Economics

Question 1

The word economics draws it’s origin from which word and country??

Answer 1

Greek word-
Oikonomia

Question 2

Adam smith’s 1st book/masterpiece was in which year and name it.

Answer 2

“An enquiry into the nature and causes of wealth of nations”

               YEAR--1776

Question 3

Meaning of Oikonomia

Answer 3

Household
OR
Management of household

Question 4

End-?
Means-?

Answer 4

End–wants
Means–resources

Question 5

Resources are absolutely (wholy) scarce or relatively (comparatively)??

Answer 5

Relatively scarce

Question 6

Heart of business economics??

Answer 6

Micro economics

Question 7

Location of industry is micro or macro concept??

Answer 7

Micro

Question 8

Factor pricing is micro or macro concept??

Answer 8

Micro

Question 9

Economic condition of a section of people is a micro or macro concept??

Answer 9

Micro concept

Question 10

Behavior of firms is a micro or macro concept??

Answer 10

Micro

Question 11

Another name for micro economics?

Answer 11

Price theory
Or
Slicing theory

Question 12

Till 19th century economics was known as??

Answer 12

Political economics

Question 13

Business economics is also known as what?? And why??

Answer 13

Managerial economics
Bcz it is the integration of economic theory with business practice

Question 14

Another name of capitalist economy??

Answer 14

1)Free market
2)Laissez faire
3)Market economy (only buyers & suppliers)

Question 15

Concept of socialist economy was first founded by??
And in their which book and which year??

Answer 15

Karl Marx and Frederic engels
BOOK– the Communists Manifesto
Year– 1848

Question 16

Law of demand is given by whom??

Answer 16

Prof. Alfred marshall

Question 17

Graph presentation–
X axis??
Y axis??

Answer 17

X axis– quantity demanded
Y axis– price