CMA Foundation MCQ Quiz Economics Lesson 1.1April 1, 2026 Maven Leave a Comment Welcome to the CMA Foundation MCQ Quiz Economics Lesson 1.1 Quiz! Name Email 1. According to Adam Smith, economics is: The study of mankind in ordinary business of life The science which deals with wealth A science which studies human behavior as a relationship between ends and scarcity means The study of how men and society choose with or without use of money None 2. Which of the following is NOT part of the subject matter of economics? Consumption Distribution Production Taxation None 3. The stock of goods under the ownership of a nation is called: National wealth Personal wealth Real investment National income None 4. Macro economics is also known as: Price theory Partial equilibrium analysis Income and employment theory Theory of product pricing None 5. Which definition of economics is considered both positive and normative science? Wealth definition by Adam Smith Welfare definition by Alfred Marshall Scarcity definition by Lionel Robbins Growth definition by P.A. Samuelson None 6. The study of individual units such as consumer, producer, and firm is known as: Micro economics Macro economics Applied economics Normative economics None 7. According to Robbins, the central concept of economics is: Wealth Welfare Scarcity of resources Economic growth None 8. The scarcity definition of economics emphasizes that economic problems arise because: Wealth is unevenly distributed Resources are scarce relative to unlimited wants Production is inefficient Government intervention exists None 9. Which of the following reflects a normative statement? Inflation reduces purchasing power Higher taxes decrease disposable income Government should subsidize essential goods Increase in demand raises price None 10. Which of the following correctly represents the basic economic problem? What, Why, When Where, When, Why How, Where, Who What, How, For whom None 11. Firms are considered as: Consumption units Production units Distribution units Exchange units None 12. Households aim to: Maximize profit Minimize cost Maximize satisfaction Control production None 13. Identify the correct sequence. Wants → Efforts → Satisfaction Efforts → Wants → Satisfaction Wants → Satisfaction → Efforts Satisfaction → Wants → Efforts None 14. Which of the following is a factor payment? Tax Rent Subsidy Donation None 15. Macro distribution deals with Individual wages Price of goods Distribution of national income Consumption pattern None Time's upRelated Posts:CMA Foundation MCQ Quiz Economics Lesson 1.2CMA Foundation MCQ - Sources of LawCMA Foundation MCQ - Legislative Process in IndiaCMA Foundation MCQ - Legal Method and Court System in India
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