Chapter Exam

Unit 1: Introduction to Economics — Online MCQ Test

Q: What is the central problem studied in economics?

Answer: B. Scarcity of resources — Economics studies how people make choices because resources are scarce relative to unlimited wants.

Q: Who defined economics as a science that studies human behaviour as a relationship between ends and scarce means which have alternative uses?

Answer: C. Lionel Robbins — Lionel Robbins gave the scarcity-based definition of economics. It is one of the most important modern definitions.

Q: Which of the following is a normative statement?

Answer: C. The government should reduce poverty — Normative statements express opinions or what ought to be done. They are value judgments rather than facts.

Q: Which statement correctly distinguishes wealth from welfare?

Answer: A. Wealth is a means; welfare is the end — Wealth is a means to satisfy human wants, while welfare is the satisfaction or well-being obtained from it.

ECONOMICS · CLASS 11 INTERMEDIATE 1 YEAR · Telangana State Board

Practice Unit 1: Introduction to Economics with a free chapter-wise online MCQ test for Telangana State Board CLASS 11 INTERMEDIATE 1 YEAR ECONOMICS. This chapter covers: This chapter covers basic economic definitions Wealth Welfare Scarcity Growth scope nature methods micro versus macroeconomics and fundamental economic concepts.. AI-generated questions from basic to board-exam level, with instant results and explanations.

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Unit 1: Introduction to Economics — Important Questions & Answers (FAQ)

Frequently asked questions from Telangana State Board CLASS 11 INTERMEDIATE 1 YEAR ECONOMICS — Unit 1: Introduction to Economics, with answers and explanations. These are sample questions; the exam has its own separate question set.

What is the central problem studied in economics?

A. Unlimited resources
B. Scarcity of resources ✓
C. Equal distribution of wealth
D. Only price determination

Answer: B. Scarcity of resources
Economics studies how people make choices because resources are scarce relative to unlimited wants.

Who defined economics as a science that studies human behaviour as a relationship between ends and scarce means which have alternative uses?

A. Adam Smith
B. Alfred Marshall
C. Lionel Robbins ✓
D. Paul Samuelson

Answer: C. Lionel Robbins
Lionel Robbins gave the scarcity-based definition of economics. It is one of the most important modern definitions.

Which of the following is a normative statement?

A. Prices have increased by 5 percent
B. Unemployment exists in the economy
C. The government should reduce poverty ✓
D. National income is measured in money terms

Answer: C. The government should reduce poverty
Normative statements express opinions or what ought to be done. They are value judgments rather than facts.

Which statement correctly distinguishes wealth from welfare?

A. Wealth is a means; welfare is the end ✓
B. Wealth and welfare are exactly the same
C. Welfare is always measured in money
D. Wealth has no economic value

Answer: A. Wealth is a means; welfare is the end
Wealth is a means to satisfy human wants, while welfare is the satisfaction or well-being obtained from it.

Which of the following is the best reason economics is called both a science and an art?

A. It only uses numbers and formulas
B. It explains economic facts and helps in practical decision-making ✓
C. It has no theories
D. It studies only nature and animals

Answer: B. It explains economic facts and helps in practical decision-making
Economics is a science because it studies and explains facts, and an art because it guides practical action and policy.