Practice Test

Q1) 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 behaviour.
(d) Economics is related to management of the household.
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Q2) 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.
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Q3) Key points in Lionel Robbins’ definition-
(a) Wants are unlimited
(b) Means are limited
(c) Wants are not gradeable
(d) Means have alternative uses
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Q4) 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 validity
(d) Wealth is scarce and exchangeable. Show Answer

Q5) Aspects considered in National Income-
(a) Final goods and services are included in national income
(b) Produced goods in a financial year are included in national income
(c) Double counting is avoided
(d) Value is considered as per market price
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Q6) Key points in Adam Smith’s definition-
(a) Non-intervention of the Government
(b) Capital & Wealth accumulation
(c) Study of an ordinary man
(d) Economics is a science of wealth.
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Q7) Statement incorrect with reference to Robbins definition-
(a) Means have specific uses
(b) Welfare-oriented definition
(c) Wants are unlimited
(d) Means are scarce
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Q8) Statements related to National income-
(a) Money value of goods and services provided in a year
(b) It reveals the total economic performance of a nation
(c) It is a macroeconomic concept
(d) Income received by person from all sources
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Q9) Aspects considered in micro economics-
(a) Micro means small
(b) It deals with the behaviour of individual economic unit
(c) It covers the study of entire economy
(d) It includes national income
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Q10) Statements related to features of Land-
(a) Resources available on, below and above the surface
(b) It is natural factor of production
(c) It is man-made factor of production
(d) It earns rent as reward
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Q11) Statements related to features of Labour-
(a) Physical or mental effort undergone
(b) It earns wages as an reward
(c) Playing football for self satisfaction
(d) Gives coaching for football in XYZ school
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Q12) Statement not related to Kenneth Boulding definition of Macro Economics-
(a) Macro Economic deals with totality or aggregate
(b) Macro Economic deals with individual output
(c) Macro Economic deals with National income
(d) Macro Economic deals with individual price level
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Q13) Find the odd one out:
Mathematics, Economics, Physics, Chemistry.
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Q14) Find the odd one out:
Psychology, Sociology, Economics, Chemistry
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Q15) Find the odd one out:
Adam Smith, David Ricardo, J.M. Keynes, J.S. Mill.
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Q16) Find the odd one out:
Food, Medicines, Sunshine, Toothpaste
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Q17) Find the odd one out:
Washing machine, AC – Car, Pressure Cooker, Geyser.
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Q18) Find the odd one out:
Land, Interest, Labour, Entrepreneur.
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Q19) Find the odd one out:
National income, National Output, Individual Income, Aggregate Supply
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Q20) Find the odd one out:
Investment, Want, Utility, Wealth
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Q21) Find the odd one out:
Rain, Air, Sunrays, Book
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Q22) Find the odd one out:
Rent, Labour, Interest, Profit.
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Q23) Natural sciences : Exact sciences : Social Sciences : _____ Show Answer

Q24) Physics : _____ :: Psychology : Social Science Show Answer

Q25) Arthashastra : Kautilya :: Wealth of Nations : _____ Show Answer

Q26) Necessity : _____ : Comforts : Washing machine Show Answer

Q27) Free goods : Value-in-use :: Economic goods : _____ Show Answer

Q28) Chemistry : Natural Science :: Economics : _____ Show Answer

Q29) Natural science : _____ :: Social science : Inexact Show Answer

Q30) Adam Smith : Wealth of Nation :: Kautilya : _____ Show Answer

Q31) Land : _____ :: Labour : Wages Show Answer

Q32) Necessity : Water :: _____ : Air conditioned car Show Answer

Q33) National Income : Macro economics :: Personal Income : _____ Show Answer

Q34) Goods : Chalk :: _____ : Teaching Show Answer

Q35) Prof. Marshall : Welfare oriented definition :: _____ : Scarcity oriented definition Show Answer

Q36) Wages : Fixed income :: Profit : _____. Show Answer

Q37) Economic want : Medicine :: Non-economic want : _____. Show Answer

Q38) Unemployment created due to cyclical fluctuations. Show Answer

Q39) Continuous fall in overall prices in an economy. Show Answer

Q40) Continuous rise in general price level in economy. Show Answer

Q41) Aggregate monetary value of all final goods and services produced in a country during a year. Show Answer

Q42) Want satisfying capacity of a commodity. Show Answer

Q43) Earnings received by a person from all sources. Show Answer

Q44) Left over income after payment of taxes etc Show Answer

Q45) Income received in actual currency of the country. Show Answer

Q46) Wants which are satisfied at individual level. Show Answer

Q47) Economic study of particular firm, particular household, etc. Show Answer

Q48) A great salesman, philosopher during Mourya period. Show Answer

Q49) Wants which are meant for pleasure and enjoyment. Show Answer

Q50) Wants that are basic in nature. Show Answer

Q51) Income received without indulging in any productive activity. Show Answer

Q52) Increase in Real National Income of the country over a long period of time. Show Answer

Q53) Real captain of an industry. Show Answer

Q54) Commodity which satisfies human wants is called _____. Show Answer

Q55) Actual transfer of goods from one person to another is termed as _____. Show Answer

Q56) Income which is paid as per terms and condition is called as _____. Show Answer

Q57) Anything which has market value and can be exchanged for money is termed as _____. Show Answer

Q58) Adam Smith defines Economics as _____. Show Answer

Q59) Scarcity oriented definition of economics was given by _____. Show Answer

Q60) Wealth oriented definition of economics was given by _____. Show Answer

Q61) Kautilya authored the Indian Political treatise called _____. Show Answer

Q62) Paul Samuelson referred economics as _____. Show Answer

Q63) Psychology, Sociology, Political Science are the examples of _____. Show Answer

Q64) Kautilya is also known by the name _____. Show Answer

Q65) The term micro economics and macro economics was coined by
_____.
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