Economics MCQS

631. The production possibility curve is concerned with:
A) Resources of the economy
B) Limitations of the economy
C) Interests of the economy
D) Qualities of the economy

632. Who is called the father of economics?
A) Marshall
B) Robbins
C) Ricardo
D) Adam Smith

633. Founder of neo-classical economics is:
A) Marshall
B) Robbins
C) Keynes
D) Friedman

634. Who advocates laissez-faire?
A) Monetarists
B) Classical
C) Neo-Classical
D) Modern

635. Ordinal measurement approach was not presented by:
A) Allen
B) Hicks
C) Edgeworth
D) Robbins

636. Resource in an economy:
A) Are always fixed
B) Can never decrease
C) Always increase over time
D) Are restricted at any time

637. Human wants are:
A) Always fixed
B) Limited
C) Unlimited
D) Like to decrease over time

638. When you choose a certain course of action, you make sacrifices known as the:
A) Alternative
B) Opportunity cost
C) Consumer cost
D) Producer cost

639. Which of the following is not an essential question in economics?
A) What to produce
B) Who to produce for
C) How to produce
D) How to maximize economic growth

640. Revealed preferences theory was presented by:
A) Samuelson
B) Hicks
C) Marshall
D) Ricardo