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41.

Who defined Economics as a 'Science which studies human behaviour as a relationship between ends and means which have alternative uses?

A.	L. Robbins	B.	Alfred Marshall
C.	Joan Robinson	D.	Paul A. Samuelson

42.

A mixed economy is characterised by the co-existence of:

A.	Modern and traditional industries	B.	Public and private sectors
C.	Foreign and domestic investments	D.	Commercial and subsistence farming

43.

Which is not an essential feature of a socialist economy?

A.	Social ownership of the means of production	B.	Freedom of enterprise
C.	Use of centralized planning	D.	Government decisions

44.

Which of the following is incorrect?

A.	A function shows the relationship between two or more variables	B.	Normative Economics studies how the economic problems facing society should be solved
C.	A market necessarily refers to a meeting place between buyers and sellers	D.	Equilibrium refers to the market conditions which once achieved, tend to persist

45.

Microeconomics deals with the:

A.	Allocation of resources of the economy as between production of different goods and services	B.	Determination of prices of goods and services
C.	Behaviour of industrial decision makers	D.	All of the above

46.

Which of the following is Microeconomics concerned with?

A.	The size of national output	B.	The levelof employment
C.	Changes in the general level of prices	D.	None of the above

47.

Formulation of an economic theory involves:

A.	Statement of various assumptions or postulates	B.	Logical deductions from the assumptions made
C.	Testing the hypothesis against empirical evidence	D.	All of the above

48.

An economic theory is:

A.	An axiom	B.	A proposition
C.	A hypothesis	D.	A tested hypothesis

49.

Identify the aspect of taxation which is related to normative economics:

A.	Incidence of tax	B.	Effect of tax on the capacity willingness to work
C.	Equity of tax	D.	None of the above

50.

Demand for a commodity refers to a:

A.	Desire for the commodity	B.	Need for the commodity
C.	Quantity demanded of that commodity	D.	Quantity of the commodity demanded at a certain price during any praticular period of time