Nature & Scope on Economics Test 04 Mcqs Preparation Online

1. Utility and usefulness are:

A. Equal

B. Unrelated

C. Similar

D. Different

2. The basic economic problem common to all societies is:

A. The achievement of full employment

B. What, how and for whom to produce

C. Scarcity cannot be totally eliminated

D. Equal distribution of wealth

3. Validity of economic theories can never be proved with 100 percent certainty, because:

A. (b) and (c)

B. Limited number of observation is possible

C. Some observation will be made in future which refute the theory

D. Ceteris paribus clause

4. Select the correct statement:

A. Geography affects economics

B. Economics affects politics

C. All of the above are true

D. Economics affects history

5. "Everyone should study economics":

A. Is nonsense

B. Is a normative statement

C. Is a positive statement

D. Is a true statement

6. Scarcity means that:

A. Non-availability of goods

B. High price of goods

C. The good is available but it is not free

D. Nobody wants to consume it

7. Scarcity means:

A. High profit of the firms

B. Non-availability of goods

C. Less supply than demand

D. High price of goods

8. Professor Marshall thinks:

A. Economics studies material welfare

B. Economics studies total welfare

C. Economics studies national welfare

D. Economics studies personal welfare

9. Human wants are:

A. One thousand

B. Countable

C. Innumerable

D. Few

10. Rotten eggs are:

A. Service

B. Economic good

C. Free good

D. Wealth

Nature & Scope on Economics Test 04 Mcqs Preparation Online

Nature & Scope on Economics Test 04 Mcqs Preparation Online

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Nature & Scope on Economics Test 04 Mcqs Preparation Online

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