CA Foundation Economics Ch 1 Quiz - Nature & Scope of Economics

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Eco Ch 1 Quiz 1

1 / 20

The term ‘Economics’ owes its origin to the Greek word.

2 / 20

Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.

3 / 20

Oikonomia means __________.

4 / 20

Economists regard decision making as important because:

5 / 20

In Economics, we use the term scarcity to mean:

6 / 20

Economics is the study of:

7 / 20

According to Robbins, ‘means’ are:

8 / 20

Which one is the feature of Marshall’s definition?

9 / 20

‘Economics is the science of choice making’. It implies:

10 / 20

Economic goods are considered scarce resources because they __________.

11 / 20

In every economic system, scarcity imposes limitations on __________.

12 / 20

Who defines Economics in terms of Dynamic Growth and Development?

13 / 20

Adam Smith defined Economics in terms of:

14 / 20

What implication(s) does resource scarcity have for the satisfaction of wants?

15 / 20

The meaning of time element in Economics is:

16 / 20

Economic goods are considered as scarce resources because __________.

17 / 20

Human wants are in response to satisfy their wants?

18 / 20

Consider the following and decide which, if any, economy is without scarcity:

19 / 20

‘Economics is the study of mankind in the ordinary business of life’ was given by:

20 / 20

All wants of an individual are not of:

Your score is

The average score is 78%

0%

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Eco Ch 1 Quiz 2

1 / 20

__________ refers to the process of selecting an appropriate alternative that will provide the most efficient means of attaining a desired end, from two or more alterative courses of action.

2 / 20

Business Economics is __________.

3 / 20

Business Economics is also known as?

4 / 20

The question of choice arises because our productive resources __________.

5 / 20

Business Economics is essentially a component of __________ as it includes application of selected quantitative techniques.

6 / 20

__________ defined Business Economics in terms of the use of eco-nomics analysis in the formulation of business policies.

7 / 20

Which one of the following is incorrect about Business Economics?

8 / 20

Concept of Business Economics was given by:

9 / 20

The management of a business unit generally needs to make __________.

10 / 20

Micro Economics is the study of:

11 / 20

Micro economics does not study __________.

12 / 20

Which one of the following is not a subject matter of Micro-Economics?

13 / 20

The heart of Business Economics is __________.

14 / 20

Which of the following is not included in Economics?

15 / 20

A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of:

16 / 20

Micro Economics Covers:

17 / 20

The branch of economic theory that deals with the problem of allocation of resources is:

18 / 20

Which of the following is not the subject matter of Business Economics?

19 / 20

The branch of economic theory that deals with the problem of allocation of resources is __________.

20 / 20

__________ examines how the individual units (Consumers or firms) make decisions as to how to efficiently allocate their scare resources.

Your score is

The average score is 68%

0%

16
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Eco Ch 1 Quiz 3

1 / 20

Which of the following falls under micro economics?

2 / 20

Which of these is a part of micro economics?

3 / 20

Micro economics is also known as __________.

4 / 20

Micro Economics is concerned with:

5 / 20

Which of these is an example of macro economics:

6 / 20

A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of __________.

7 / 20

Macro Economics is the study of __________.

8 / 20

Which of the following does not suggest a macro approach for India?

9 / 20

Macro Economics is also called __________ economics.

10 / 20

The Macro Economics does not cover the area of __________.

11 / 20

Which of the following is a part of the subject matter of macro economics?

12 / 20

Which of the following would be considered a topic of study in Macro-economics?

13 / 20

Which of the following is not a subject matter of Micro-economies?

14 / 20

Macro economics include __________.

15 / 20

An example of ‘positive’ economic analysis would be:

16 / 20

Which of the following is a normative statement?

17 / 20

Business Economics relies heavily on the techniques of __________.

18 / 20

Business Economics enables appli-cation of economic logic and analytical tools to __________.

19 / 20

Shyam : This year due to heavy rainfall my option crop was damaged
Krishna: Climates affects crop yields. Some years are bad, other are good
Hari: Don’t worry – Price increase will compensate for the fall in quantity supplied
Radhe: The Government ought to guarantee that our income will not fall.
In this conversation, the normative statement is made by

20 / 20

Business Economics is __________ in its approach as it tackles practical problems which the firm faces in the real world.

