Nature & Scope on Economics Test 03 Mcqs Preparation Online

1. "Wealth of Nations" was written in:

A. 1976

B. 1776

C. 1876

D. 1676

2. "Wealth of Nations":

A. Is another name for United Nations

B. Contains formulas to earn wealth

C. Indicates total wealth of rich countries

D. Is a book

3. Economic principles are also called:

A. Economic law

B. Economic theory

C. Economic model

D. All of the above

4. Marshall in his definition of economics:

A. Accuses Adam Smith

B. Uses the concept of material welfare

C. Dislikes wealth

D. Praises Robbins

5. Economic theory means:

A. Descriptive economics

B. Principles of economics

C. Economic policy

D. Economic facts

6. Marshall wrote the book:

A. Principles of economics

B. Microeconomics theory

C. Classical economics

D. Introduction to economics

7. Robbins in his definition:

A. Preaches moral values

B. Advises neutrality in economics

C. None of the above

D. Talks of scarcity of resources

8. "Wealth of nations" was written by:

A. Adam Smith

B. Malthus

C. Marshall

D. Newton

9. One or more persons living together and having a common budget is called:

A. All commodities in a house

B. Household

C. A family

D. Organisation

10. Market system means:

A. Capitalism

B. All of the above

C. Socialism

D. A place where goods are traded

Nature & Scope on Economics Test 03 Mcqs Preparation Online

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