( Best 200+ ) Basics of Economics MCQ

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Basics of Economics MCQ

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Basics of Economics MCQ

Basics of Economics MCQ

11. “The starting point of all economic activity is the existence of human
wants” Who said this?

A. adam smith

B. selligman

C. ricardo

D. alfred marshall

12. Production and consumption takes place simultaneously in the case of

A. goods

B. services

C. both in the case of goods and services

D. neither in the case of goods and services

13. Economic growth can be achieved through

A. advanced technology

B. expansion of resources

C. both a & b

D. neither a & b

14. Micro economics doesn’t deal with:

A. the study of individual economic units

B. determination of factor prices

C. price determination of commodities

D. general equilibrium analysis

15. Name the economist who analyses the subject matter of economics into
two branches: micro economic analysis and macro economic analysis.

A. adam smith

B. alfred marshall

C. ragner frisc

D. p a samuelson

16. Transformation of inputs into outputs is known as

A. production

B. consumption

C. distribution

D. exchange

17. —– is an example of secondary input

A. land

B. labour

C. capital

D. raw material

18. Odd-man out from the following

A. steel

B. medicine

C. education

D. train

19. The choice of techniques of production is related to the problem of

A. what to produce

B. how to produce

C. for whom to produce

D. none of the above

20. The functional relationship between inputs and outputs is called

A. production function

B. consumption function

C. investment function

D. saving function

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