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Positive science always explains a)What is? b)What ought to be? c)What is right or wrong? d)None of the above
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Where does price mechanism exists?
a)Capitalist economy
b)Socialist economy
c)Both type of economies
d)None of the above
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A system of economy in which all the means of production are owned and contributed by the private individuals for the purpose of profit, is called:
a)Socialist economy b)Capitalist economy c)Mixed economy d)All of the above
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Economics is neutral between ends. The statement is given by:
a)L. Robbins
b)Mrs. Joan
c)Alfred Marshall
d)A.C. Pigeon
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A free market economy's driving force is:
a)Profit motive
b)Welfare of the people
c)Rising income and levels of living
d)None of the above
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In inductive method, logic proceeds from:
a)General to particular
b)Particular to general
c)Both (a) and (b)
d)None of these
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Dual system of pricing exist in:
a)Free market economy
b)Socialistic economy
c)Mixed economy
d)None of the above
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Which of these is an example of macro economics? (a) overall conditions of economy. (b) total production. (c) economic behavior of large aggregates. (d) All of above.
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Who gave the positive aspect of science?
a)Alfred Marshall
b)A.C. Pigou
c)Adam Smith
d)Robbins
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Micro economics is concerned with:
a)Consumer behaviour
b)Product pricing
c)Factor pricing
d)All of the above
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Which one in the following is not correct?
a)There are limited wants
b)Means are scarce
c)Resources have alternative uses
d)Economics is science
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Which one is the feature of Marshall's definition?
a)Limited ends
b)Scarce means
c)Study of wealth as well as study of man
d)Study of allocation of resources
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What will be the shape of PPC curve when marginal opportunity cost is constant?
a)Concave
b)Convex
c)Backward bending
d)Straight line
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A developed economy uses_____ technique in production.
a)Labour intensive
b)Capital intensive
c)Home-based
d)Traditional
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Micro economics is also known as_______:
a)Public economics
b)Price theory
c)Income theory
d)Demand theory
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Economic problem arises when:-
a) When wants are unlimited b) When resources are unlimited c) When resources have alternative uses d) All of the above
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Mixed economy means:
a)All economic decisions are taken by central authority
b)All economic decisions are taken by private entrepreneurs
c)Economic decisions are partly taken by the state and partly by private entrepreneurs
d)None of these
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Which one is not the characteristic of capitalist economy?
a)Profit motive
b)Income inequality
c)Free employment
d)Collective ownership
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What is cut-off frequency?
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Mixed economy means:
a)Co-existence of small and large industries
b)Promoting both agriculture and industries in the economy
c)Co-existence of rich and poor
d)Co-existence of public and private sectors
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