TEXT QUESTIONS :
1. Choose the correct alternative :
1) _______ is known as the ‘Father of Economics” .
a) L. Robbins
b) A. Marshall
c) Adam Smith
d) Samuelson
2) ________ refers to the capacity of a commodity to satisfy human wants .
a) Happiness
b) Utility
c) Satisfaction
d) Usefulness
Ans: 1) c) Adam Smith 2) b) Utility .
2. Match the followings :
Column 1 Column 2
1. Scarcity a) Milk
2. Marshall b) Economic problem
3. Consumer good c) Capital good
4. Machine d) Welfare definition .
Ans:
1) Scarcity b) Economic problem
2) Marshall d) Welfare definition
3) Consumer good a) Milk
4) Machine e) Capital good .
3. Give an economic term for the following :
1) An act of buying and selling goods and services .
Ans: Exchange ( Trade) .
2) An activity undertaken by an individual with an intention to earn income by rendering services to others .
Ans: Economic Activity .
3) The problem of making a choice between unlimited wants and limited means .
Ans: Economic Problem .
4) Actions which are intangible in nature .
Ans: Services .