Top 20 Important | Economics | Questions with Answers | 

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20 most important and repeated mcqs video has been uploaded. I hope you will find it most useful. Following 20 mcqs has prepared after much effort from authentic data sources:
Who is called the father of Economics?
A) J.P Kense
B) David Ricordo
C) Adam Smith
D) Mankew
For economists, the word “utility” means?
A) versatility and flexibility
B) rationality
C) pleasure and satisfaction
D) purposefulness
Resources in an economy ___________?
A) Are always found
B) Can never decease
C) Always increase over time
D) Are limited at any moment
For Economics category a first Nobel prize was given in____________?

A) 1901 B) 1969
C) 1945 D) 1968

When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of: A) irrational behavior
B) a lazy person
C) marginal benefit-marginal cost analysis
D) programmed learning
According to economists, economic self-interest:
A) is a reality that underlies economic behavior
B) has the same meaning as selfishness
C) is more characteristic of men than of women
D) is usually self-defeating
Human wants are_______________?

A) Always fixed B) Limited
C) Unlimited D) Likely to decrease over time
The study of inflation is part of _______?
A) descriptive economics
B) normative economics
C) macroeconomics
D) microeconomics
Macroeconomics deals with?
A) behavior of the electronics industry
B) behavior of firms
C) economics aggregates
D) the activities of individual units

The total demand for goods and services in an economy is known as_____________?
A. gross national product B. national demand.
C. economy-wide demand
D. aggregate demand
In a command (planned) economy?
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large
The free market involves _________?
A. free provision of products
B. Subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter
The sacrifice involved when you choose a particular course of action is called?

A. Alternative B. Opportunity cost
C. Consumer cost
The study of inflation is part of _______?
A) descriptive economics
B) normative economics
C) macroeconomics
D) microeconomics

Macroeconomics deals with?
A) behavior of the electronics industry
B) behavior of firms
C) economics aggregates
D) the activities of individual units
The total demand for goods and services in an economy is known as_____________?
A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand
In a command (planned) economy?
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large
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