10-08-2007, 11:28 PM
1 . Which one of the following definition of Economics is associated to Prof. Robbins
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above</b>
2 . Which one of the following definition of Economics is associated to Adam smith
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above </b>
3 . Which one of the following definition of Economics is associated to Prof. Marshall
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above</b>
4 . Which one of following defines Economic Surplus
<b>Benefit of taking an action minus its cost
Cost of taking an action minus its benfit
Harm associated with taking an action minus its cost
none of the above </b>
5 . Which one of the following defines Marginal Benefit
<b>Total benefit resulting from undertaking an activity divided by total units of such activity
Decrease in total benefit resulting from carrying out one additional unit of activity
Increase in total benefit resulting from carrying out one additional unit of activity
none of the above </b>
6 . Which one of the following defines Marginal Cost
<b>Decrease in total cost that results from carrying out one additional unit of activity
Increase in total cost that results from carrying out one additional unit of activity
Total cost resulting from undertaking an activity divided by total units of such acitivity
none of the above</b>
7 . Which one of the following defines Reservation price
<b>The highest price someone is willing to pay to obtain a good or service
The lowest price someone is willing to pay to obtain a good or service
The median price someone is willing to pay to obtain a good or service
none of the above </b>
8 . Which one of the following defines Opportunity Cost
<b>Value of the all other alternative together that must be forgone to undertake the activity
Value of the next worst alternative that must be forgone to undertake the activity
Value of the next best alternative that must be forgone to undertake the activity
none of the above</b>
9 . Which one of the following defines Cost Benefit principle
<b>An individual should not take action, if , and only if, the extra benefit from taking the action is atleast as great as the cost
An individual should take action regardless of the harm it entails
An individual should take action, if , and only if, the extra benefit from taking the action is atleast as great as the cost
none of the above</b>
10 . Which one of the following defines Micro Economics
<b>Mciro Economics is the study of individual choices under scarcity and its implications for the prices and quantities in individual markets
Mciro Economics is the study of the performance of national economies and the policies that government use to try to improve that performance
Micro Economics is the study of gross output of small and medium size manufacturing plants
none of the above</b>
Muhammad Asim Saeed Sheikh
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above</b>
2 . Which one of the following definition of Economics is associated to Adam smith
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above </b>
3 . Which one of the following definition of Economics is associated to Prof. Marshall
<b>Economics studies that part of individual and social action that is closely connected with the attainment and use of the material requisites of well being
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.
Economics is a study of production, exchange, distribution and consumption of wealth
none of the above</b>
4 . Which one of following defines Economic Surplus
<b>Benefit of taking an action minus its cost
Cost of taking an action minus its benfit
Harm associated with taking an action minus its cost
none of the above </b>
5 . Which one of the following defines Marginal Benefit
<b>Total benefit resulting from undertaking an activity divided by total units of such activity
Decrease in total benefit resulting from carrying out one additional unit of activity
Increase in total benefit resulting from carrying out one additional unit of activity
none of the above </b>
6 . Which one of the following defines Marginal Cost
<b>Decrease in total cost that results from carrying out one additional unit of activity
Increase in total cost that results from carrying out one additional unit of activity
Total cost resulting from undertaking an activity divided by total units of such acitivity
none of the above</b>
7 . Which one of the following defines Reservation price
<b>The highest price someone is willing to pay to obtain a good or service
The lowest price someone is willing to pay to obtain a good or service
The median price someone is willing to pay to obtain a good or service
none of the above </b>
8 . Which one of the following defines Opportunity Cost
<b>Value of the all other alternative together that must be forgone to undertake the activity
Value of the next worst alternative that must be forgone to undertake the activity
Value of the next best alternative that must be forgone to undertake the activity
none of the above</b>
9 . Which one of the following defines Cost Benefit principle
<b>An individual should not take action, if , and only if, the extra benefit from taking the action is atleast as great as the cost
An individual should take action regardless of the harm it entails
An individual should take action, if , and only if, the extra benefit from taking the action is atleast as great as the cost
none of the above</b>
10 . Which one of the following defines Micro Economics
<b>Mciro Economics is the study of individual choices under scarcity and its implications for the prices and quantities in individual markets
Mciro Economics is the study of the performance of national economies and the policies that government use to try to improve that performance
Micro Economics is the study of gross output of small and medium size manufacturing plants
none of the above</b>
Muhammad Asim Saeed Sheikh
