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Grade 11 Ch 1 Definitions of Economics

Quiz by Manju Shekhawat

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20 questions
Show answers
  • Q1

    1. According to Robbins, ‘means’ are:

    c. Undefined 

    a. Scarce

    b. Unlimited

    d. All of these

    30s
  • Q2

    2. Which of the following is not concerned with the problem of choice?  

    a.Excessive Income

    b.Alternative uses of resources

    d.Limited (scarce resources)

    c.Unlimited wants

    30s
  • Q3

    3. Principal characteristic of resources are:

    d.None of these

    a.They are scarce in relation to our wants

    b.They have alternative uses

    c. Both (a) and (b)

    30s
  • Q4

    4. In which of the following situations, does scarcity arise?

    a. Supply of resources > Demand for resources 

    d.None of these

    b. Supply of resources < Demand for resources

    c. Supply of resources = Demand for resources 

    30s
  • Q5

    5. Economic problem arises due to the fact that _________________________.

    a. Resources are scarce 

    c.Resources have alternative uses 

    d.All of the above

    b. Human wants are unlimited 

    30s
  • Q6

    6. The resources for satisfying human wants are:

    c. Available at zero price

    b. Unlimited 

    d. None of these

    a. Limited 

    30s
  • Q7

    7. Scarcity of resources exists __________________.

    c. Both A and B 

    a. At the micro level

    d. None of the above

    b. At the macro level 

    30s
  • Q8

    8. Example of microeconomic variable is:

    d. Aggregate Demand

    b. National Income 

    a. Wholesale price index 

    c.  Market demand 

    30s
  • Q9

    9. Issues related to unemployment are studied at the ___________________.

    c. Micro as well as macro-level

    b. Macro-level

    d. None of the above

    a. Micro-level 

    30s
  • Q10

    10. What do you mean by a mixed economy?

    b. Public and private sectors 

    a. Modern and traditional industries 

    d.Commercial and subsistence farming

    c. Foreign and domestic investments  

    30s
  • Q11

    11. ‘Economics is the study of mankind in the ordinary business of life’. This definition was given by :

    c.Alfred Marshall 

    a. Adam Smith

    b. Lord Robbins 

    d.Samuelson

    30s
  • Q12

    12. The branch of economic theory, that deals with the problem of allocation of resources is :

    a. Micro Economics 

    b.Macro Economics

    c. Econometrics

    d. None of these

    30s
  • Q13

    13. A study of how increase in the corporate income tax rate , will affect the natural unemployment rate is an example of :

    c. Micro Economics 

    a. Macro Economics

    d. Normative Economics

    b. Descriptive Economics 

    30s
  • Q14

    14. Positive economics involves statements which are ____________________.

    c. May or may not be verified

    d. None of these

    a. Verifiable

    b. Not verifiable 

    30s
  • Q15

    15. In which type of economy do consumers and producers make their choices based on the market forces of demand and supply?

    b. Controlled Economy

    d. Market Economy

    a. Open Economy 

    c. Command Economy 

    30s

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