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Nature and Scope of Economics Important Question

12th Standard

    Reg.No. :
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Economics

Time : 01:00:00 Hrs
Total Marks : 30

    Part-A

    5 x 1 = 5
  1. The author of scarcity definition is

    (a)

    Adam Smith

    (b)

    Samuelson

    (c)

    Alfred Marshall

    (d)

    Lionel Robbins

  2. In Economics, we make use of

    (a)

    deductive method 

    (b)

    inductive method

    (c)

    both

    (d)

    none

  3. Green Revolution helped in increasing productivity in

    (a)

    Service Sector

    (b)

    Industrial sector

    (c)

    Agriculture sector

    (d)

    All sectors

  4. The subject which is called 'Science of Counting'

    (a)

    History

    (b)

    Ethics

    (c)

    Statistics

    (d)

    Psychology

  5. The starting point of all economic activity in the world is the existence of

    (a)

    Human wants

    (b)

    Production

    (c)

    Exchange

    (d)

    Factors of production 

  6. Part-B

    3 x 2 = 6
  7. State Alfred Marshall’s definition of economics

  8. Explain the difference between Value-in-use and Value-in-exchange. 

  9. What is inductive method?

  10. Part-C

    3 x 3 = 9
  11. Is economics a positive science or Normative science?

  12. Write any three important characteristics of wealth.

  13. Define the term 'market'.

  14. Part-D

    2 x 5 = 10
  15. Discuss the nature and scope of economics

  16. Explain the main divisions of Economics.

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Srinath 17-Dec-2018

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