Tag: goods, wealth and welfare

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Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

In economics wealth is the stock of all those material and immaterial objects which _______.

  1. are transferable

  2. have utility

  3. are scarce

  4. all the three
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
1) Wealth are transferable. For example, money is a part of wealth and can be transferred fro one place to another.
2) Material and immaterial objects possess some kind of power of satisfying wants of the human beings. Therefore, wealth has utility.
3) Wealth are the scarce resources but human wants are unlimited.
Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Adam Smith considered Economics as:

  1. Science of Wealth

  2. Science of Material Well-being

  3. Science of Choice-making

  4. Science of Growth and Development
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

According to Adam Smith who was a Scottish economist, economics is the science of wealth which means that economics aims at generating wealth both individually and for the nation as a whole. 

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Which of these Economics did not consider Economics as Science of Wealth?

  1. Adam Smith

  2. J B Say

  3. Alfred Marshall

  4. All the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Alfred Marshall placed a greater emphasis on welfare rather than wealth, in his Principle of Economics" book published in 1890. Marshall defines economics as “a study of men as they live and move and think in the ordinary business of life.”

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Who published "The Nature and causes of wealth of Nations"?

  1. Adam Smith

  2. A.C. Pigou

  3. J.B. Say

  4. Alfred Marshal
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Adam Smith was a Scottish economist who published the book " The Nature and causes of wealth of Nations" where he explicitly focused on economics as a study of creation of wealth and henceforth its distribution. 

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

J B Say considered Economics as:

  1. Science of Wealth

  2. Science of Material Well-being

  3. Science of Choice-making

  4. Science of Growth and Development
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

J B Say was a French economist who described economics as the science of wealth as he believed that economics is the study of creation of wealth.  

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Goods that a country gets from other countries are called______.

  1. Exports

  2. Imports

  3. Foreign Trade

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Exports and imports are the main elements of foreign trade. 

Export - When goods are sent from one country to another then it is called export.
Import - When goods are purchased from other countries then it is called import.
When the Export value is more than import value then foreign trade will be favourable to a country.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

If with the rise in price of good $Y$, demand for good $X$ rise, the two goods are: (Choose the coorect alternative)

  1. Substitutes

  2. Complements

  3. Not related

  4. Jointly demanded
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
If with the rise in price of good $Y$, demand for good $X$ rises, the two goods are said to be substitutes. This is because substitute goods are the ones which are consumed in place of each other. For instance, tea and coffee. Thus, if the price of one good rises, the demand for other substitute good will rise. 
Hence, the correct answer is option (a).