Economics MCQs 36

The branch of the social science that covers the study of the production, distribution and consumption of wealth in human society is known as:
(a) Law
(b) Political Science
(c) Anthropology
(d) Economics-✔️

Which British philosopher and economist is regarded as “founder of modern Economics”?
(a) Thomas Malthus (1766 -1834)
(b) Adam Smith (1723 -1790)✔️ 
(c) Karl Marx (1818 -1883)
(d) All of the above

Which famous thinker and economic philosopher said, “Religion ... is the opium of the people.”?
(a) Adam Smith
(b) Thomas Malthus
(c) Karl Marx-✔️
(d) John Maynard Keynes

Who was awarded Nobel Prize of Economics in 1998?
(a) Ragnar Frisch
(b) Jan Tinbergen
(c) Amartya Sen-✔️
(d) Paul Anthony Samuelson

Who got the first Nobel Prize in Economics in 1969?
(a) Jan Tinbergren
(b) Ragnar Frisch
(c) Sir John Richard Hicks
(d) Both a and b-✔️

What is Game Theory?
(a) The branch of economics concerned with representing economic interactions in a highly stylized form with players pays-off and strategies-✔️
(b) The branch of economics that uses mathematical methods and models e.g., calculus: statistics, probability etc
(c) The branch of economies related with the aggregate or overall, economy.
(d) The branch of economics that deals with small units, including individual companies and small group of consumers

A commodity for which demand increases at higher prices and falls at lower prices is termed as:
(a) Consumer goods
(b) Giffen goods-✔️
(c) Brown goods
(d) Durable goods

The geographical shifts in domestic economic activity around the world and away from nation states is called:
(a) Foreign Trade
(b) Commerce
(c) Globalization-✔️
(d) Business

The stocks of gold and foreign currencies held by a country to finance any calls that may be made from its creditors for the debt settlement are known as
(a) Foreign exchange reserves
(b) Gold reserves
(c) Gold and foreign exchange reserves-✔️
(d) None of the above

The measure of the total flow of goods and services produced by the economy over a specified time period, normally a year or a quarter is referred to as
(a) Gross national product (GNP)
(b) Gross domestic product (GDP)✔️ 
(c) Both of the above
(d) None of the above