MCQ Chapter 1 Economics Class 11 Maharashtra Board Basic concepts in economics 1. What is the primary difference between natural sciences and social sciences?Natural sciences study human behavior, while social sciences study physical phenomena.Natural sciences have universal laws testable in a lab, while social sciences study human behavior and are not universally testable.Natural sciences are abstract, while social sciences are empirical.Natural sciences focus on wealth, while social sciences focus on material welfare.Question 1 of 202. What does the Greek word 'Oikonomia' mean?Science of wealthManagement of the householdStudy of human behaviorPolitical economyQuestion 2 of 203. Why is economics referred to as the 'Queen of Social Sciences'?It studies natural phenomena.It was coined by Kautilya.It deals with the economic aspect of human behavior.It focuses on political ideas.Question 3 of 204. Which economic system is NOT mentioned as a type studied in previous textbooks?CapitalismSocialismMixed EconomyCommunismQuestion 4 of 205. What does 'Arthashastra' imply according to Kautilya?Science of acquiring and managing wealthStudy of human welfareAnalysis of natural resourcesTheory of labor divisionQuestion 5 of 206. What is one key point of Kautilya’s views on economics?Non-intervention of the stateCrucial role of the state or governmentFocus on individual behaviorEmphasis on material welfareQuestion 6 of 207. Who is regarded as the 'Father of Economics'?Alfred MarshallLionel RobbinsAdam SmithPaul SamuelsonQuestion 7 of 208. What is the title of Adam Smith’s famous 1776 work?Principles of EconomicsAn Essay on the Nature and Significance of Economic ScienceAn Inquiry into the Nature and Causes of Wealth of NationsArthashastraQuestion 8 of 209. What does 'Laissez faire' mean in Adam Smith’s definition of economics?Government interventionNon-intervention of the governmentWealth distributionLabor organizationQuestion 9 of 2010. Who won the Nobel Memorial Prize in Economics in 2018?Adam Smith and Alfred MarshallPaul Romer and William NordhausLionel Robbins and J.M.KeynesKautilya and Ragnar FrischQuestion 10 of 2011. What is the focus of Alfred Marshall’s definition of economics?Wealth accumulationScarcity of resourcesMaterial welfarePolitical economyQuestion 11 of 2012. In which year was Alfred Marshall’s 'Principles of Economics' published?1776189019321933Question 12 of 2013. According to Marshall, economics studies which type of man?Wealthy manOrdinary manPolitical manScientific manQuestion 13 of 2014. What is the title of Lionel Robbins’ book published in 1932?Wealth of NationsPrinciples of EconomicsAn Essay on the Nature and Significance of Economic ScienceArthashastraQuestion 14 of 2015. What is a key feature of Lionel Robbins’ definition of economics?Wants are limitedMeans are unlimitedWants are unlimitedMeans have no alternative usesQuestion 15 of 2016. Who coined the terms 'Micro Economics' and 'Macro Economics' in 1933?Adam SmithAlfred MarshallRagnar FrischPaul SamuelsonQuestion 16 of 2017. What does 'Micro' mean in the context of Micro Economics?LargeSmallAggregateTotalQuestion 17 of 2018. According to Kenneth Boulding, Micro Economics studies which of the following?National incomeParticular firms and householdsGeneral price levelTotal employmentQuestion 18 of 2019. In economics, what does a 'want' denote?A feeling of satisfactionA feeling of lack of satisfactionA material possessionA monetary transactionQuestion 19 of 2020. Why have human wants grown in number?Due to fixed populationDesire for better living and rise in populationLack of inventionsDecrease in economic activitiesQuestion 20 of 20 Loading...
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