"An Inquiry into the Nature and Causes of the Wealth of Nations " was published in

1. 1772
2. 1767
3. 1776
4. 1886
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Answer: C
Explanation:
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Every individual … neither intends to promote the public interest, nor knows how much he is promoting it … He intends only his own gain, this term is known as

1. Invisisble hand
2. Individual demand
3. Aggregate demand
4. None of theses
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Answer: A
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The term 'invisible hand' was introduced by

1. Adam Smith
2. Lionel Robbins
3. Paul Samuelson
4. Enrico Barone
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Answer: A
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A market situation in which scarce resources are not allocated to their most efficient use is called

1. Economic Failure
2. market failure
3. Individual Failure
4. None of theses
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Answer: B
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The cost or benefit of one person’s decision on the well-being of a bystander (a third party) which the decisionmaker

1. externality
2. Enternality
3. Opportunity Cost
4. None of theses
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Answer: A
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The ability of a single economic agent (or small group of agents) to have a substantial influence on market prices or output

1. Indidiual Power
2. Market Power
3. Economic Power
4. None of theses
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Answer: B
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The study of how households and firms make decisions and how they interact in specific markets is known as

1. Macro Economics
2. Development Economics
3. Micro Economics
4. Monetary Economics
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Answer: C
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When we look at issues arising that concern the workings of the economy as a whole is called

1. Micro Economics
2. Macro Economics
3. Development Economics
4. Monetary Economics
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Answer: B
Explanation:
• Macroeconomics the study of economy-wide phenomena, including inflation, unemployment and economic growth
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The increase in the number of goods and services produced in an economy over a period of time, usually expressed over a quarter and annually is called

1. EconomiDevelopment
2. Economic Growth
3. Well Being
4. Economic Production
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Answer: B
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The market value of all goods and services produced within a country in a given period of time divided by the population of a country to give a per capita figure is called

1. Per Capita GDP
2. Per Capia Production
3. Per Capita Consumption
4. None of These
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Answer: A
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