Your score is

The average score is 84%

0%

18
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Eco Ch 1 Quiz 4

1 / 20

The difference between positive and normative Economics is:

2 / 20

Normative aspect of Economics is given by:

3 / 20

Normative Economics is based on:

4 / 20

Deductive and Inductive methods are complimentary to each other. It is:

5 / 20

Under Inductive method logic proceeds from:

6 / 20

Positive science only explains __________

7 / 20

Ram: My corn harvest this year is poor.
Krishan: Don’t worry. Price increases will compensate for the fall in quantity supplied.
Vinod: Climate affects crop yields. Some years are bad, others are good.
Madhu: The Government ought to guarantee that our income will not fall.
In this conversation, the normative statement is made by

8 / 20

Which of the following is a norma-tive economic statement?

9 / 20

In inductive method, logic proceeds from:

10 / 20

Who gave the positive aspect of science?

11 / 20

Under Inductive method, the logic proceeds from:

12 / 20

Which of the following statements is incorrect?

13 / 20

Business Economics is generally in nature.

14 / 20

__________ analyses causes and effect relationship between variables in an objective and scientific manner.

15 / 20

Economics which is concerned with welfare propositions is called __________.

16 / 20

“Economics is neutral between ends”. The statement is given by:

17 / 20

Find out the correct statement __________

18 / 20

Business Economics is __________.

19 / 20

Although business economics combines the essentials of normative and positive economic theory but the emphasis is on :

20 / 20

The Business Economics incorpo-rates tools from other disciplines such as Mathematics, operations Research, Management theory, Accounting, etc. Therefore, Business Economics is

Your score is

The average score is 63%

0%

16
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Eco Ch 1 Quiz 5

1 / 20

Business economy involves theory of Business economics with __________.

2 / 20

In which of the following methods conclusions are drawn on the basis of collection and analysis of facts?

3 / 20

Business Economics involves the elements of __________.

4 / 20

Under inductive method logic proceeds from:

5 / 20

__________ explains the rela-tionship between inputs and output.

6 / 20

Which of the following is not within the scope of Business Economics?

7 / 20

Applied economics includes __________.

8 / 20

Which factor is included in business Economics?

9 / 20

The operational or interval issues to which economic theories can be directly applied are related with.

10 / 20

Which of the following economic system has to deal with the control problem of scarcity of resources?

11 / 20

Which of the following statement is false?

12 / 20

Which of the following Macro-Economic Factor is considered in Business Economics?

13 / 20

Business Economists use method(s) __________ to maintain optimum stock of inventories.

14 / 20

Business Economics with the help of advanced tools like __________ enables the firm to arrive at the best course of action for optimum utilisation of available resources.

15 / 20

Which of the following is not a part of central economic Problem?

16 / 20

Capital intensive technique would get chosen in a __________.

17 / 20

The central problem in economics is that of __________.

18 / 20

A developed economy uses technique in production.

19 / 20

The Central problem in every eco-nomic society is:

20 / 20

refers to the sum total of arrangements for the production and distribution of goods and services in a Society.

Your score is

The average score is 74%

0%

10
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Eco Ch 1 Quiz 6

1 / 20

Business economy involves theory of Business economics with __________.

2 / 20

In which of the following methods conclusions are drawn on the basis of collection and analysis of facts?

3 / 20

Business Economics involves the elements of __________.

4 / 20

Under inductive method logic proceeds from:

5 / 20

__________ explains the rela-tionship between inputs and output.

6 / 20

Which of the following is not within the scope of Business Economics?

7 / 20

Applied economics includes __________.

8 / 20

Which factor is included in business Economics?

9 / 20

The operational or interval issues to which economic theories can be directly applied are related with.

10 / 20

Which of the following economic system has to deal with the control problem of scarcity of resources?

11 / 20

Which of the following statement is false?

12 / 20

Which of the following Macro-Economic Factor is considered in Business Economics?

13 / 20

Business Economists use method(s) __________ to maintain optimum stock of inventories.

14 / 20

Business Economics with the help of advanced tools like __________ enables the firm to arrive at the best course of action for optimum utilisation of available resources.

