As subject economics is not very old however there is no harmony on its definition different economics have defined it in different ways which has to lead to a lot of disputes and misconceptions various definition of economics developed during the course of history have been broadly divided into four parts wealth definition by Adam Smith wealth definition by Alfred Marshall stability definition by Leon Robbins growth-oriented definition by simulation

The science of economics is not very old enough at its origin can be traced to 1776 when Adam Smith book an enquiry into the nature and the cause of wealth of nations was published with the increase in areas of human activity the scope of economics has considerably increased over the years

MULTIPLE CHOICE QUESTIONS

1._________ Is a person who buy goods and services for the satisfaction of his wants

(A) producer

(b)consumer

(C)service provider (d)

service holder

2.__________ is a person who work for some other person and get paid for it

(A)service holder

(b)producer

(c)service provider

(d)consumer

3.Economic problem arises due to:

(a) unlimited wants

(b)scarcity of resources

(c)alternative use of resources or

(d)all of the above

4.___________is a person who produces goods and services

(a)consumer

(b)service provider

(c)producer (d)service holder

5. According to______ economics is the ‘science of wealth’

(a)Adam Smith

(b)Alfred Marshall

(C)prof. samuelson

(d)lionel Robbins

6. Activities which are undertaken to one living or known as____________

(a) economic activities  (b)non economic activities

(c) either (a) or (b)          (d)both a and b

7.which of the following economic activities?

(a) distribution (b)production (c)consumption (d)all of the above

8.scarcity of resources applies to all

(a)individual      (b)organisations    (c)countries    (d) all of the above

9.welfare definition of economics has given by

(a)Robbins                (b)Adam Smith   (c)Alfred Marshall (d)professor samuelson

10.which definition was given by Adam Smith?

(a) welfare definition (b)wealth definition (c)scarcity definition (d)growth oriented definition

11.which economic activity deals with the use of goods and services for the satisfaction of human wants?

(a) consumption  (b)exchange (c)production  (d)distribution

12.who expressed the view that “economics is neutral between ends”?

(a)Robbins   (b)Marshal    (c) pigou   (d)Adam Smith

13.the law  of scarcity:

(a) does not apply to reach developed countries

(b) apply only to the less developed countries

(c)implies that consumers want will be satisfied in a socialist system

(d)implies that consumers want will never be completed satisfied

14.basic reason for existence of economic problem is

(a)unlimited want       (b)scarcity (c)alternative uses  (d)none of the above

15. what implication does resource scarcity has for the satisfaction of want ?

(a)not all want to can be satisfied (b)we will never be faced with the need to make choices

(c) we must develop ways to decrease our individual want

(d)the discovery of new natural resources is necessary to increase our ability to satisfy wants

16.which economists the emphasis of economics from wealth to welfare?

(a) adam smith (b) samuelson (c) Alfred marshall (d) lionel robbins