Elements of Economic Theory
(EET)
MCQs
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(1) An Essay on 'The nature and significance of Economic Science' was written by ___________.
(A) A. Marshall
(B) Adam Smith
(C) Samuelson
(D) L.Robbins
(2) The author of the "Wealth of Nation" was _____________.
(A) Ricardo
(B) Marshall
(C) Adam Smith
(D) Robbins
(3) Sand on the sea-shore is not wealth because it does not possess _________.
(A) Scarcity
(B) Utility
(C) Transferability
(D) Value
(4) By cooking food the cook creates ____________ Utility.
(A) Form
(B) Time
(C) Place
(D) Service
(5) The supply of land is perfectly _______.
(A) Limited
(B) Variable
(C) Elastic
(D) Unlimited
(6) The assumption of __________ implies consistency in the consumer's taste and preferences.
(A) Social
(B) Physical structure
(C) Institutional
(D) Rationality
(7) Application of the knowledge of economics to solve the problems of business firms is the subject matter of
the discipline of _________.
(A) Micro economics
(B) macro economics
(C) Business economics
(D) laws of economics
(8) The fundamental problems faced by an economy is one of __________.
(A) Exchange
(B) Decision making by the government
(C) Economic welfare
(D) Scarcity of resources & multiplicity' of wants
(9) Value expressed in terms of money is ______.
(A) Utility
(B) Price
(C) Cost
(D) Satisfaction
(10) Utility of a commodity refers to _______.
(A) The satisfaction, derived by the consumers from its use
(B) its want satisfying power
(C) The price to be paid by the consumer for its use
(D) The price determined by the forces of supply and demand
(11) Production is defined as _________.
(A) Production of new commodity
(B) Creation of utility
(C) Physical production of goods
(D) Tilling of soil
(12) The branch of economic theory that deals with the problem of allocation of resources is ________.
(A) Econometrics
(B) Macro-economics theory
(C) Micro-economic theory
(D) Business-economic
TRUE & FALSE : Select your Most appropriate answer for each pair of two Statements:
(13) Statement (i): Human behavior is a rational.
Statement(ii): Consumers and producers operate within given social and economic institution.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement(i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false
(14) Statement (i) : Economic laws are essentially hypothetical and inexact.
Statement (ii): Economics laws are as exact as the laws of physical science.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(15) Statement (i) : Efficiency of labor does not depend upon climatic and racial conditions.
Statement (ii) : Labor is inseparable from the laborer.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(16) Statement (i) : Land is of infinite variety.
Statement (ii) : Land can be destroyed by man.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(17) Statement (i) : All economics goods have ethical significance.
Statement (ii) : Economics goods possess Utility, Scarcity and transferability.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(18) Statement (i) : Wealth is fund and income is flow.
Statement (ii) : Increase in wealth does not necessarily mean an increase in welfare.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(Q.19 to Q.20) Statements
(19) Which of the following statements is/are not true about the scarcity definition?
(i) Economics is neutral as regards to end
(ii) Economics is study of wealth.
(iii) Economics is a science of choice.
(A) Only (i) above
(B) Only (ii) above
(C) Only (iii) above
(D) Both (i) & (ii)
(20) Which of the following Statement is/are true about macro economics?
(i) The study of the economic behaviour of the individual decision making units.
(ii) The study of aggregate economic activity.
(iii) The study of national income, total employment & growth.
(A) Only (i) above
(B) Both (ii) & (iii) above
(C) Only (iii) above
(D) All (i), (ii) & (iii) above
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