Business Industrial Economics Multiple Choice type Questions Practice Test
1. Economics is derived from the Greek word oikonomius which means
a) Business Management
b) Business Economics
c) House Management
d) Wealth.
2. Who is called as father of Economics?
a) Adam Smith
b) Robinson
c) Marshall
d) George Bernard
3. Who expressed the view that Economics is neutral between ends…
a) Robbins
b) Marshall
c) Pigou
d) Adam smith
4. Economics is the science of wealth who gave this definition?
a) J.K.Mehta
b) Marshall
c) Robbin
d) Adam smith
5. Paul A. Samuelson has defined economics as_____________
a) Science of Wealth
b) Science of Material well-being
c) Science of dynamic growth and development
d) None of these
6. Which of the following is related with controlling economic problems?
a) What to produce
b) How to produce
c) For whom to produce
d) All of the above.
7. Positive science concern with economics analysis
a) Cause relationship
b) Effect relationship
c) Cause and effect relationship
d) None of these
8. The existence of both public and private sector enterprises constitutes
a) Capitalist economy
b) Mixed economy
c) Socialist economy
d) None of the above
9. Capitalism refers to
a) The use of markets
b) Government ownership of capital goods
c) Private ownership of capital goods
d) Private ownership of homes & cars
10. An enquiry into the nature and causes of wealth of nations is the book of
economist….
a) Samuelson
b) Adam smith
c) Robbins
d) Marshall
11. Economics is what economics do. It has not been supported by___________
a) Marshall
b) Richard Jones
c) Comte
d) Gunnar Myrdal
12. Peoples wants are
a) More
b) Limited
c) Unlimited
d) None of these
13. The subject matter of economics is ______
a) To ensure economic progress of the people
b) To run business
c) To satisfy unlimited wants with limited means
d) To mobilize resources and to use them
14. Under command economy, activities are guided by________
a) The automatic price system
b) Government planning
c) The freedom of consumers
d) Competition
15. Who has given scarcity definition of economics?
a) Adam smith
b) Alfred Marshall
c) Robinsons
d) Robertson