1. In a mixed economy, ____

A) All economic decisions are taken by the central authority.
B) All economic decisions are taken by private entrepreneurs
C) Economic decisions are partly taken by the state and partly taken by the private entrepreneurs
D) None of the above



2. Who is considered to be the founding father of economics?

A) George Bernard Shaw
B) Adam Smith
C) Alfred Marshall
D) A. C. Pigou



3. ____ assumed that, the wealthier a nation, the happier its citizens are.

A) Alfred Marshall
B) Lionel Robbins
C) Adam Smith
D) Samuelson



4. Which of the following is demerit of â??Wealth Definitionâ???

A) Too much concentration of welfare
B) Adam Smith and other classical economists concerned only on material wealth
C) Ignored wealth
D) All of the above



5. Adam Smith systematized the concept in the form the book which was entitled as, � An Enquiry into the Nature and Cause of the Wealth of Nations� published in-

A) 1776
B) 1876
C) 1976
D) 2006