Tag: goods, wealth and welfare

Questions Related to goods, wealth and welfare

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

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

  1. are transferable

  2. have utility

  3. are scarce

  4. all the three

Show answer
Correct Option: D
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.

Adam Smith considered Economics as:

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

  1. Science of Wealth

  2. Science of Material Well-being

  3. Science of Choice-making

  4. Science of Growth and Development

Show answer
Correct Option: A
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. 

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

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

  1. Adam Smith

  2. J B Say

  3. Alfred Marshall

  4. All the above

Show answer
Correct Option: C
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.”

Which is the following is not correct? Economics is viewed as.

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

  1. Science of Wealth

  2. Science of Warfare

  3. Science of Wellbeing

  4. Science of Choice-making

Show answer
Correct Option: B
Explanation:

Economic does not contain any study material related to the theories and beliefs of war either from the past or in the future.

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

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

  1. Adam Smith

  2. A.C. Pigou

  3. J.B. Say

  4. Alfred Marshal

Show answer
Correct Option: A
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. 

J B Say considered Economics as:

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

  1. Science of Wealth

  2. Science of Material Well-being

  3. Science of Choice-making

  4. Science of Growth and Development

Show answer
Correct Option: A
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.  

Goods that a country gets from other countries are called______.

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

  1. Exports

  2. Imports

  3. Foreign Trade

  4. None of these

Show answer
Correct Option: A
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.

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

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

  1. Substitutes

  2. Complements

  3. Not related

  4. Jointly demanded

Show answer
Correct Option: A
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).