1. Who defined Economics in terms of â??The Science of Wealthâ??

A) The modern economists
B) The classical economists
C) The Indian economists
D) The Romanian economists



2. Human wants may be classified into: _____

A) Economic wants & non-economic wants
B) Economic wants & unsatisfied wants
C) Satisfied wants & non-economic wants
D) Plain wants & economic wants



3. The central problem in economics is that of-

A) Comparing the success of command versus market economies
B) Guarantying that production occurs in the most efficient manner
C) Guarantying a minimum level of income for every citizen
D) Allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied as well as possible.



4. â??Nomosâ??, which means-

A) control
B) Administration
C) Management
D) Power



5. It is assumed in economic theory that

A) A decision making within the firm is usually undertaken by managers, but never by the owners
B) The ultimate goal of the firm is to maximise profits, regardless of firm size or type of business organisation.
C) As the firm's size increases, so do its goals
D) None of the above