Quiz on Basic concepts of Economics
#1. Characteristics of wealth.
#2. Statements incorrect with reference to Adam Smith. a) Adam Smith is a classical economist. b) Wealth of nations is authored by Adam Smith. c) Economics is a science of wealth d) Economic studies common man
#3. Characteristics of wants
#4. Aspects considered in National income. a) Final goods and services are included national income. b) Produced goods and services in a financial year are included in the national income. c) Double counting is avoided. d)Value is considered as per market price.
#5. Subject matler of macro economics .
#6. Earned income .
#7. Statement related to wealth. a) Wealth means anything which has market value and can be exchanged for money. b) It is external to human being. c) Wealth has no utility. d) Wealth is scarce and exchangeable.
#8. Key points in Lionel Robbins definition. a) Wants are unlimited. b) Means are limited. c) Wants are not gradable. d) Means have alternative uses.
#9. Features not related to wealth. a) Utility b) Scarcity c)Freely available d) Externality
#10. Statements related to economics: a) Economic is a social science. b) Concept of economics is derived from greek word ‘Oikonomia’. c) Economics is related to the study of human economic behaviour. d) Economics is related to management of the household.
#11. Economic Goods.
#12. Following terms is a part of Macroeconomics. a) Global poverty b) Price of a commodity c) Balance of Payment d) National income
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