Why mcqs of Ca foundation Business Economics lesson 1 Nature and scope of Economics is important ?
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1. The term 'Economics' owes its origin to the Greek word.
(a) Aikonomia
(b) Wikonomia
(c) Oikonomia
(d) None of the above.
Answer - C
2. Adam Smith published his masterpiece “An enquiry into the nature and causes of wealth of nations" in the year
(a) 1776
(b) 1786
(C) 1789
(d) 1790
Answer - A
3. Oikonomia means
(a) Industry
(b) Management of household
(c) Services
(d) None of these.
Answer - B
4. Economists regard decision making as important because:
(a) The resources required to satisfy our unlimited wants and needs are finite or scarce.
(b) It is crucial to understand how we can best allocate our scarce resources to satisfy society's unlimited wants and needs.
(c) Resources have alternative uses.
(d) All of the above,
Answer - D
5. 'Economics is the science of choice making'. It implies:
(a) No choice is to be made
(b) Choice to be made between alternative uses
(c) Choice to be made between means and ends
(d) None of the above.
Answer - B
[CA CPT Dec. 2012]
6. Which one is the feature of Marshall's definition?
(a) Limited ends
(b) Scarce means
(c) Study of wealth as well as study of man
(d) Study of allocation of resources
Answer - C
[CA CPT June 2010]
7. According to Robbins, 'means' are:
(a) Scarce
(b) Unlimited
(c) Undefined
(d) All of these
Answer - A
[CA CPT Nov. 2007]
8. Economics is the study of:
(a) How society manages its unlimited resources
(b) How to reduce our wants until we are satisfied
(c) How society manages its scarce resources
(d) How to fully satisfy our unlimited wants.
Answer - C
[CA CPT June 2008]
9. In Economics, we use the term scarcity to mean:
(a) Absolute scarcity and lack of resources in less developed countries
(b) Relative scarcity i.e. scarcity in relation to the wants of the society.
(c) Scarcity during times of business failure and natural calamities.
d) Scarcity caused on account of excessive consumption by the rich.
Answer - B
10. What implication(s) does resource scarcity have for the satisfaction of wants?
(a) Not all wants can be satisfied.
(b) We will never be faced with the need to make choices.
(C) We must develop ways to decrease our individual wants.
(d) The discovery of new natural resources is necessary to increase our ability to satisfy wants
Answer - A
11. Adam Smith defined Economics in terms of:
(a) The Science of welfare
(b)The Science of scarcity
(c) The Science of wealth
(d) The Science of wealth and welfare
Answer - C
12. Who defines Economics in terms of Dynamic Growth and Development?
(a) Robbins
(b) Paul A Samuelson
(c) Adam Smith
(d) None of these
Answer - B
[CA CPT Dec. 2008]
13. In every economic system, scarcity imposes limitations on
(a) Household, business firm,governments and the nation as a whole.
(b) Households and business firms, but not the governments.
(C) Local and state governments, but not the federal government.
(d) Households and governments,but not business firms.
(e) Business firms, governments, and the nation as a whole.
Answer - A
14. Economic goods are considered scarce resources because they
(a) Cannot be increased in quantity.
(b) Do not exist in adequate quantities to satisfy the requirements of the society.
(c) Are of primary importance in satisfying social requirements.
(d) Are limited to man made goods.
Answer - B
15. Economics is the study of mankind in the ordinary business of life' was given by:
(a) Adam Smith
(b) Lord Robbins
(c) Alfred Marshall
(d) Samuelson
Answer - C