Nature and scope of economics

Nature and scope of economics

This page includes mcq from nature and scope of economics.

Also read: GDP of India MCQ (Quiz)

Nature of economics: MCQ

Question 01. According to professor Keynes, which is not an important field of study of economics?

(a). What is the subject matter of economics?
(b). What is the nature of economics?
(c). What are the limitations of economics?
(d). What are the categories of economics?

MCQ on nature and scope of economics

Question 02. Who is related to wealth oriented concept?

(a). Adam smith
(b). Professor Marshall
(c). Professor Robins
(d). None of the above

Question 03. Which of the following is modern concept of economics?

(a). Wealth oriented concept
(b). Scarcity oriented concept
(c). Growth oriented concept
(d). Welfare oriented concept

Question 04. Which is a stage of the creation of economic theories?

(a). Choice of problem
(b). Observation of facts
(c). Conclusion and forecasting
(d). All of the above

Question 05. Which is the 3rd step of formation of economic theory?

(a). Observation of facts
(b). Choice of problem
(c). Verification
(d). Assumptions

Question 06. On what factors does the economic importance of economics depend?

(a). Increase in knowledge
(b). Development of power of reasoning and analysis
(c). Both a and b
(d). None of the above

Question 07. What are the practical importance of economics?

(a). Advantages to farmers
(b). Advantages to labourers
(c). Advantages to consumers
(d). All of the above

Question 08. According to whom economics is an engine of discovery of apparent truth?

(a). Pigou
(b). Marshall
(c). Brown
(d). Robins

Question 09. Which is not a step of formation of economic policy?

(a). Examination of alternative policy
(b). Choice of a particular policy
(c). Advice from finance minister
(d). Determination of goals

Question 10. Which is one is the scope of economics?

(a). Subject matter
(b). Nature
(c). Limitations
(d). All of the above

Scope of economics: MCQ

Question 11. what is meant by ideal science?

(a). Positive science
(b). Normative science
(c). Art and science
(d). None of the above

Question 12. To which department is the National Income related?

(a). Exchange
(b). Public finance
(c). Distribution
(d). Consumption

Question 13. How can we say that economics is a normative science?

(a). It is more practical
(b). It is more economical
(c). Both a and b
(d). None of the above

Question 14. Which of the following is a field of economics as a positive science?

(a). Production
(b). Consumption
(c). Distribution
(d). All of the above

Question 15. What are the limitations of economics?

(a). Study of social man
(b). Study of real man
(c). Study of average man