Choose the correct option
1) Statements related to Economics :
a) Economics is a social science.
b) Concept of economics is derived from Greek word ‘Oikonomia’.
c) Economics is related to the study of human economic behavior.
d) Economics is related to management of the household.
Options : 1) a, b and c 2) a and b 3) b and c 4) a, b, c and d
Ans: 4) a, b, c and d
2) Statements incorrect with reference to Adam Smith’s definition :
a) Adam Smith is a classical economist.
b) Wealth of Nations is authored by Adam Smith.
c) Economics is the science of wealth.
d) Economics studies common man.
Options : 1) d 2) a, b and c 3) a and d 4) c and d
Ans:- 1) d
3) Key points in Lionel Robbins’ definition :
a) Wants are unlimited
b) Means are limited
c) Wants are not gradable
d) Means have alternative uses.
Options : 1) a and b 2) b and c 3) a, b and d 4) a, b, c and d
Ans:- 3) a, b and d
4) Statements 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.
Options : 1) a, b and d 2) a, c and d 3) b, c and d 4) None of the above
Ans:- 1) a, b and d
5) Aspects considered in National Income :
a) Final goods and services are included in national income.
b) Produced goods and services in a financial year are included in national income.
c) Double counting is avoided.
d) Value is considered as per market price.
Options : 1) a and c 2) b and c 3) a, b and d 4) a, b, c and d
Ans:- 4) a, b, c and d