Category : Finance

Basics of Economics Quiz: How Much You Know About Basics of Economics?

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Questions & Options


1. In his book published in _________, the famous economist "Adam Smith" considered economics to be the science of money.

144796 In 1776
144797 In 1777
144798 In 1778
144799 In 1779

2. Dr. Marshall, in his book Principles of Economics published in 1890, made it popular by giving a definition of economics related to:

144800 Welfare
144801 Wealth
144802 Work
144803 Wisdom

3. Who considered economics to be the principle of rarity?

144804 Lord Robbins
144805 Adam Smith
144806 John Marshall
144807 None of the above

4. Which of the following type of economic systems is based on customs and beliefs?

144808 Traditional economy
144809 Mixed economy
144810 Command economy
144811 All of the the above

5. Who takes all economic decisions in a command economy?

144812 Individual citizens
144813 National legislatures
144814 Government
144815 None of the above

6. Country X has an economic system in which individual citizens and the government share responsibility in answering economic questions. This is an example of a:

144816 Traditional economy
144817 Market economy
144818 Mixed economy
144819 All of the above

7. How does specialization assist the economies of all countries?

144820 It encourages trade between countries
144821 It restricts trade between countries.
144822 Both of the above
144823 None of the the above

8. Which is the mining of a tariff?

144824 A tax placed on imports
144825 A limit on trade
144826 Both of the above
144827 None of the above

9. The quota is known as:

144828 A limit on imports from other nations
144829 The refusal to cooperate with other countries in a specific region
144830 A limit on trade
144831 None of the above

10. How does specialization encourage trade between countries?

144832 Countries cannot specialize in all products, so they trade for what they need and want
144833 Countries must specialize in more than fifty percent of the products they produce for export
144834 Countries are allowed to become experts in all products, so they do not need to trade for goods
144835 All of the above-mentioned

11. Who considered economics as the science of means of happiness?

144836 Lord Robbins
144837 Adam Smith
144838 John Marshall
144839 Kapil Arya

12. Which of the following is economics has theoretical and practical importance?

144840 For knowledge
144841 Benefits to producers
144842 Benefits to workers
144843 All of the above-mentioned
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