NATURE OF INDIAN ECONOMY MCQS SET 11

NATURE OF INDIAN ECONOMY MCQS SET 11

101) Match the following:
List I      List II
A. Wealth Definition       1. Paul Samuelson
B. Welfare Definition      2. Lionel Robbins
C. Scarcity Definition      3. Alfred Marshall
D. Growth Definition      4. Adam Smith
A B C D
A) 1 2 3 4
B) 2 1 3 4
C) 4 3 2 1
D) 4 2 3 1
Correct Answer: 4 3 2 1
   
102) Who is called the “Father of Economics'?
A) Max Muller
B) Karl Marx
C) Adam Smith
D) None of these
Correct Answer: Adam Smith
   
103) “An Enquiry into the Nature and Causes of Wealth of Nations” is the book of economist:
A) Adam Smith
B) Marshall
C) Robbins
D) None of above
Correct Answer: Adam Smith
  
104) "Economics is what economists do.” It has been supported by:
A) Richard Jones
B) Comte
C) Gunnar Myrdal
D) All of the above
Correct Answer: All of the above
   
105) Who has given scarcity definition of economics?
A) Adam Smith
B) Marshall
C) Robbins
D) Robertson
Correct Answer: Robbins

106) “Economics is a science" the basis of this statement is
A) Relation between cause and effect
B) Use of deductive method and inductive method for the formations of laws
C) Experiments
D) All of the above
Correct Answer: All of the above
   
107) When total utility becomes maximum, then marginal utility will be
A) Minimum
B) Average
C) Zero
D) Negative
Correct Answer: Zero
   
108) Marginal utility is equal to average utility at that time when average utility is
A) Increasing
B) Maximum
C) Falling
D) Minimum
Correct Answer: Maximum
   
109) At point of satiety, marginal utility is:
A) Zero
B) Positive
C) Maximum
D) Negative
Correct Answer: Positive
   
110) Which of the following is the second law of Gossen?
A) Law of equi-marginal utility
B) Law of equi-product
C) Theory of indifference curve
D) Law of diminishing marginal utility
Correct Answer: Law of equi-marginal utility