Nature And Scope Of Economics Flashcards
The word economics has been derived from “Oikonomos,” which is a word of the language:
(A) French
(B) Unani
(C) Latin
(D) Russian
The propounder of economics was:
(A) Robbins
(B) Marshall
(C) Adam Smith
(D) Keynes
Who said that economics is the science of wealth?
(A) Adam Smith
(B) Robbins
(C) Marshall
(D) Pigou
Who wrote the book named “An Enquiry into the Nature and Causes of the Wealth of Nations”?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Canon
In which year was the book “An Enquiry into the Nature and Causes of the Wealth of Nations” written?
(A) 1696
(B) 1776
(C) 1803
(D) 1825
Into how many parts did Professor Adam Smith divide his book “Wealth of Nations”?
(A) Two
(B) Three
(C) Four
(D) Five
The founder of the classical school of thought was:
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Keynes
Economics is a science:
(A) Political
(B) Spiritual
(C) Social
(D) Scientific
The founder of the new classical school of thought was:
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Keynes
Who wrote the book named “Principles of Economics”?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Cannon
In which year was the book “Principles of Economics” written?
(A) 1805
(B) 1890
(C) 1903
(D) 1915
Who said that economics is the science of material welfare?
(A) Adam Smith
(B) Marshall
(C) Ricardo
(D) Robbins
Who named economics as the science of mammon worship and dismal science?
(A) Marshall
(B) Keynes
(C) John Ruskin & Carlyle
(D) Pigou
Who separated economics from political science for the first time?
(A) Marshall
(B) Malthus
(C) Adam Smith
(D) Ricardo
Who wrote the book named “Nature and Importance of Economics”?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Keynes
Who named economics as the science of satisfying unlimited wants with limited means?
(A) Marshall
(B) Adam Smith
(C) Robbins
(D) Pigou
Whom did Marshall include in the definition of economics?
(A) Service of teachers
(B) People living in forests
(C) Trading professionals
(D) People living in caves
Who wrote the book named “The General Theory of Employment, Interest, and Money”?
(A) Robbins
(B) Pigou
(C) Keynes
(D) Cannon
Who is called the founder of the modern school of thought?
(A) Robbins
(B) Cannon
(C) Keynes
(D) Malthus
Which economist named economics as a neutral science?
(A) Pigou
(B) Keynes
(C) Robbins
(D) Marshall
Which economist is called the Aristotle of Economics?
(A) Marshall
(B) Keynes
(C) Adam Smith
(D) Malthus
Which statement is called the subject matter of economics?
(A) Problems of working individuals and their solutions
(B) Planning of increasing production
(C) Unlimited wants and limited means
(D) Solutions to problems of individuals living away from society
Economics, according to its scope, is:
(A) Science
(B) Art
(C) Science & Art
(D) Only positive science
Economics studies human behavior from:
(A) Individual angle
(B) Collective angle
(C) Individual & Collective angle
(D) Social angle
How many kinds of science are there?
(A) Two
(B) Three
(C) Four
(D) Five
Economic laws are:
(A) Definite and universal
(B) Of conditional nature
(C) Of moral nature
(D) Of political nature
Not acting upon economic laws:
(A) One gets punished
(B) The economy faces loss
(C) Only the people not acting face loss
(D) No one is influenced
Which laws cannot be predicted?
(A) Scientific laws
(B) Moral laws
(C) Economic laws
(D) Natural laws
Which characteristic is not found in economic laws?
(A) Not quantitative
(B) Cannot be predicted
(C) No punishment in case of going against the law
(D) Definite and universal
Here is your multiple-choice questionnaire, proofread and formatted correctly while keeping your wording intact:
Methods of deriving economic laws:
(A) Two
(B) Three
(C) Four
(D) Five
Deductive method of deriving economic laws:
• We move from particular conditions to general conditions.
• We move from general conditions to particular conditions.
• Stated in a general way.
• Different incidents are kept in view.
Inductive method of deriving economic laws:
(A) We move from general conditions to particular conditions.
(B) We move from particular conditions to general conditions.
(C) Facts are stated in a simple and easy way.
(D) Stated in a general way.
How many kinds of economics are there?
(A) Two
(B) Three
How many kinds of theoretical economics are there?
(A) Two
(B) Three
(C) Four
(D) Five
How many kinds of positive economics are there?
(A) Two
(B) Three
(C) Four
(D) Five
Which is not studied in microeconomics?
(A) Theory of consumer behavior
(B) Theory of money
(C) Price theory
(D) Theory of distribution of wealth
Which is not studied in macroeconomics?
