Economics is the systematic study of functions such as the production, distribution, exchange, and consumption of economics. The word 'Arthashastra' is derived from the Sanskrit words Artha (wealth) and the treaty of Shastra, which literally means 'study of wealth'. The systematic knowledge of human actions in relation to a subject is called the scripture of that subject, so in economics, it is necessary to have a systematic knowledge of the work related to human beings. Economics is also used to understand how the economy works and how the economic relationship of different sections in the society. Economical deliberation is used in various fields related to society. Let's know more about the Basics of Economics.
1. In his book published in _________, the famous economist "Adam Smith" considered economics to be the science of money.
A. In 1776
B. In 1777
C. In 1778
D. In 1779
2. Dr. Marshall, in his book Principles of Economics published in 1890, made it popular by giving a definition of economics related to:
A. Welfare
B. Wealth
C. Work
D. Wisdom
3. Who considered economics to be the principle of rarity?
A. Lord Robbins
B. Adam Smith
C. John Marshall
D. None of the above
4. Which of the following type of economic systems is based on customs and beliefs?
A. Traditional economy
B. Mixed economy
C. Command economy
D. All of the the above
5. Who takes all economic decisions in a command economy?
A. Individual citizens
B. National legislatures
C. Government
D. None of the above
6. Country X has an economic system in which individual citizens and the government share responsibility in answering economic questions. This is an example of a:
A. Traditional economy
B. Market economy
C. Mixed economy
D. All of the above
7. How does specialization assist the economies of all countries?
A. It encourages trade between countries
B. It restricts trade between countries.
C. Both of the above
D. None of the the above
8. Which is the mining of a tariff?
A. A tax placed on imports
B. A limit on trade
C. Both of the above
D. None of the above
9. The quota is known as:
A. A limit on imports from other nations
B. The refusal to cooperate with other countries in a specific region
C. A limit on trade
D. None of the above
10. How does specialization encourage trade between countries?
A. Countries cannot specialize in all products, so they trade for what they need and want
B. Countries must specialize in more than fifty percent of the products they produce for export
C. Countries are allowed to become experts in all products, so they do not need to trade for goods
D. All of the above-mentioned
11. Who considered economics as the science of means of happiness?
A. Lord Robbins
B. Adam Smith
C. John Marshall
D. Kapil Arya
12. Which of the following is economics has theoretical and practical importance?
A. For knowledge
B. Benefits to producers
C. Benefits to workers
D. All of the above-mentioned
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