Quiz # 23



#1 Adam Smith defined Economics in term of:

According to J.B Say Economics is the science which treats wealth. … Adam smith classified his books “An Inquiry into the Nature and Causes of the Wealth of Nations”into four divisions i.e. consumption, distribution, production and exchange of wealth.

#2 Lionel Robbins Published his famous book “Nature and Significance of Economics” in the year

Lionel Robbins’ Essay sought to define more precisely economics as a science and to derive substantive implications.
Originally published: 1932

#3 Macro Economics is the study of __________.

Macroeconomics is a branch of economics that studies how an overall economy—the market systems that operate on a large scale—behaves. Macroeconomics studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment.

#4 Which is the first bank that was purely managed by Indians?

The first Bank of India with Limited Liability to be managed by Indian Board was Oudh Commercial Bank. It was established in 1881 at Faizabad. 4. Punjab National Bank is the first bank purely managed by Indians, which was established in Lahore in 1895.

#5 Demand for a commodity refers to:

Refers to the demand for a commodity from an individual. That quality of a commodity a consumer would buy at a given price during a given period of time is his individual demand for that particular commodity.

January 2, 2020

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