Question with Answer CDS
1. Which one of the following is a demerit of economics as a “wealth”?
(a) Concept of wealth is wide
(b) Neglect welfare aspect
(c) Universally accepted
(d) None of the above
Answer (b)
2. The shortage of “merit goods” leave a very strong argument In hand of the:
(a) Critics of welfare approach
(b) Critics of wealth approach
(c) Critics of scarcity approach
(d) Both (a) & (b)
Answer (c )
3. “Science has a methodological apparatus” means
(a) Economics can be easily measured
(b) Economics show causes and effect relationship
(c) Economics can be studied through varios methods
(d) None of the above
Answer (c )
4. Which one of the following a method of studying economics?
(a) Inductive reasoning
(b) Deductive reasoning
(c) Both (a) and (b)
(d) Balance of payments
Answer (c )
5. What does the term “Norm” or standard implies?
(a) What should not be
(b) “What is”
(c) Value judgements
(d) What ought to
Answer (d)
6. Who used the term “micro and macro economics” for the first time?
(a) J.M. Keynes
(b) Lord robbins
(c) Rognar frisch
(d) Karl pearson
Answer (c )
7. What does the term “bit by bit” approach implies?
(a) Solving problem of allocation of resources
(b) Breaking a big problem into small parts
(c) Small variable
(d) This approach does not exist
Answer (b)
8. By which other name micro economics is known as?
(a) Descriptive economics
(b) Normative economics
(c) Price theory
(d) Positive economics
Answer (c )
9. Under which economics variables are aggregated and relate to large grops
(a) Micro economics
(b) Macro economics
(c) Both of (a) and (b)
(d) Descriptive economics
Answer (b)
10. Which one from the below is a component of micro economics?
(a) Theory of national income
(b) Theory of consumer behavior
(c) Theory of balance of payment
(d) Deficit financing
Answer (b)
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