(A) National income
(B) Price theory
(C) Money and banking
(D) Public finance
Economics is basically divided into two parts:
(A) Micro and macroeconomics
(B) Theoretical and applied economics
(C) Micro and applied economics
(D) Welfare and applied economics
Who are included in welfare economists?
(A) Ricardo and J.S. Mill
(B) Robbins and Keynes
(C) Cannon and Pigou
(D) Malthus and Keynes
Points of Robbins’ definition are:
(A) Two points
(B) Four points
(C) Economic points
(D) Practical points
When was Professor Robbins’ book “Nature and Importance of Economics” written?
(A) 1915
(B) 1932
(C) 1934
(D) 1937
Who said that you cannot become a good citizen if you have no economist with you?
(A) Marshall
(B) Pigou
(C) Keynes
(D) Voton
Who said that economics has the place of intellectual religion?
(A) Cannon
(B) Pigou
(C) Durban
(D) Robbins
*In which year did Keynes write his book “General Theory of Employment, Interest, and Money”?
(A) 1929
(B) 1931
(C) 1934
(D) 1936
To which area of England did Adam Smith belong?
(A) Wales
(B) Scotland
(C) Ireland
(D) London
Economics is concerned with the attainment of material requisites:
(A) Robbins
(B) Marshall
(C) Pareto
(D) Senior
Who is the father of economics?
(A) Marshall
(B) Malthus
(C) Adam Smith
(D) Cannon
Who said that economics is the science of unlimited wants and limited means?
(A) Adam Smith
(B) Marshall
(C) Pigou
(D) Robbins
*Who wrote the book “General Theory of Employment, Interest, and Money”?
(A) Marshall
(B) Pigou
(C) Adam Smith
(D) Keynes
Who gave economics the status of a positive science?
(A) Marshall
(B) Robbins
(C) Cannon
(D) Pareto
Which economist said that economics cannot be separated from morality?
(A) Marshall
(B) Robbins
(C) Adam Smith
(D) Voton
Which economist said that an abundance of definitions has pressed the neck of economics?
(A) Adam Smith
(B) Robbins
(C) Keynes
(D) Pigou
*Which book is named “Bible of Capitalism”?
(A) Wealth of Nations
(B) Das Kapital
(C) Principles of Economics
(D) General Theory of Employment, Interest, and Money
Which economist introduced economics as a science for the first time?
(A) Adam Smith
(B) Pigou
(C) Robbins
(D) Marshall
Which laws are framed by parliament?
(A) State laws
(B) Moral laws
(C) Economic laws
(D) Scientific laws
Which laws are definite and universal?
(A) Economic laws
(B) State laws
(C) Moral laws
(D) Scientific laws
Who said that economics is a positive science?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Keynes
State laws are of:
(A) Regional nature
(B) International nature
(C) Country nature
(D) Local nature
Which laws reflect religion or society?
(A) Economic laws
(B) Scientific laws
(C) State laws
(D) Moral laws
Economic problems arise because human wants:
(A) Do not exist
(B) Are limited
(C) Are unlimited
(D) Are essential
The goods which are directly consumed by humans are called:
(A) Consumer goods
(B) Capital goods
(C) Industrial goods
(D) Agricultural goods
The non-material activities that satisfy human wants indirectly are called:
(A) Goods
(B) Services
(C) Satisfaction
(D) Matter
Who introduced macroeconomics?
(A) Marshall
(B) N.W. Senior
(C) J.M. Keynes
(D) Ricardo
In which kind of economics is the aggregate behavior of the economy reviewed?
(A) Theoretical
(B) Applied
(C) Micro
(D) Macro
The conditions which are kept constant for the application of economic laws are called:
(A) Changes
(B) Assumptions
(C) Limitations
(D) Theories
Which school of thought adopted the deductive method to derive economic laws?
(A) Classical school of thought
(B) Neo-classical school of thought
(C) Keynesian school of thought
(D) Historical school of thought
Which school of thought adopted the inductive method to derive economic laws?
(A) Classical school of thought
(B) Neo-classical school of thought
(C) Keynesian school of thought
(D) Historical school of thought
Who criticized Robbins’ definition of economics?
(A) Marshall
(B) J.B. Clark
(C) Beveridge
(D) Pigou
Walker, Senior, and Malthus belonged to which school of thought?
(A) Classical
(B) Neo-classical
(C) Keynesian
(D) Australian
Cannon, Pigou, and Pareto belonged to which school of thought?
(A) Classical
(B) Keynesian
(C) Australian
(D) None of the above
Marshall belonged to which country?
(A) America
(B) England
(C) France
(D) Japan
According to which economist does economics have the place of intellectual religion?
(A) Adam Smith
(B) Marshall
(C) Durban
(D) Keynes
Which economist presented the concept of macroeconomics?
