EXCELMI

NDS

PRACTI
CEQUESTI
ONS

I
NTRODUCTI
ONTOPRI
NCI
PLEOFMI
CROECONOMI
CS
1.Fat
herofpol
it
icaleconomy:

A.Adam Smi
thB.Mal
thus

C.Mar
shal
lD.Samuel
son

2.Hedescr
ibedeconomi
csasasci
enceofmat
eri
alwel
far
e:

A.Robbi
nsB.Mar
shal
l

C.Ri
car
doD.Keynes

3.Economi
clawsar
e:

A.ExactB.Appr
oxi
mat
e

C.Br
iefD.Def
ini
te

4.Economi
clawsar
e:

A.Sci
ent
if
icB.Mor
al

C.Nat
ural
D.Unr
eal

5.Economi
csi
sasci
ence:

A.Spi
ri
tualB.Soci
al

C.Di
smalD.Mor
al

6.Economi
cpr
obl
emsar
isebecauseof
:

A.Gr
eedB.Scar
cit
y

C.Di
shonest
yD.Lazi
ness
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7.Whi
chst
atementr
elat
est
omacr
oeconomi
cs:

A.Oi
lpr
icesar
eri
singi
nPaki
stanB.Pr
ofi
trat
eishi
ghi
ntext
il
eindust
ry

C.Thef
ir
mst
ryt
omakehugepr
ofi
tsD.Thegover
nmenthasf
ail
edt
ocont
roli
nfl
ati
on

8.Whi
chst
atementi
str
ue?

A.Economi
csi
saphysi
calandnor
mat
ivesci
enceB.Economi
csi
sasoci
alandnat
ural
sci
ence

C.Economi
csi
sphysi
calandposi
ti
vesci
enceD.Economi
csi
sasoci
alandnor
mat
ivesci
ence

9.Cet
eri
spar
ibusmeans:

A.Ot
hert
hingsequalB.Al
lvar
iabl
esar
eindependent

C.Enabl
eeconomi
stst
osi
mpl
if
yreal
it
yD.Thatnoot
herassumpt
ionsar
emade

10.I
neconomi
cs,
assumpt
ions:

A.Makeeconomi
ctheor
yusel
essB.Meanot
hert
hingsequal

C.Enabl
eeconomi
stst
osi
mpl
if
yreal
it
yD.Usedi
nmi
croandnoti
nmacr
oeconomi
st

11.Aposi
ti
vest
atement
:

A.Concer
ns'
whati
s'B.I
sal
waysaccur
ate

C.Deal
swi
thval
uesandopi
nionsD.Cannotbet
est
edi
nther
ealwor
ld

12.Nor
mat
iveeconomi
cs:

A.Deal
ssol
elywi
tht
hef
act
sB.I
sneverst
udi
edi
ncol
leges

C.I
nvol
vesopi
nionsandi
nter
pret
ati
onsD.I
scl
ear
lypr
efer
abl
etoposi
ti
veeconomi
cs
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13.Basi
ceconomi
cpr
obl
em i
s:

A.I
nfl
ati
onB.Unempl
oyment

C.Pover
tyD.Scar
cit
y

E.Lackofmoney

14.Mi
croeconomi
csconcent
rat
es:

A.I
nonl
ypoorcount
ri
esB.I
nacount
ryt
hatusesr
esour
cesi
nef
fi
cient
ly

C.I
nal
lcount
ri
esoft
hewor
ldD.Whensoci
etypr
oducesuni
mpor
tantorsi
ll
ygoods

15.Mi
croeconomi
csconcent
rat
es:

A.Oni
nfl
ati
onB.I
nter
nat
ionaleconomi
crel
ati
ons

C.I
ndi
vidualeconomi
cuni
tsD.Economi
cdevel
opmentofNi
ger
ia

16.Macr
oeconomi
cdeal
swi
th:

A.Howt
obuygr
ocer
iesB.Aggr
egat
eeconomi
cact
ivi
ty

C.Est
abl
ishmentofanewf
ir
m D.I
ndust
ri
al

when

C.What
,whi
chandhowmuchD.What
,whi
ch,
why

18.Economi
cs:

A.I
smor
eimpor
tantt
hanmat
hemat
icsB.I
sasoci
alsci
ence

C.Shoul
dbemadecompul
sor
yforever
yst
udentD.Noneoft
hese

19.Economi
claw:

A.Mustbef
oll
owedB.Ar
ehat
edbypeopl
e
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C.Showeconomi
cbehavi
ourofpeopl
eD.Ar
eunsci
ent
if
ic

20.Adam Smi
thwasa:

A.WasaSai
ntB.Amoder
neconomi
st

C.Goodspor
tsmanD.Cl
assi
caleconomi
st

21.Mar
shal
linhi
sdef
ini
ti
onofeconomi
cs:

