Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

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

This is an example for direct taxation ________________.

  1. Customs-Imports

  2. Wealth-Profits

  3. Excise-Manufacturing

  4. Turn-over -sale
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A government levy on the income, property, or wealth of people or companies. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. The rest all are indirect taxes.

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

Money has only _____ while it has no _____.

  1. Value-in-exchange, Value-in-use

  2. Value-in-use, Value-in-exchange

  3. Use, utility

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

Money has value in exchange but not value in use. Value in exchange is nothing but the goods and services which we may obtain in the market in exchange of a particular thing. Value in use is nothing but the satisfaction which one obtains from the use of a commodity for example water.

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

Wealth cannot be classified as __________.

  1. Private Wealth

  2. Assertive Wealth

  3. Negative Wealth

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Wealth: it is defined as the stock of resources which can be used at present or in the future.

All the given options are the classifications of wealth:

  • Private wealth: This includes all material and non material goods of an individual which can convert into money. 
  • Public wealth: This includes all material and non material goods owned by a community together
  • Negative Wealth: it is owned by an individual for a particular time period and then returned.
  • National Wealth: it is the wealth owned by nation.

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

_____ represents the stock of resources which help in producing goods or commodities, whereas _____ represents the flow of goods and services.

  1. Wealth, Income

  2. Income, Wealth

  3. Product, Wealth

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

  • Wealth: It is defined as the stock of resources which can be used at present or in the future.
  • Income: It is the money obtained by flow of goods and services on regular basis.

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.”