Basic Economics - Part 1 - 8+ MCQ Quizzes | QuizList (S/P/P)
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Publisher Name: SPPMMC TEAM
Publisher UID: 3
QuizList Name: Basic Economics
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Total Quizzes: 8
Publisher Link/Slug: sppmmc-team-3
QuizList UID: 17
QuizList Link/Slug: basic-economics
QuizList Published Date: 2023-03-23
QuizList Last Update: 2025-04-30 11:25:53
QuizList Description: Economics is the social science that studies the production, distribution, and consumption of goods and services. Get basic knowledge about Economics through quizzes in the form of MCQs.
Export to PDFQ1. Who is called the Father of Modern Economics?
Q1. Who is called the Father of Modern Economics?
Answer: (B) Adam Smith
Answer: (B) Adam Smith
Answer: (B) Adam Smith
Adam Smith
Adam Smith
Adam Smith
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Q2. Who is the founding father of Macroeconomics?
Q2. Who is the founding father of Macroeconomics?
Answer: (A) John Maynard Keynes
Answer: (A) John Maynard Keynes
Answer: (A) John Maynard Keynes
John Maynard Keynes
John Maynard Keynes
John Maynard Keynes
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Q3. Which of the following is a tertiary economic activity?
Q3. Which of the following is a tertiary economic activity?
Answer: (D) Trading
Answer: (D) Trading
Answer: (D) Trading
Trading
Primary economic activity involves getting raw materials from the natural environment like mining, farming and fishing. Secondary economic activity involves manufacturing like making cars and steel. Tertiary activities include providing services such as trade, transport, financial operations, business services, personal services, accommodation and food service activities, real estate, education, health etc.
Trading Primary economic activity involves getting raw materials from the natural environment like mining, farming and fishing. Secondary economic activity involves manufacturing like making cars and steel. Tertiary activities include providing services such as trade, transport, financial operations, business services, personal services, accommodation and food service activities, real estate, education, health etc.
Trading Primary economic activity involves getting raw materials from the natural environment like mining, farming and fishing. Secondary economic activity involves manufacturing like making cars and steel. Tertiary activities include providing services such as trade, transport, financial operations, business services, personal services, accommodation and food service activities, real estate, education, health etc.
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Q4. Which of the following is working capital in the farming sector?
Q4. Which of the following is working capital in the farming sector?
Answer: (C) Money
Answer: (C) Money
Answer: (C) Money
Money
Working Capital is current assets, which can be turned to cash in one year or less, minus current liabilities due within one year. Working capital measures financial liquidity, which is the ability to sell assets without disrupting normal business operations.
Money Working Capital is current assets, which can be turned to cash in one year or less, minus current liabilities due within one year. Working capital measures financial liquidity, which is the ability to sell assets without disrupting normal business operations.
Money Working Capital is current assets, which can be turned to cash in one year or less, minus current liabilities due within one year. Working capital measures financial liquidity, which is the ability to sell assets without disrupting normal business operations.
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Q5. In which economies, all productive resources are owned and controlled by the government?
Q5. In which economies, all productive resources are owned and controlled by the government?
Answer: (B) Socialist
Answer: (B) Socialist
Answer: (B) Socialist
Socialist
A socialist economy is a system of production where goods and services are produced directly for use.
Socialist A socialist economy is a system of production where goods and services are produced directly for use.
Socialist A socialist economy is a system of production where goods and services are produced directly for use.
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Q6. Which of the following is not a primary economic activity?
Q6. Which of the following is not a primary economic activity?
Answer: (C) Construction
Answer: (C) Construction
Answer: (C) Construction
Construction
The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Construction is an industry that is part of the secondary sector of the economy, not the primary sector.
Construction The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Construction is an industry that is part of the secondary sector of the economy, not the primary sector.
Construction The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Construction is an industry that is part of the secondary sector of the economy, not the primary sector.
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Q7. The concepts of wages, rent, interest and profit are studied under which branch of Economics?
Q7. The concepts of wages, rent, interest and profit are studied under which branch of Economics?
Answer: (A) Microeconomics
Answer: (A) Microeconomics
Answer: (A) Microeconomics
Microeconomics
Microeconomics
Microeconomics
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Q8. Which economist is the author of the book "An Enquiry into the Nature and Cause of the Wealth of Nations"?
Q8. Which economist is the author of the book "An Enquiry into the Nature and Cause of the Wealth of Nations"?
Answer: (D) Adam Smith
Answer: (D) Adam Smith
Answer: (D) Adam Smith
Adam Smith
Adam Smith (5 June 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.
Adam Smith Adam Smith (5 June 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.
Adam Smith Adam Smith (5 June 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.
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