15 / 20

Which of the following is not a part of central economic Problem?

16 / 20

Capital intensive technique would get chosen in a __________.

17 / 20

The central problem in economics is that of __________.

18 / 20

A developed economy uses technique in production.

19 / 20

The Central problem in every eco-nomic society is:

20 / 20

refers to the sum total of arrangements for the production and distribution of goods and services in a Society.

Your score is

The average score is 93%

0%

14
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Eco Ch 1 Quiz 7

1 / 20

The choice between labour and Capital intensive techniques is related with.

2 / 20

The classification of economies into Capitalist, Socialist and Mixed is based on their:

3 / 20

Which of the following is not one of the four central questions that the study of economics is supposed to answer?

4 / 20

Economic Problem arises when:

5 / 20

A capitalist economy uses __________ as the principal means of allocating resources.

6 / 20

In a free market economy the al-location of resources is determined by __________.

7 / 20

A capitalist economy consists of __________.

8 / 20

Freedom of choice is the advantage of __________.

9 / 20

Which one of the following is not an example of capitalist economy?

10 / 20

Exploitation and inequality will be more in __________.

11 / 20

Which of the following is considered as a disadvantage of allocating resources using the market system?

12 / 20

__________ is an economic system in which all means of production are owned and controlled by private individuals for profit.

13 / 20

Which out of these are the feature of capitalism?
(i) Profit motive
(ii) Human welfare
(iii) Work through price mechanism

14 / 20

Price Mechanism is the main feature of which economy __________.

15 / 20

Capitalistic Economy uses as principal means of allocating resources.

16 / 20

In a free market economy, when consumers increase their purchase of a goods and the level of exceeds then prices tend to rise:

17 / 20

The economic system in which all the means of production are owned and controlled by private individuals for profit.

18 / 20

In which type of economy do consumers and producers make their choices based on the market forces of demand and supply?

19 / 20

__________ means that buyers ultimately determine which goods and services will be produced and in what quantities.

20 / 20

In a capitalist economy, allocation of resources is done by:

Your score is

The average score is 84%

0%

12
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Eco Ch 1 Quiz 8

1 / 20

Capitalistic Economy uses as principal means of allocating resources.

2 / 20

Which one is not the characteristic of capitalistic economy?

3 / 20

A capitalist economy is by and large __________.

4 / 20

A Free Market economy solves its Central Problems through __________.

5 / 20

Where does price mechanism exists?

6 / 20

An economic system in which all means of production are owned and controlled by private individuals for profit is called:

7 / 20

A free market economy’s driving force is:

8 / 20

The merits of Capitalist economy do not include:

9 / 20

Which one of the following is not true about capitalist economy?

10 / 20

Freedom of choice is the advan-tage of __________.

11 / 20

Which of the following is not demerit of Capitalism?

12 / 20

Capitalistic Economy user __________ as principal means of allocating resources:

13 / 20

A system of economy in which all the means of production are owned and controlled by the private individuals for the purpose of profit, is called:

14 / 20

In which among the following systems the ‘right to property’ exists __________.

15 / 20

A Capitalist Economy follows the policy of:

16 / 20

Freedom of choice is the advan-tage of __________.

17 / 20

Which of the following is not a feature of a capitalist economy?

18 / 20

Which of the following statements does not apply to a market economy?

19 / 20

Under a free economy, prices are:

20 / 20

In a capitalist economy the allocation of resources is performed by:

Your score is

The average score is 89%

0%

11
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Eco Ch 1 Quiz 9

1 / 20

Socialist Economy was pro-pounded by:

2 / 20

Exploitation and inequality are minimal under:

3 / 20

Socialist economy is __________.

4 / 20

The Concept of socialist economy was propounded by __________.

5 / 20

Socialism ensures __________.

6 / 20

Administered prices refer to:

7 / 20

Inequalities of income do not perpetuate in __________.

8 / 20

Although Price mechanism exists in __________, but it has only a secondary role.

9 / 20

Socialist economy is also called as __________.

10 / 20

Under __________, the Consumers have no freedom of choice.

11 / 20

The demerits of Socialism do not include:

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