CSS :: Nature and Scope of Economics
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11. |
A positive statement: |
A. |
Concerns 'what is' |
B. |
Is always accurate |
C. |
Deals with values and opinions |
D. |
Cannot be tested in the real world |
Answer: Option A
Explanation:
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12. |
Normative economics: |
A. |
Deals solely with the facts |
B. |
Is never studied in colleges |
C. |
Involves opinions and interpretations |
D. |
Is clearly preferable to positive economics |
Answer: Option C
Explanation:
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13. |
Basic economic problem is: |
A. |
Inflation |
B. |
Unemployment |
C. |
Poverty |
D. |
Scarcity |
E. |
Lack of money |
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Answer: Option D
Explanation:
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14. |
Microeconomics concentrates: |
A. |
In only poor countries |
B. |
In a country that uses resources inefficiently |
C. |
In all countries of the world |
D. |
When society produces unimportant or silly goods |
Answer: Option C
Explanation:
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15. |
Microeconomics concentrates: |
A. |
On inflation |
B. |
International economic relations |
C. |
Individual economic units |
D. |
Economic development of Pakistan |
Answer: Option C
Explanation:
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16. |
Macroeconomic deals with: |
A. |
How to buy groceries |
B. |
Aggregate economic activity |
C. |
Establishment of a new firm |
D. |
Industrial activity |
Answer: Option B
Explanation:
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17. |
Three basic economic problems: |
A. |
What, how and for whom |
B. |
Why, where, and when |
C. |
What, which and how much |
D. |
What, which, why |
Answer: Option A
Explanation:
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18. |
Economics: |
A. |
Is more important than mathematics |
B. |
Is a social science |
C. |
Should be made compulsory for every student |
D. |
None of these |
Answer: Option B
Explanation:
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19. |
Economic law: |
A. |
Must be followed |
B. |
Are hated by people |
C. |
Show economic behaviour of people |
D. |
Are unscientific |
Answer: Option C
Explanation:
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20. |
Adam Smith was a: |
A. |
Was a Saint |
B. |
A modern economist |
C. |
Good sports man |
D. |
Classical economist |
Answer: Option D
Explanation:
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