Massachusetts Institute of Technology Economics Worksheet

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Economics Questions and Answers
1. n Enquiry into the Nature and Causes of Wealth of Nations)s the book of economist¨A) Adam Smith (B) Marshall
(C) Robbins (D) None of above
2. conomics is the Science of Wealth7ho gave this definition ?
(A) J. K. Mehta (B) Marshall
(C) Adam Smith (D) Robbins
3. conomics is what economists do. t has been supported by¨A) Richard Jones (B) Comte
(C) Gunnar Myrdal (D) All of the above
4. 5man Welfare is the subject of Economics. his statement is associated with the name
of which of the economists ?
(A) Marshall (B) Pigou
(C) Penson (D) All of the above
5. Who has given scarcity definition of economics ?
(A) Adam Smith (B) Marshall
(C) Robbins (D) Robertson
6. conomics is a science4he 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
7. Characteristics of economic laws are¨A) Mere statements of economic tendencies (B) Less certain
(C) Hypothetical (D) All of the above
8. Which theory is generally included under micro economics ?
(A) Price Theory
(B) Income Theory
(C) Employment Theory
(D) None of the above
9. Whose opinions have revolutionised the scope of macro economics ?
(A) Adam Smith (B) J.B. Say
(C) J.M. Keynes (D) All of the above
10. Which of the following is an economic activity ?
(A) Teaching of a teacher in the school (B) To teach son at home
(C) To serve her child by mother (D) To play football by a student
11. Passive factor of production is¨A) Only land (B) Only capital
(C) Both land and capital (D) Neither land nor capital
12. Under law of demand¨A) Price of commodity is an independent variable
(B) Quantity demanded is a dependent variable
(C) Reciprocal relationship is found between price and quantity demanded
(D) All of the above
13. For inferior commodities, income effect is(A)
Zero (B) Negative
(C) Infinite (D) Positive
14. When total utility becomes maximum, then marginal utility will be¨A) Minimum (B) Average
(C) Zero (D) Negative
15. Utility means¨A) Power to satisfy a want (B) Usefulness
(C) Willingness of a person (D) Harmfulness
16. Marginal utility is equal to average utility at that time when average utility is¨A) Increasing (B) Maximum
(C) Falling (D) Minimum
17. At point of satiety, marginal utility is(A)
Zero (B) Positive
(C) Maximum (D) Negative
18. 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
19. Total utility of a commodity is measured by which price of that commodity ?
(A) Value in use (B) Value in exchange
(C) Both of above (D) None of above
20. According to Marshall, the basis of consumer surplus is¨A) Law of diminishing marginal utility (B) Law of equi-marginal utility
(C) Law of proportions (D) All of the above
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