Question

1.10.3 Professional Decision Making : Economics is useful in knowing scientific principles and thenes
ich guide professional decision making. Revenue and cost as well as demand and supply are concepts which
used in all types of economic activities. Certain theories of economics help businesses in day to day
Esions pertaining to price determination, wage determination, employment of various factors of production
so on. Economics provides knowledge regarding the impact of certain decisions. For example, it provides
-hts into question like, what happens if price is reduced in a market with very high degree of competition
Economics is a science which provides insights for day to day decision making. All human beings
rolels as a (1) consumer (2) producer or (3) labour from time to time in life. Economics helps them
ce rational decisions for maximizing gains by minimizing costs.
Exercise
hoose correct option for the following from the options provided :
What is the science which studies human behaviour ang deals with economic problems called?
(A) Philosophy
(B) Physics
WC Economics
From which Greek word is economics derived ?
(D) Statistics
AS Oikonomikos (B) Ecology
(C) PHILO
(D) NOMOS
Who is known to be the first economist to have started studying economics as a separate science
(A) Kautilya
(B) Marshall
(C) Robbins
(D) Adam Smith
Who introduced economics as a real science ?
(A) Adam Smith
(B) Robbins
(C) Samuelson
(D) Marshall
In how many branches is economics classified by the method of study and analysis ?
A four
(B) three
(C) two
(D) five
On which axis are the independent variables like countries, year, rainfall etc. usually represe
A) Vertical axis
(B) Horizontal axis
C) On the point of origin
(D) On the corner of the graph
ho has written the book ‘Principles of Economics'?
.) Adam Smith (B) Marshall
(C) Robbins
(D) Samue
the following questions in one sentence :​

Answer 1

Answer:

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