Economics Multiple Choice Questions and Answers

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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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