Answered: 11Which of the following is/ are a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Multiple Choice Questions and Write its Reasons : 11Which of the following is/ are a non-economic resource (a) Air (b) Water ; (c) Sunlight ; (d) All 12. Scarcity of resources leads to (a) Un satisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None 13. Who defined economics as “ Science which deals with wealth” (a) J. (B) Say ; (b) (A) (C) pigou ; (c) Alfred Marshall ; (d) Robbins 14. Economics cannot be considered a perfect science because (a)Human behaviour is unpredictable (b)It is difficult to make correct prediction of economic variables (c)Economist do not have common opinion about a particular economic event (d)All the three 15. In economic goods includes material things which………. (a)Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None 16. In economic wealth is the stock of all those material and immaterial objects which……... (a)Are transferable ; (b) Have utility ; (c) Are scarce ; (d) All the three 17. In addition to three Central problem of economy, the additional problem(s) raised by the Modern economists is / are (a)Are the resources fully utilized or not ; (b)How efficient is the production and distribution system; (c)Whether the capacity to produce or grow is increasing or is static ; (d) All the three 18. The basic assumption of an economic analysis is/ are (a)Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None 19. The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle 20.----------------- is known as father of economics (a) Adam Smith ; (b) Professor A Samulson ; (c) Alfred Marshall ; (d) J R Hicks

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