CSS :: Nature and Scope of Economics

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

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

13.  Basic economic problem is:
A. Inflation B. Unemployment
C. Poverty D. Scarcity
E. Lack of money    

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

15.  Microeconomics concentrates:
A. On inflation B. International economic relations
C. Individual economic units D. Economic development of Pakistan

16.  Macroeconomic deals with:
A. How to buy groceries B. Aggregate economic activity
C. Establishment of a new firm D. Industrial activity

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

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

19.  Economic law:
A. Must be followed B. Are hated by people
C. Show economic behaviour of people D. Are unscientific

20.  Adam Smith was a:
A. Was a Saint B. A modern economist
C. Good sports man D. Classical economist

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