MCQs of Economics

By: Prof. Dr. Fazal Rehman | Last updated: March 3, 2022

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

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B

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

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B

3. _______________ was the exponent of welfare economics. A. Adam Smith B. Alfred Marshall C. Lionel Robbins D. J.M Keynes

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B

4. ________________said that “Economics is a science of human welfare”. A. Adam Smith B. Carlyle and Ruskin C. Malthus D. Alfred Marshall

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D

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

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C

6. Robbins definition of economics is about the existence of _________________ A. Moral problem B. Social problem C. Political Problem D. Economic problem

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D

7. Which one of the following is not studied in Microeconomics? A. Public finance B. National Income C. Consumer behavior D. International trade

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C

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

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D

9. Economic problem arises because of ____________________. A. Unlimited wants B. Alternative use of resources C. Scarcity of resources D. All of the above

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D

10. _____________ are implemented with an executive authority. A. state laws B. Moral laws C. Economic laws D. Physical law

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A

11. Economics should be taken as _____________, according to Alfred Marshall.  A. Applied economics B. Normative Economics C. Welfare economics D. positive economics

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C

12. Alfred Marshall wrote a book entitled “Principals of economics” in ____________________. A. 1890 B. 1910 C. 1870 D. 1850

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D