Chapter 1 (Nature And Scope Of Business Economics)

Question 1

Study of man_____

1. Adam smith
2. Alfred Marshall
3. Lionel Robbins
4. Ragnar Frisch

Answer 1

Alfred Marshall

Question 2

Study of macro economics______

1. Alfred Marshall
2. Adam smith
3. Lionel Robbins
4. Ragnar Frisch

Answer 2

Adam smith

Question 3

1933 classified economics

1. Adam smith
2. Alfred Marshall
3. Ragnar Frisch
4. Lionel Robbins

Answer 3

Ragnar Frisch

Question 4

Nature and causes of wealth of nations

1. Alfred Marshall
2. Adam smith
3. Lionel Robbins
4. Ragnar Frisch

Answer 4

Adam smith

Question 5

Free Market forces

1. Capitalist
2. Socilaist
3. Mixed
4. None of the above

Answer 5

Capitalist

Question 6

Price mechanism

1. Capitalist
2. Socilaist
3. Mixed
4. None of the above

Answer 6

Capitalist

Question 7

Laissez fairre economy

1. Capitalist
2. Socilaist
3. Mixed
4. None of the above

Answer 7

Capitalist

Question 8

Classification of economics into micro and macro in the year

1. 1992
2. 1925
3. 1960
4. 1933

Answer 8

1933 by Ragnar frisch

Question 9

Government should increase taxes for luxury goods

1. Positive
2. Normative
3. Classical
4. None of the above

Answer 9

Normative, should

Question 10

Red tapism is found in which economic system

1. Capitalist
2. Socilaist
3. Mixed
4. None of the above

Answer 10

Socialist

Question 11

Communist manifesto was written in the year

1. 1948
2. 1968
3. 1848
4. 1938

Answer 11

1848, by Karlx marx and Frederic engles

Question 12

Communist manifesto was written by

1. Karl marx
2. Adam smith
3. Alfred marshall
4. Ragnar frisch

Answer 12

Karl marx, in 1848

Question 13

Invisible hands decide prices in

1. Capitalist
2. Socilaist
3. Mixed
4. None of the above

Answer 13

Capitalist

Question 14

Social unrest is minimal in

1. Capitalist
2. Socialist
3. Mixed
4. None of the above

Answer 14

Socialist

Question 15

Socialist economy is also known as

1. Planned
2. Command
3. Both A&B
4. None of the above

Answer 15

Both Planned and command economy