A.Usest
heconceptofmat
eri
alwel
far
eB.Di
sli
kesweal
th

C.AccusesAdam Smi
thD.Pr
aisesRobbi
ns

22."
Weal
thofNat
ions"
:

A.I
sanot
hernamef
orUni
tedNat
ionsB.I
sabook

C.I
ndi
cat
est
otalweal
thofr
ichcount
ri
esD.Cont
ainsf
ormul
ast
oear
nweal
th

23.Mar
shal
lwr
otet
hebook:

A.I
ntr
oduct
iont
oeconomi
csB.Pr
inci
plesofeconomi
cs

C.Cl
assi
caleconomi
csD.Mi
croeconomi
ctheor
y

24.Economi
ctheor
ymeans:

A.Economi
cpol
icyB.Pr
inci
plesofeconomi
cs

C.Descr
ipt
iveeconomi
csD.Economi
cfact
s

25.Robbi
nsi
nhi
sdef
ini
ti
on:

A.Tal
ksofscar
cit
yofr
esour
cesB.Pr
eachesmor
alval
ues

C.Advi
sesneut
ral
it
yineconomi
csD.Noneoft
heabove
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26.Mar
ketsyst
em means:

A.Soci
ali
sm B.Capi
tal
ism

C.Apl
acewher
egoodsar
etr
adedD.Al
loft
heabove

27.Oneormor
eper
sonsl
i
vingt
oget
herandhavi
ngacommonbudgeti
scal
led:

A.Af
ami
lyB.Or
gani
sat
ion

C.Househol
dD.Al
lcommodi
ti
esi
nahouse

28."
Weal
thofNat
ions"waswr
it
teni
n:

A.1976B.1876

C.1776D.1676

29.Economi
cpr
inci
plesar
eal
socal
led:

A.Economi
clawB.Economi
ctheor
y

C.Economi
cmodelD.Al
loft
heabove

30."
Weal
thofnat
ions"waswr
it
tenby:

A.Adam Smi
thB.Mal
thus

C.Mar
shal
lD.Newt
on

31.Sel
ectt
hecor
rectst
atement
:

A.Economi
csaf
fect
spol
it
icsB.Economi
csaf
fect
shi
stor
y

C.Geogr
aphyaf
fect
seconomi
csD.Al
loft
heabovear
etr
ue

32.Pr
ofessorMar
shal
lthi
nks:
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A.Economi
csst
udi
esnat
ionalwel
far
eB.Economi
csst
udi
esper
sonalwel
far
e

C.Economi
csst
udi
est
otalwel
far
eD.Economi
csst
udi
esmat
eri
alwel
far
e

33."
Ever
yoneshoul
dst
udyeconomi
cs"
:

A.I
saposi
ti
vest
atementB.I
sanar
mat
ivest
atement

C.I
sat
ruest
atementD.I
snonsense

34.Ut
il
it
yandusef
ulnessar
e:

A.EqualB.Di
ff
erent

C.Si
mil
arD.Unr
elat
ed

35.Rot
teneggsar
e:

A.Fr
eegoodB.Economi
cgood

C.Ser
viceD.Weal
th

36.Scar
cit
ymeanst
hat
:

A.Non-
avai
labi
li
tyofgoodsB.Hi
ghpr
iceofgoods

C.Nobodywant
stoconsumei
tD.Thegoodi
savai
labl
ebuti
tisnotf
ree

37.Thebasi
ceconomi
cpr
obl
em commont
oal
lsoci
eti
esi
s:

A.Scar
cit
ycannotbet
otal
l
yel
imi
nat
edB.What
,howandf
orwhom t
opr
oduce

C.Equaldi
str
ibut
ionofweal
thD.Theachi
evementoff
ullempl
oyment

38.Humanwant
sar
e:

A.Onet
housandB.Few
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C.I
nnumer
abl
eD.Count
abl
e

39.Scar
cit
ymeans:

A.Non-
avai
labi
li
tyofgoodsB.Hi
ghpr
iceofgoods

C.Lesssuppl
ythandemandD.Hi
ghpr
ofi
toft
hef
ir
ms

40.Val
idi
tyofeconomi
ctheor
iescanneverbepr
ovedwi
th100per
centcer
tai
nty,
because:

A.Cet
eri
spar
ibuscl
auseB.Li
mit
ednumberofobser
vat
ioni
spossi
ble

C.Someobser
vat
ionwi
llbemadei
nfur
tur
ewhi
chr
efut
ethet
heor
yD.(
b)and(
c)

Answer
s

1.A

2.B

3.B

4.A

5.B

6.B

7.D

8.D

9.A

10.
C

11.
A

12.
C

13.
D

14.
C
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15.
C

16.
B

17.
A

18.
B

19.
C

20.
D

21.
A

22.
B

23.
B

24.
B

25.
A

26.
B

27.
C

28.
C

29.
D

30.
A

31.
D

32.
D

33.
B

34.
B

35.
A

36.
D

37.
A

38.
C

39.
C
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40.
A