Elements of Economic Theory
(EET)
MCQs: 2010-11
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1) The fundamental problem 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
2) The author of the "Wealth of Nation" was _______.
A. Adam Smith
B. Ricardo
C. Marshall
D. Robbins
3) The economic problem of how to produce refers to the decision _______.
A. Who should be given the authority to-produce goods and services
B. How many people in the population are to be employed
C. How much of current production should go towards consumption rather than saving
D. Which of the production techniques is to be used
4) Value expressed in terms of money is called _______.
A. Satisfaction
B. Cost
C. Price
D. Utility
5) Adam Smith gave the definition of economics in the ______ year?
A. 1576
B. 1876
C. 1976
D. 1776
6) A motor car for a busy doctor is a _________.
A. Necessary good
B. Comfort good
C. Unnecessary good
D. Luxurious good
7) In which type of economy price mechanism is the most appropriate?
A. Socialist
B. Collectivist
C. Mixed
D. Capitalist
8) A lawyer's ability is not wealth because it does not possess _______.
A. Scarcity
B. Transferability
C. Utility
D. None of the above
9) Scarcity exists in the every society because there are _________.
A. Limited wants and abundant resources
B. Limited resources and unlimited production Possibilities
C. Limited resources and unlimited wants
D. Limited production capabilities and unlimited quantity of economic resources
10) By cooking food the cook creates ________ utility.
A. Time
B. Place
C. Form
D. Both (b) and (c)
11) Diamonds have a very high ______.
A. Value in use
B. Value in exchange
C. Utility
D. Both (a) and (b)
12) Which of the following is a study of individual economic unit?
A. Macro economics
B. Public Finance
C. Micro economics
D. Intonational economics
13) Goods used for further production are called ________.
A. Goods of first order
B. Producers goods
C. Necessary goods
D. Consumer goods
14) Which of these is not a basic assumption of economic theory?
A. Price of goods remain constant
B. Economics takes into account the limitation imposed by nature
C. Human behavior is rational
D. Consumers and producers operate within given social and economic institution
15) When the object on which forces are acting after having been disturbed, tends to resume its original position it is a case of ____________.
A. Neutral equilibrium
B. Stable equilibrium
C. Unstable equilibrium
D. Partial equilibrium
16) Which of the following is not a part of Macro Economic theory?
A. Theory of general price level
B. Theory of economic growth
C. Theory of income and employment
D. Theory of production and cost
17) The application of economics to business decision-making is called ___________.
A. Micro economics
B. Macro economics
C. Business economics
D. Price mechanism
18) What to produce, how to produce and for whom to produce can be decided on basis of __________.
A. Price mechanism
B. Business economics
C. Luxuries
D. Managerial economics
19) Which of the following pairs of goods is an examples of substitutes?
A. Tea and Sugar
B. Tea and Coffee
C. Pen and Ink
D. Shirt and Trousers
MCQs - 2012
1. Economics is a ________ science.
A) Historical
B) Political
C) Social
D) Natural
2. ________ is known as father of Economics.
A) Adam Smith
B) Robbins
C) A. Marshal
D) Ricardo
3. _______ is also known as aggregative Economics.
A) Scarcity
B) Macro-Economics
C) Human wants
D) Micro Economics
4. ______ is a free good.
A) Pencil
B) Mineral water
C) Cotton
D) Air
5. Roads and Railways are considered as ______.
A) Public Goods
B) Economics Goods
C) Free Goods
D) Private goods
6. Which of the following is a study of individual economic unit ?
A) Macro Economics
B) Micro Economics
C) Intonational Economies
D) Public Finance
7. Which of the following is a limitation cf Economics given by Robbins?
A) It is scientific in nature.
B) It has widen the scope of Economics.
C) it has universal application
D) It omits important macro economic issues
8. Managerial Economies is also known as ________.
A) Business Economics
B) Macro Economics
C) Intonational Economics
D) Indian Economy
9. Value is expressed in terms of money, is called ______.
A) Cost
B) Price
C) Utility
D) Satisfaction
10. When the object on which forces are acting after having been disturbed tends to resume its original position is ______.
A) Neutral Equilibrium
B) Partial Equilibrium
C) Stable Equilibrium
D) Unstable Equilibrium
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