Economics Multiple Choice Questions and Answers
Question: 1
Who is the author of the book ‘Wealth of nations’?
Adam Smith
Question: 2
Whose definition of economics is general in nature?
Samuelson
Question: 3
Give two examples for social science?
Economics and History
Question: 4
What deals with all aspects of society?
Sociology
Question: 5
Who defined economics as, “Economics is the science of wealth”?
Adam Smith
Question: 6
Who advocated inductive method in scientific enquiry?
Francis Bacon
Question: 7
Whose definition of economics studies two sides?
Alfred Marshall
Question: 8
What is the other name for economics?
Political economy
Question: 9
What are the two kinds of income?
Money and Real income
Question: 10
What are the kinds of utility in production?
Form, Place and Time utility
Question: 11
Who gave the welfare definition of economics?
Alfred Marshall
Question: 12
What is the other name of capital goods?
Investment goods or Producer goods
Question: 13
What is the aim of production?
Creation of wealth
Question: 14
Who defined economic as “the practical science of the production and distribution of wealth”?
J.S. Mill
Question: 15
Give two commodities that are traded in international market?
Steel, Cotton, Sugar and Tea
Question: 16
Which term used by the early writes management of the state?
Political Economy
Question: 17
Who gave the theory of evolution?
Darwin
Question: 18
Who is the father of economics?
Adam Smith
Question: 19
Can production is possible without use of factors of production?
No
Question: 20
What are the kinds of statements on economics?
Positive and Normative
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