_____have exchange value and their ownership rights can be established and exchanged

(a)

Goods

(b)

Services

(c)

Markets

(d)

Revenue

Identify the correct characteristics of utility

(a)

It is equivalent to 'usefulness'

(b)

It has moral significance

(c)

It is same as pleasure

(d)

It depends upon consumer's mental attitude

Who has given scarcity definition of economic?

(a)

Adam Smith

(b)

Marshall

(c)

Robbins

(d)

Robertson

The process of reasoning from particular to general is

(a)

Deductive method

(b)

Inductive method

(c)

Positive economics

(d)

Normative economics

Total revenue is equal to total output sold multiplied by

(a)

Price

(b)

Total cost

(c)

Marginal revenue

(d)

Marginal cost

Name any two types of utility.

Define Positive economics.

Give the meaning of deductive method.

What are the important features of utility?

Distinguish between microeconomics and macroeconomics.

Compare positive economics and normative economics.

Elaborate the nature and scope of Economics.

Explain basic problems of the economy with the help of production possibility curve.