1) The fundamental concept of Economics about resources is that the resources are

2) Consider a world without scarcity of resources. Then what would be the consequences?

3) Who is considered the founder of Microeconomics?

4) Who is considered the founder of modern Macroeconomics?

5) When analyzing the impact of a variable on the economic system, the other things

6) Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are

7) Goods produced to produce yet other goods is called

8) Which economic term is used to represent inequality in income distribution?

9) The value of the good or service forgone by choosing another investment is called

10) The central role of markets is to determine the

11) The branch of economics concerned with overall performance of the economy is known as

12) The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as

13) The branch of economics concerned with the behavior of markets, firms, and households is known as

14) An economy is producing efficiently when no individual’s economic welfare can be improved unless

15) Taxes are used to discourage __________ of a commodity.

16) Subsidies are used to encourage __________ of a commodity.

17) Which from the following economic resources cannot be converted into commodity?

18) Which from the following are features of a modern economy?

19) When no firm or consumer is large enough to affect the market price, the market is assumed to have

20) Which from the following are the results of imperfect competition in the markets?

21) When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called

22) When we assume that what is true for the part is also true for the whole, we are committing

23) The three fundamental economic problems every human society must confront and resolve are

24) The three fundamental economic problems of what, how, and for whom are solved by

25) Fiscal policy consists of government's

26) The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called

27) Which economic term is used to measure the overall performance of an economy?

28) Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good.

29) The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the

30) The increase in economic integration among nations is termed as

31) The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.

32) When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have

33) When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have

34) When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have

35) The term “recession” refers to the

36) What from the following measures a government can take to reduce inequality in the distribution of income?

37) Capital is one of the three fundamental inputs called factors of production which is a produced and durable input and is itself an output of an econom

38) The economic term used to rank countries according to human development is

39) The ultimate goal of economic science is to

40) In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by dis

41) The conflict of interest between owners of a company and the management of the company is termed as

42) The term “oligopoly” means

43) In a monopolistic competition, a business finds its maximum-profit position where

44) In a perfect competition, maximum profit occurs where marginal revenue equals

45) A businessman or a company should accept investments that have _____ net present values.

46) Who was the father of Green Revolution

47) In the 16th 17th and 18th centuries is known as

48) The Green Revolution is also known as

49) When the period of Kharif crop star and when ends

50) The correlation efficient must be lie in the range from