Nature & Scope on Economics Test 04 Mcqs Preparation Online

1. Utility and usefulness are:

A. Similar

B. Equal

C. Unrelated

D. Different

2. Professor Marshall thinks:

A. Economics studies total welfare

B. Economics studies material welfare

C. Economics studies national welfare

D. Economics studies personal welfare

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

A. What, how and for whom to produce

B. The achievement of full employment

C. Equal distribution of wealth

D. Scarcity cannot be totally eliminated

4. "Everyone should study economics":

A. Is a normative statement

B. Is nonsense

C. Is a positive statement

D. Is a true statement

5. Scarcity means:

A. High price of goods

B. Less supply than demand

C. Non-availability of goods

D. High profit of the firms

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

A. Limited number of observation is possible

B. (b) and (c)

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

D. Ceteris paribus clause

7. Rotten eggs are:

A. Economic good

B. Wealth

C. Free good

D. Service

8. Human wants are:

A. Few

B. One thousand

C. Innumerable

D. Countable

9. Select the correct statement:

A. Economics affects history

B. Economics affects politics

C. Geography affects economics

D. All of the above are true

10. Scarcity means that:

A. The good is available but it is not free

B. Non-availability of goods

C. Nobody wants to consume it

D. High price of goods

Nature & Scope on Economics Test 04 Mcqs Preparation Online

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