Question : Who said, "Economics is the Science of Wealth"?

Option 1: Lionel Charles Robbins

Option 2: J. S. Mill

Option 3: Adam Smith

Option 4: John Maynard Keynes

Question : Which of the following is an example of positive economics?

Option 1: The government should regulate monopolistic behavior to protect consumers.

Option 2: Supply and demand determine market prices.

Option 3: Wealth should be redistributed to achieve social equality.

Option 4: Economic policies should prioritize environmental sustainability.

Question : The central problem in economics is that of

Option 1: comparing the success of command versus market economies.

Option 2: guaranteeing that production occurs in the most efficient manner.

Option 3: guaranteeing a minimum level of income for every citizen.

Option 4: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.

Question : Bearing in mind the assertion that economics is a "positive" and not a "normative" science, with which of the following problems would an economist be concerned?

I. The unfairness of the distribution of wealth
II. The effect on prices due to speculation in raw materials
III. The results of union pressure for increased wages
IV. The rights and wrongs of exaggerated advertising claims

Option 1: I only

Option 2: II, III

Option 3: I, III

Option 4: I, II, III, IV

Question : Which of the following is an example of positive economics?

Option 1: Increasing the minimum wage will reduce poverty rates.

Option 2: The government should prioritize environmental sustainability over economic growth.

Option 3: Free trade improves overall economic welfare.

Option 4: The distribution of wealth in society is unjust.