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Answers

1. C.

2. B. According to Marshall, economics is a study of human beings and not of beasts or animals or plants. It deals with the economic aspect of man and not social or political or religious aspect of his life.

The centre point of Marshall's definition is it is on one side the study of wealth and on the other and more important side the study of man. Marshall gave primary importance to man and wealth was the secondary importance.

3. A. Economics is divided into two main branches, Micro Economics and Macro Economics.

Micro Economics is a branch that deals with smaller unit or component of the economy. It is concerned with the analysis of the basic decision making such as component of household, individuals, firm and government. It relates to cost, output, production and marketing of government, firm and individuals.

Macro Economics on the other hand deals with larger unit or aggregate of the economy. It relates to large aggregates such as national income, inflation, unemployment, balance of payment.

4. D

5. C

6. A

7. B

8. B

9. B.
* NNP: (Net National Product) is the monetary value of finished foods and services produced by country's citizens, overseas and domestically in a given period.

* GNP: (Gross National Product) is the total domestic and foreign output claimed by the residents of a country. It measures the monetary value of all the finished goods and services produced by the country's factors of production irrespective of their location.

It takes into account the manufacture of tangible goods such as vehicles, agricultural products and machinery etc, as well as the provision of services like health care, business consultancy and education. GNP also includes taxes and depreciation.

* DPI: (Disposable Personal Income) is the amount of money an household have available for spending and saving after income taxes have been accounted for.

*PI: (Profitability index) also known as Profit investment ration (PIR) and value investment ratio

Economics
Questions

1. Who is known as the father of economics ?
a. J.N. Keynes
b. Alfred Marshall
c. Adam Smith
d. Lionel Robins

2. According to the famous economist, Alfred Marshall, economics is concerned with ....
a. the attainment and use of material requisites
b. the study of wealth
c. the science of scarcity
d. the study of determent of employment and income

3. the study of economics is divided into how many branches ?
a. Two
b. Three
c. Four
d. Five.

4. The theory of demand establish a relationship between ....
a. Price of product and its supply
b. The demand for a product and its supply
c. Price of the product and its demand
d. All of the above

5. Human wants are ...
a. Few
b. Limited
c. Unlimited
d. One thousand

6. What is the meaning of an economy ?
a. Study of economics
b. A country's economic system
c. Domestic trade
d. Sources of income of a family

7. A 10% decrease in the price of milk result in a 5% increase in demand. The elasticity of demand in this case, will be ?
a. Lesser than unity
b. Greater than unity
c. Equal to unity
d. Equal to zero

8. Transfer payment means ....
a. Bank loans
b. Payment without works
c. Tax payment
d. Payment made to all factors

9. Which is the largest figure ?
a. NNP
b. GNP
c. DPI
d. PI

10. Which of the following is a direct tax ?
a. Excise Tax
b. Sales Tax
c. Income Tax
d. Custome Tax

Boyle's law states that the volume of a given mass of gas is inversely proportional to it's pressure provided it's temperature remains constant.