1st PUC Economics Chapter – 1 Introduction
I. Choose the correct answers (each question carries 1 mark).
1. If you are in Job, you are working for payment, you are called.
Join Whatsapp Group(a) Unemployed (b) Leader
(c) Employee (d) Trustee
2. Scarcity is the root of
(a) all economic problems (b) social problems
(c) political problems (d) All problems
3. The long queues at railway station, bus-stand, cinema theatres are all manifestations of
(a) publicity (b) scarcity
(c) plenty (d) Quantity
4. Alternative uses of resources give rise to the problem of
(a) Rights (b) Price
(c) choice (d) chance
5. This subject is mainly around the study of mankind in the ordinary business of life.
(a) History (b) Economics
(c) Political Science (d) Sociology
II. Fill in the blanks (each question carries 1 mark).
1. When you buy goods, you are called a …………………..
2. When you produce goods, you are called a …………………
3. When you sell goods for profit, you are called a ………………
4. Resource are limited, but wants are ……………………
5. Data, numbers, equations are being used in ………………….
III. Answer the following questions in a word / sentence (each question carries 1 mark).
1. What is economics according to Alfred Marshal?
2. What are economic data?3
3. The National divided into wages, profit, rent, and interest. what it is called?
4. What is Statistics?
IV. Answer the following questions in about four sentences (each question carries 2 marks)
1. Generally, in which 3 parts economics is discussed?
2. Mention the differences between employee and employer.
3. Mention any two scarcities in your daily life.
4. Write any two resources which have alternative uses.
V. Answer the following questions in about twelve sentences (each question carries 4 marks)
1. “We are not as luckay as Aladdin in real life” Eluisdate this statement.
2. ‘Scarcity is the root of all economic problems.’ Explain the statement.
3. Briefly explain how Statistics helps to study economics.
4. “Statistical methods are no substitute for common sense”! Explain with the example.