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

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). 
Multiple choice economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

All primary occupations like agriculture, animal husbandry, poultry farming, fisheries, dairying, forestry, etc. are land oriented.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
The following occupations which are land oriented,that is, they occur due to the presence of land, are as follows:
Agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Animal husbandry: the science of breeding and caring for farm animals
Fisheries: a place where fish are reared for commercial purposes.
Dairying: the business of producing, storing, and distributing milk and its products
Forestry: the science or practice of planting, managing, and caring for forests.
Multiple choice economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

In under-developed countries, _________ provide the basis of employment.

  1. primary activities

  2. secondary activities

  3. tertiary activities

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

Primary sector of an economy deals with the production of raw materials and basic foods. Examples of primary sector are: agriculture, mining, forestry, etc. Under-developed countries mainly depends on primary activities for the employment opportunities.