1021. Who is called father of economics?

A. Marshall
B. Robbins
C. Ricardo
D. Adam Smith *

1022. Founder of Neo-Classical economics is _______.

A. Marshall *
B. Robbins
C. Kenyes
D. Friedman

1023. Who advocates laissez Fair?

A. Monetarists
B. Classical *
C. Neo-Classical
D. Modern

1024. Ordinal measurement approach was not presented by _______.

A. Allen
B. Hicks
C. Edge Worth
D. Robbins *

1025. Resources is an economy______.

A. Are always fixed
B. Can never decrease
C. Always increase over time
D. Are limited at any moment in time *

1026. Human wants are ______.

A. Always Fixed
B. Limited
C. Unlimited *
D. Likely to decrease over time

1027. The Sacrifice invovled when you choose a particular course of action is called the ______.

A. Alternative
B. Opportunity cost *
C. Consumer cost
D. Producer cost

1028. Which of the following is not one of the basic economic questions?

A. What to produce?
B. What to produce for?
C. How to produce?
D. How to maximize economic growth? *

1029. Revealed preferences theory was presented by _____.

A. Samuelson *
B. Hicks
C. Marshall
D. Ricardo

1030. The Fundamental economic problem face by all societies is _______.

A. Unemployment
B. Inequality
C. Poverty
D. Scarcity *