General Economics Quiz Questions With Answers
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This is a general economics quiz questions with answers for all the students who are preparing for competitive exams. If you're one of them, then play it out. Economics is a branch of social science that deals with goods production, distribution, and consumption. It is divided into two parts: microeconomics and macroeconomics. The quiz contains some of the general knowledge questions related to this subject. Interested ones can take up the quiz and test their knowledge. Good luck in advance.
- 1.
What year did Sir Ragnar Frisch coin the terms micro and macro economics?
- A.
1933
- B.
1994
- C.
1995
- D.
1996
Correct Answer
A. 1933Explanation
Sir Ragnar Frisch coined the terms micro and macro economics in 1933.Rate this question:
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- 2.
Lionel Robbins explained relationship between
- A.
Ends and source means
- B.
Ends and scarce means
- C.
Initial and scarce means
- D.
None of the above
Correct Answer
B. Ends and scarce meansExplanation
Lionel Robbins explained the relationship between ends and scarce means. In his book "An Essay on the Nature and Significance of Economic Science," Robbins defined economics as the study of human behavior in relation to unlimited wants and scarce resources. He emphasized that individuals have unlimited wants or ends, but the means to fulfill those wants are limited or scarce. This concept forms the basis of economic analysis, as it explores how individuals allocate scarce resources to satisfy their various ends.Rate this question:
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- 3.
Alfred Marshall Focused on
- A.
Standard supply and demand graph
- B.
End users
- C.
Scare mean
- D.
Standard supply
Correct Answer
A. Standard supply and demand graphExplanation
Alfred Marshall focused on the standard supply and demand graph. This means that he emphasized the use and analysis of the graphical representation of the relationship between the quantity of a good or service supplied by producers and the quantity demanded by consumers. Marshall believed that this graph was a crucial tool in understanding market dynamics and determining equilibrium prices. By studying the intersection of the supply and demand curves on the graph, Marshall aimed to explain the behavior of both producers and consumers in the market.Rate this question:
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- 4.
What is not a central problem of an economy?
- A.
Where to produce
- B.
What to produce
- C.
How to produce
- D.
For whom to produce
Correct Answer
A. Where to produceExplanation
The question asks about a central problem of an economy, and the correct answer is "where to produce." This refers to the decision-making process of determining the most suitable locations for production activities. While "what to produce," "how to produce," and "for whom to produce" are all central problems of an economy, they focus on the allocation of resources, production methods, and distribution of goods and services respectively. "Where to produce" specifically addresses the geographical aspect of production, considering factors such as proximity to raw materials, labor availability, market accessibility, and transportation costs.Rate this question:
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- 5.
When did Adam smith wrote his first book wealth of nation?
- A.
March 8, 1776
- B.
March 9, 1776
- C.
March 10, 1776
- D.
March 9, 1777
Correct Answer
B. March 9, 1776Explanation
Adam Smith wrote his first book, "The Wealth of Nations," on March 9, 1776.Rate this question:
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- 6.
Father of modern economics is
- A.
Adam Smith
- B.
John Maynard
- C.
Ragnar Frisch
- D.
Alfred Marshall
Correct Answer
A. Adam SmithExplanation
Adam Smith is considered the father of modern economics because of his groundbreaking work in the field. His book "The Wealth of Nations" published in 1776 laid the foundation for modern economic theory. Smith introduced the concept of the invisible hand, which suggests that individuals pursuing their own self-interest can unintentionally benefit society as a whole. He also emphasized the importance of free markets, specialization, and division of labor in driving economic growth. Smith's ideas had a significant influence on subsequent economists and continue to shape economic thought today.Rate this question:
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- 7.
The critical minimum effort theory is associated with the name
- A.
Alfred Marshall
- B.
Ragnar Frisch
- C.
Harvey Leibenstein
- D.
Adam Smith
Correct Answer
C. Harvey LeibensteinExplanation
The correct answer is Harvey Leibenstein. The critical minimum effort theory is associated with Leibenstein, who was an American economist. This theory suggests that firms may not always operate at their most efficient level due to factors such as imperfect information, inertia, and organizational slack. Leibenstein argued that firms may continue to operate inefficiently even when there are potential gains from doing so, leading to a critical minimum level of effort. This theory highlights the importance of understanding the various factors that can affect a firm's level of effort and efficiency.Rate this question:
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- 8.
Who gave the absorption approach theory?
- A.
Adam Smith
- B.
Alfred Marshall
- C.
Sidney Alexander
- D.
B Soderston
Correct Answer
C. Sidney AlexanderExplanation
Sidney Alexander is the correct answer because he is the one who gave the absorption approach theory. Adam Smith is known for his contributions to classical economics, Alfred Marshall is known for his work on neoclassical economics, and B Soderston is not known for any significant contributions to economic theory. Therefore, the correct answer is Sidney Alexander.Rate this question:
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- 9.
GDP stands for
- A.
Goods Dealing Partnership
- B.
Gross Domestic Proximity
- C.
Goods Domestic Product
- D.
Gross Domestic Product
Correct Answer
D. Gross Domestic ProductExplanation
GDP stands for Gross Domestic Product, which is a measure of the total value of all goods and services produced within a country's borders in a specific time period. It is an important indicator of a country's economic health and is used to compare the economic performance of different countries. The other options mentioned in the question are incorrect and do not accurately represent the meaning of GDP.Rate this question:
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- 10.
GNP stands for
- A.
Goods national product
- B.
Gross netizen's product
- C.
Gross national product
- D.
None of the above
Correct Answer
C. Gross national productExplanation
GNP stands for Gross National Product. This term refers to the total value of all goods and services produced by the residents of a country, both domestically and abroad, within a specific time period. It includes the value of goods and services produced by the country's citizens or companies, regardless of their location. GNP is an important economic indicator that helps measure the overall economic performance and productivity of a nation.Rate this question:
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Apr 09, 2024Quiz Edited by
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Feb 23, 2022Quiz Created by
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