F.Y B.COM
SEMESTER - I
MID SEMESTER EXAMINATION
ELEMENTS OF ECONOMICS THEORY
(EET)
OBJECTIVE TYPE TEST = 2011
(1) An Essay on 'The nature and significance of Economic Science' was written by ___________
(A) A. Marshall
(B) Adam Smith
(C) Samuelson
(D) L.Robbins
(2) The author of the "Wealth of Nation" was _____________
(A) Ricardo
(B) Marshall
(C) Adam Smith
(D) Robbins
(3) Sand on the sea-shore is not wealth because it does not possess _________
(A) Scarcity
(B) Utility
(C) Transferability
(D) Value
(4) By cooking food the cook creates ____________ Utility.
(A) Form
(B) Time
(C) Place
(D) Service
(5) The supply of land is perfectly _______
(A) Limited
(B) Variable
(C) Elastic
(D) Unlimited
(6) The assumption of __________ implies consistency in the consumer's taste and preferences.
(A) Social
(B) Physical structure
(C) Institutional
(D) Rationality
(7) Application of the knowledge of economics to solve the problems of business firms is the subject matter of
the discipline of _________
(A) Micro economics
(B) macro economics
(C) Business economics
(D) laws of economics
(8) The fundamental problems faced by an economy is one of __________
(A) Exchange
(B) Decision making by the government
(C) Economic welfare
(D) Scarcity of resources & multiplicity' of wants
(9) Value expressed in terms of money is ______
(A) Utility
(B) Price
(C) Cost
(D) Satisfaction
(10) Utility of a commodity refers to _______
(A) The satisfaction, derived by the consumers from its use
(B) its want satisfying power
(C) The price to be paid by the consumer for its use
(D) The price determined by the forces of supply and demand
(11) Production is defined as _________
(A) Production of new commodity
(B) Creation of utility
(C) Physical production of goods
(D) Tilling of soil
(12) The branch of economic theory that deals with the problem of allocation of resources is ________
(A) Econometrics
(B) Macro-economics theory
(C) Micro-economic theory
(D) Business-economic
TRUE & FALSE : Select your Most appropriate answer for each pair of two Statements:
(13) Statement (i): Human behavior is a rational.
Statement(ii): Consumers and producers operate within given social and economic institution.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement(i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false
(14) Statement (i) : Economic laws are essentially hypothetical and inexact.
Statement (ii): Economics laws are as exact as the laws of physical science.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(15) Statement (i) : Efficiency of labor does not depend upon climatic and racial conditions.
Statement (ii) : Labor is inseparable from the laborer.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(16) Statement (i) : Land is of infinite variety.
Statement (ii) : Land can be destroyed by man.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(17) Statement (i) : All economics goods have ethical significance.
Statement (ii) : Economics goods possess Utility, Scarcity and transferability.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(18) Statement (i) : Wealth is fund and income is flow.
Statement (ii) : Increase in wealth does not necessarily mean an increase in welfare.
(A) Statement (i) is true & statement (ii) is false
(B) Statement (i) is false & statement (ii) is true
(C) Both statement (i) & statement (ii) are true
(D) Both statement (i) & statement (ii) are false.
(Q.19 to Q.20) Statements
(19) Which of the following statements is/are not true about the scarcity definition?
(i) Economics is neutral as regards to end
(ii) Economics is study of wealth.
(iii) Economics is a science of choice.
(A) Only (i) above
(B) Only (ii) above
(C) Only (iii) above
(D) Both (i) & (ii)
(20) Which of the following Statement is/are true about macro economics?
(i) The study of the economic behaviour of the individual decision making units.
(ii) The study of aggregate economic activity.
(iii) The study of national income, total employment & growth.
(A) Only (i) above
(B) Both (ii) & (iii) above
(C) Only (iii) above
(D) All (i), (ii) & (iii) above
F.Y B.COM
SEMESTER - I
MID SEMESTER EXAMINATION
ELEMENTS OF ECONOMICS THEORY
(EET)
OBJECTIVE TYPE TEST = 2010 - 2011
(1) The fundamental problem faced by an economy is one of __________
(A) Exchange
(B) Decision Making by the government
(C) Economic Welfare
(D) Scarcity of resources & multiplicity of wants
(2) The author of the "Wealth of Nation" was ________
(A) Adam Smith
(B) Marshall
(C) Ricardo
(D) Robbins
(3) The economic problem of how to produce refers to the decision ______
(A) Who should be given the authority to-produce goods and services
(B) How many people in the population are to be employed
(C) How much of current production should go towards consumption rather than saving
(D) Which of the production techniques is to be used
(4) Value expressed in terms of money is called ___________
(A) Price
(B) Utility
(C) Satisfaction
(D) Cost
(5) Adam Smith gave the definition of economics in the ___________ year?
(A) 1576
(B) 1776
(C) 1976
(D) 1876
(6) A motor car for a busy doctor is a _________
(A) Necessary good
(B) Comfort good
(C) Luxurious good
(D) Unnecessary good
(7) In which type of economy price mechanism is the most appropriate?
(A) Mixed
(B) Socialist
(C) Collectivist
(D) Capitalist
(8) A lawyers ability is not wealth because it does not possess __________
(A) Transferability
(B) Utility
(C) Scarcity
(D) None of the above
(9) Scarcity exists in the every society because there are __________
(A) Limited wants and abundant resources
(B) Limited resources and unlimited production Possibilities
(C) Limited resources and unlimited wants
(D) Limited production capabilities and unlimited quantity of economic resources
(10) By cooking food the cook creates _________ utility.
(A) Time
(B) Place
(C) Form
(D) Both (b) and (c)
(11) Diamonds have a very high _________
(A) Value in use
(B) Value in exchange
(C) Utility
(D) Both (a) and (b)
(12) Which of the following is a study of individual economic unit?
(A) Public Finance
(B) Macro economics
(C) International economics
(D) Micro economics
(13) Goods used for further production are called _______
(A) Producers goods
(B) Goods of first order
(C) Consumer goods
(D) Necessary goods
(14) Which of these is not a basic assumption of economic theory?
(A) Price of goods remain constant
(B) Economics takes into account the limitation imposed by nature
(C) Human behavior is rational
(D) Consumers and producers operate within given social and economic institution
(15) When the object on which forces are acting after having been disturbed, tends to resume its original position it is a case of __________
(A) Stable equilibrium
(B) Neutral equilibrium
(C) Unstable equilibrium
(D) Partial equilibrium
(16) Which of the following is not a part of Macro Economic theory?
(A) Theory of general price level
(B) Theory of economic growth
(C) Theory of income and employment
(D) Theory of production and cost
(17) The application of economics to business decision making is called _______
(A) Micro economics
(B) Macro economics
(C) Business economics
(D) Price mechanism
(18) What to produce, how to produce and for whom to produce can be decided on basis of ________
(A) Price mechanism
(B) Business economics
(C) Luxuries
(D)Managerial economics
(19) Which of the following pairs of goods is an examples of substitutes?
(A) Shirt and Trousers
(B) Tea and Coffee
(C) Pen and Ink
(D) Tea and Sugar
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