(A) Adam Smith
(B) Marshall
(C) Pigou
(D) Keynes
Study of small units of an economic system is called:
(A) Microeconomics
(B) Macroeconomics
(C) Applied economics
(D) Positive economics
Study of large aggregates of an economic system is called:
(A) Microeconomics
(B) Macroeconomics
(C) Applied economics
(D) Normative economics
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Multiple Choice Questions – Principles of Economics (I.COM Part-1)
- What is the nature of state laws?
(A) Local
(B) Regional
(C) National
(D) International
- Microeconomics is related to:
(A) National income
(B) Unemployment
(C) Trade cycle
(D) Consumer behavior
- Which laws do not have punishment for disobedience?
(A) Moral laws
(B) State laws
(C) Economic laws
(D) Political laws
- Which of the following is NOT included in macroeconomics?
(A) Investment
(B) Price
(C) Employment
(D) National income
- According to Robbins, the basic subject matter of economics is:
(A) Economic problems
(B) Political problems
(C) Religious problems
(D) Psychological problems
- Who is considered a neoclassical economist?
(A) Adam Smith
(B) Malthus
(C) Robbins
(D) Keynes
- Describing an event as it is, after observing and analyzing it, is known as:
(A) Normative science
(B) Positive science
(C) Biological science
(D) Forecasting science
- Who gave the most clear and comprehensive definition of economics?
(A) Adam Smith
(B) Alfred Marshall
(C) Robbins
(D) A.C. Pigou
- The subject matter of macroeconomics includes:
(A) Consumer behavior
(B) International trade
(C) Firm behavior
(D) Price mechanism
- Which laws are conditional?
(A) State laws
(B) Economic laws
(C) Scientific laws
(D) Moral laws
- Microeconomics is related to:
(A) International trade
(B) Firm behavior
(C) National income
(D) Personal income
- What kind of problems can be discussed in macroeconomics?
(A) Consumer behavior
(B) International trade
(C) Problems of a firm
(D) Price determination
- Which one is NOT studied in microeconomics?
(A) National income
(B) Market equilibrium
(C) Consumer behavior
(D) Firm equilibrium
- What is another name for microeconomics?
(A) Price theory
(B) Welfare economics
(C) Theory of income and employment
(D) Applied economics
- Economic laws are formulated based on:
(A) Court decisions
(B) People’s behavior
(C) Assembly discussions
(D) Government policies
- Who considered economics as a science of material welfare?
(A) Marshall
(B) Keynes
(C) Robbins
(D) Adam Smith
- Which laws are comprehensive and universal?
(A) Laws of sports
(B) Economic laws
(C) Government laws
(D) Natural laws
- Which of the following is NOT considered an economic want?
(A) Cloth
(B) Water
(C) Air
(D) Car
- Goods obtained by paying their price are called:
(A) Uneconomic goods
(B) Economic goods
(C) Superior goods
(D) Inferior goods
- Goods obtained without paying their price are called:
(A) Uneconomic goods
(B) Economic goods
(C) Superior goods
(D) Inferior goods
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Long. Describe
Adam Smith’s definition of economics and evaluate it critically.
Economics is the science of wealth. Discuss it.
Long.
Give the definition of Prof. Alferd Marshall and give a critical evaluation of it.
Economics is a science of welfare. Discuss.
Long.
Describe Prof. Robbins definition and also point out its merits and demerits.
- Economics is the science of unlimited wants and limited means. Discuss.
Long. Compare the definitions of Prof. Robbins and Prof. Marshall.
Long. Is economics a science or an art? Support your answer with arguments.
10.
Long. What are economic laws? Describe characteristics of economic laws. compare economic laws with state laws, moral laws and scientific laws.
11.
Long. Describe the methods of deriving economic laws.
Long. Describe the importance and advantages of economics.
Long. Differentiate between micro and macro economics.
From which word and language the word ‘Economics’ has been derived?
The word ‘Economics’ has been derived from the Latin language’s word ‘Oikonomos” which means the management of house affairs.
Define economics according to Prof Adam Smith?
In how many parts Prof Adam Smith has divided his book “Wealth of nations”?
According to Prof Adam Smith, Economics is a science which discusses the production of wealth, consumption of wealth, distribution of wealth and exchange of wealth.
Prof Adam Smith has divided his book wealth of nations in the following four parts:-(0)
Production of wealth.
(ii)-
Consumption of wealth.
(ili)
Distribution of wealth.
(iv)
Exchange of wealth.®
Write the names of main classical Economists?
Q.5:
Ans:
Following are the main names of classical Economists: Walrus, F.A. walker, Chapman,
J.B. Say, J.S. Mill, N.W. Senior, Malthus, Ricardo etc.
