynamic framework of Economics

(b)

The problem of unlimited means in relation to wants

(c)

The production and distribution of wealth

(d)

The material welfare of human beings

Which theory is generally included under micro economics?

(a)

Price Theory

(b)

Income Theory

(c)

Employment Theory

(d)

Trade Theory

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

(a)

Goods

(b)

Services

(c)

Markets

(d)

Revenue

Identify the correct characteristics of utility

(a)

It is equivalent to 'usefulness'

(b)

It has moral significance

(c)

It is same as pleasure

(d)

It depends upon consumer's mental attitude

Who has given scarcity definition of economic?

(a)

Adam Smith

(b)

Marshall

(c)

Robbins

(d)

Robertson

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