PRAXIS II: Economics Content Knowledge Exam Prep
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Economics according to Lionel Robbins is a social science discipline concerned with human interaction with economic forces namely end and means. It is helpful in monetary policy, national economic policies as well as individual financial life. Do you understand the fundamentals of economics? Provide answers to the following questions if you do.
- 1.Who described economics as the study of the relationship between end and means?
- A.
Alfred Marshal
- B.
Micheal Jones
- C.
Adams SmithÂ
- D.
Lionnel Robbins
- 2.What part of economics is concerned with basic elements like individual agents and markets?
- A.
Macroeconomics
- B.
Financial economics
- C.
Political economy
- D.
Microeconomics
- 3.What part of economics is concerned with the entire economy and issues surrounding it?
- A.
Microeconomics
- B.
Financial economy
- C.
Political economy
- D.
Macroeconomics
- 4.What distinction of economics describes "what is"?
- A.
Normative economics
- B.
Applied economics
- C.
Positive economics
- D.
Classical economics
- 5.Who described economics as an enquiry into wealth of nations?
- A.
Thomas Carlyle
- B.
Alfred Marshall
- C.
John Mill
- D.
Adam Smith
- 6.Which of the following is not an economic system?
- A.
Feudalism
- B.
Socialism
- C.
Mixed economy
- D.
Capitalism
- 7.Which of the following is not employed in economics?
- A.
Game theory
- B.
Trigonometry
- C.
Linear algebra
- D.
Statistics
- 8.Which of these is not a microeconomic concept?
- A.
Opportunity cost
- B.
Keynesian theory
- C.
Budgeting
- D.
Theory of firms
- 9.Which of these is not related to economics?
- A.
Economic history
- B.
Energy economics
- C.
Power economics
- D.
Economic geography
- 10.When was Adams Smith's "The Wealth of Nations"?
- A.
1789
- B.
1782
- C.
1781
- D.
1776
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