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level: OBJECTIVES

Questions and Answers List

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level questions: OBJECTIVES

Question	Answer
Economics is a study of mankind in the ordinary business of life’ -It is the statement of	Alfred Marshall
The basic problem studied in Economics is ……………………….	Scarcity
Microeconomics is concerned with	The study of individual economic units behaviour
Which of the following is a microeconomics statement?	The price of wheat determines its demand
Find the odd one out:	“Ceteris paribus”
The equilibrium price is the price at which ……………………….	Quantity demanded equals quantity supplied
Author of “An Inquiry into the Nature and Causes of Wealth of Nations”	Paul A Samuelson
“Economics studies human behavior as a relationship between ends and scarce means which have alternative uses” is the definition of the economics of …………………………	Lionel Robbins
Who is the Father of Economics?	Adam Smith
“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
Utility means	Want-satisfying capacity of goods and services
A market is ………………………	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?	Economics deals with unlimited wants and limited means
Growth definition takes into account ……………………….	The problem of choice in the dynamic framework of Economics
Which theory is generally included under microeconomics?	Price Theory
……………………….. have exchange value and their ownership rights can be established and exchanged.	Goods
Identify the correct characteristics of utility	It depends upon consumer’s mental attitude
Who has given a scarcity definition of economics?	Robbins
The process of reasoning from particular to general is	Inductive method
Total revenue is equal to total output sold multiplied by ………………………….	Price