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11th Economics Weekly Test - 3 (Introduction to Micro Economics)

MABS Institution

11th Economics Weekly Test - 3 (Introduction to Micro Economics)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The deductive method is also known as ________.

Abstract Method
Empirical method
Traditional Method
None

Who is considered as the father of scientific socialism ?

Alfred Marshall
Karl Marx
Keynes
Adam smith

The book titled "The General Theory of Employment, interest and money" was published by

J.M. Keynes.
Milten Friedman
Ragner Frisch
Paul Samuelson

Macro Economics is concerned with

The theory as a whole
Different sectors of an economy
The Study of individual economic behaviour
The interactions within the entire economy

Lionel Robbins definition does not cover the theory of ______.

National Income
Welfare
Growth & development
Income and Employment

Who assumed that "utility is measurable".

Alfred Marshall
Adam smith
Hicks
Ricardo

Economic laws can be derived by____________.

inductive method
deductive method
both (a) and (b)
neither (a) nor (b)

Creations of utility or wealth is

Production
Consumption
Distribution
Public finance

The term or word 'Economics' comes from language

Latin
Ancient Greek
Spanish
British

The expenses incurred to produce or acquire a given quantum of a good is referred to________________.

income
expenditure
cost
utility

Author of "An inquiry into the Nature and causes of wealth of Nations"

Alfred Marshall
Adam Smith
Lionel Robbins
Paul A Samuelson

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

Study of ordinary man
Economics does not focus on wealth alone
Economics is the study of material welfare
Economics deals with unlimited wants and limited means

Inductive Method is also called as

Empirical Method
Analytical Method
Abstract Method
All of these

Ends refer to human __________.

Behaviour
Wants
Resources
Welfare

_______ results in increased production.

Labour
Labourer
Division of Labour
None

Who is the father of 'New Economics'?

Max Muller
Adam smith
J.M Keynes
Karl marx

Growth definition takes into account

The problem of choice in the dynamic frame work of Economics
The problem of unlimited means in relation to wants
The production and distribution of wealth
The material welfare of human beings

Macro means

Tiny
Small
Large
None of these

_______ promotes welfare and not wealth.

Man
Goods
Service
Money

Who is the author of the book "An essay on the nature and significance of economic science ?

Lionel Robbins
Karal Marx
Adam smith
Alfred Marshall

________are transferable

Goods
Products
Commodities
All of these

Who has given scarcity definition of economics?

Adam Smith
Marshall
Robbins
Robertson

Economics according to the Lionel Robbins is a___________ science.

normative
applied
positive
experimental

Find the odd one out

"An Inquiry into the Nature and the Causes of the Wealth of Nations".
"Principles of Economics"
"Nature and Significance of Economic science"
"Ceteris Paribus"

A good consumed by a single person.

Free Goods
Public good
Private good
None

The scope of __________ covers public expenditure, public revenue, public debt and financial administration.

Federal finance
Public finance
Government
None of these

General theory of 'Employment Interest and Money' published in _____

1930
1936
1988
1990

The author of growth definition

Samuelsons
Adam smith
Marshall
Lionel Robbins

Normative Science is concerned with_______________.

Wealth
human wants
what ought to be
how? and why

The value of the good expressed in terms of money is called________________.

Cost
Price
Income
Revenue

"Political Economy is said to have strangled itself with definitions" observed by________________.

Alfred Marshall
Ricardo
J.s.Mill
J.M. Keynes

Who 'defined "Economics as the science' of wealth"

J.M. Keynes
Adamsmith
Marshall
Malthus

'Oikos' means

Police
Management
Household
All the above

The income obtained from the sale of goods and services is called______________.

Cost
Revenue
Expenditure
Utility

Who gave welfare definition of economics?

Samuelson
Alfred Marshall
Pigou
Adam Smith

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