MCQs of Economics

1. Economics is a science which studies the __________________

A.  production of wealth only
B. optimum use of scarce resources
C.distribution of income
D. exchange of wealth only

2. A book entitled: An inquiry into the nature and causes of the wealth of nations” by Adam Smith wrote  in ________________

A. 1784
B. 1776
C. 1792
D. 1796

3. _______________ was the exponent of welfare economics.

A. Adam Smith
B. Alfred Marshall
C. Lionel Robbins
D. J.M Keynes

4. ________________said that “Economics is a science of human welfare”.

A. Adam Smith
B. Carlyle and Ruskin
C. Malthus
D. Alfred Marshall

5. Which One of the following does not study of Microeconomics?

A. Equilibrium of firm
B. Market equilibrium
C. Banking system
D. distribution of rewards to FOP

6. Robbins definition of economics is about the existence of _________________

A. Moral problem
B. Social problem
C. Political Problem
D. Economic problem

7. Which one of the following is not studied in Microeconomics?

A. Public finance
B. National Income
C. Consumer behavior
D. International trade

8. The products which are not priced in the market are called ____________________

A. Economic good
B. Social goods
C. Merit goods
C. Non economic goods

9. Economic problem arises because of ____________________.

A. Unlimited wants
B. Alternative use of resources
C. Scarcity of resources
D. All of the above

10. _____________ are implemented with an executive authority.

A. state laws
B. Moral laws
C. Economic laws
D. Physical law

11. Economics should be taken as _____________, according to Alfred Marshall. 

A. Applied economics
B. Normative Economics
C. Welfare economics
D. positive economics

12. Alfred Marshall wrote a book entitled “Principals of economics” in ____________________.

A. 1890
B. 1910
C. 1870
D. 1850