C-01 — Introduction to Economics

The English word "economics" is derived from which Greek word?

What is the literal meaning of the Greek word 'oikonomia'?

Around which year did simple economic ideas first appear in Hebrew civilization?

Simple economic ideas in Hebrew civilization appeared during the time of which prophet?

Which two great Greek thinkers discussed concepts like private property, wages and slavery?

Plato's lifespan was —

Aristotle's lifespan was —

Who wrote the Arthashastra in ancient India?

The Arthashastra was written approximately during —

The Mercantilism era in Europe spanned —

Which countries were notable centres of Mercantilism?

What was the central aim of mercantilist policy?

Which precious items did English merchants import in exchange for their exports during the Mercantilist era?

According to the Physiocrats, real wealth could be created only by —

Physiocracy emerged in the middle of the 18th century in —

Adam Smith published "An Inquiry into the Nature and Causes of the Wealth of Nations" in —

Adam Smith's contribution made economics —

Consider the following statements about the origin of economics:

Which is identified as the basic problem of economics?

When wants are greater than the resources available, the situation is called —

Which economist said, "Economics is a science that analyses human behavior related to the combination of unlimited wants and alternatively usable scarce resources"?

According to economist Samuelson, the central question for society is —

Sunlight and wind are usually treated as —

A student has 1000 taka but needs a shirt, pants and shoes that cost more. This best illustrates —

The process of deciding which needs to satisfy first is known as —

If resources were unlimited, then —

Which of the following is NOT a feature of scarcity?

Consider the following statements about scarcity:

Who is known as the "Father of Economics"?

Which group is known as classical economists?

The classical policy of minimal government control in the economy is known as —

According to Adam Smith, economics is a science that examines —

Which of the following is a limitation of Adam Smith's definition?

Who emphasized human welfare more than the accumulation of wealth?

According to Marshall, economics studies —

Which group is known as neoclassical economists?

Whose definition states "Economics is the science that studies human behavior as a relationship between unlimited wants and limited resources which have alternative uses"?

Which of the following is NOT a key point of Robbins' definition?

A criticism of Robbins' definition is that —

During which crisis did Keynes propose government intervention in the economy?

According to Keynes, in times of recession the government should —

Consider the following definitions of economics:

Modern economics treats which of the following as a core issue?

Marshall's definition primarily focused on —

Robbins' definition emphasises that resources have —

Economics is mainly divided into how many important branches?

Which branch studies the behaviour of individual households and firms?

Which branch studies national production, employment and inflation?

Which of the following topics belongs to macroeconomics?

International trade as an aggregate is studied under —

Decision-making within a single market belongs to —

Consider the following:

Who outlined the ten fundamental principles of economics?

How many fundamental principles of economics did Mankiw outline?

Giving up one thing in order to gain another is known as —

If a government increases defense spending and reduces education spending, which principle is reflected?

Opportunity cost refers to —

If a student goes to school instead of helping his father at work, the income he could have earned helping his father represents —

Rational people make decisions by weighing —

If you eat three bananas in a row, the third banana is the —

The extra satisfaction obtained from consuming an additional unit is called —

A rational person will eat the next banana only if —

When a student studies harder because his father promised a bicycle for GPA 5, which principle is illustrated?

Which principle states that voluntary trade benefits both parties?

In a market, prices are determined by the interaction of —

The "invisible hand" refers to —

Government intervention in markets is justified mainly when —

A country's standard of living chiefly depends on —

According to the chapter, in 2020 the per capita income of the United States was —

According to the chapter, in 2020 Japan's per capita income was —

The 2020 per capita income figures for the US and Japan are quoted from —

Inflation occurs when —

The amount of money to be printed is controlled by —

When inflation rises in the short run, unemployment usually —

Which principle highlights a short-run trade-off between two macro variables?

If 500 taka used to buy supplies that now cost 650 taka, this reflects —

Consider the following statements:

Which of the following are principles of economics outlined by Mankiw?

The two main agents in the two-sector circular flow of income model are —

Who supply the factors of production in the two-sector model?

Firms purchase factors of production from —

The reward for labour in the circular flow is —

The reward paid for the use of land is —

Interest is paid as a reward for using —

After paying wages, rent and interest, what the entrepreneur retains is called —

Households use their earned income mainly to —

The continuous movement of income from firms to households and spending from households to firms is called —

Consider the following statements about the two-sector circular flow:

Which of the following is NOT one of the three fundamental economic problems?

Which of the following is NOT listed as an economic system in the chapter?

In a capitalist economy, the means of production are mostly —

Capitalism emerged notably in Europe after which event?

A famous proponent of the capitalist economic model was —

In a capitalist economy, prices are determined by —

The primary motive of producers in a capitalist system is to —

Which of the following is a feature of a capitalist economy?

In a capitalist system, the government's main role is —

In capitalism, "what to produce" is decided by —

In capitalism, "how to produce" is decided based on —

In capitalism, "for whom to produce" is decided by —

Which of the following is generally a drawback of a capitalist economy?

In a socialist economy, the means of production are owned mainly by —

Which is a key feature of a socialist economy?

Consumer freedom in a socialist economy is —

A socialist economy is also known as —

In a socialist economy, decisions on production, distribution and prices are typically made by —

In socialism, the primary goal of production is —

A mixed economy combines features of —

Which of the following countries is given as an example of a mixed economy in the chapter?

In a mixed economy, the government may regulate or restrict goods such as —

Which feature is unique to the Islamic economic system?

The Islamic economic system is grounded in —

In the Islamic economic system, redistribution of wealth from the rich to the poor is achieved primarily through —

Consider the following features of a capitalist economy:

Which of the following are characteristics of a mixed economy?

Who is the Father of Economics?

Market system is an excellent method for organizing economic activities. Because here:

Mr. Nabil went to a super shop to buy sugar and noticed that the price of the sugar had increased significantly compared to the previous week. As he was about to leave without buying sugar, another customer informed him that sugar was being sold at a lower price at a nearby government sales centre. He then bought sugar from there. This reminded him of a business trip he had taken last year where all products were produced by the government and sold at the price set by the government. What type of economic system exists in country A (Mr. Nabil's country)?

In Mr. Nabil's country's economic system —

According to the Physiocrats (landowners' school of thought), which of the following is considered a productive sector?

What does scarcity mean?

Nuru Mia decided to grow potatoes in 2020 because the price of potatoes was high in 2019. Which fundamental principle of economics is reflected in his decision?

Nuru Mia's decision to cultivate mustard in 2023 because of free seeds and fertilizers from the government illustrates —

According to Adam Smith, economics is —

Why does inflation occur, according to the chapter?

In Asad's country A, small and medium industries are privately owned while large industries are state-owned. The economic system of country A is —

Compared to Asad's country (mixed), the European country (with full private ownership and free buying-selling of goods) is more likely to experience —

The circular flow of income refers to —

Why is it necessary to use resources efficiently in society?

In a capitalist financial system, the price mechanism mainly —

Which of the following best explains why the Islamic economic system avoids discrimination in human rights?