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Chapters
▶ 1: Introduction to Economics
2: Basic Economic Entities in an Economy
3: Basic Concepts of Economics
UNIT II : TYPES OF ECONOMIES
4: Types of Economies
UNIT Ill : PROBLEMS OF AN ECONOMY
5: Basic Problems of An Economy
UNIT IV : THE INDIAN ECONOMY - A STUDY
6: Main Sectors of the Indian Economy
7: Primary Sector : Agriculture
8: Secondary Sector : Industry
9: Tertiary Sector
UNIT V : MAJOR PROBLEMS OF THE INDIAN ECONOMY
10: Poverty in India
11: Problem of Unemployment in India
UNIT VI : MAJOR REFORMS AND EMERGING TRENDS IN THE INDIAN ECONOMY
12: LPG Model (or New Economic Policy)
13: Emerging Trends in the Indian Economy
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Solutions for Chapter 1: Introduction to Economics
Below listed, you can find solutions for Chapter 1 of CISCE J. P. Goel and Kaushal Goel for Economics [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 1 Introduction to Economics QUESTIONS [Pages 11 - 14]
MULTIPLE CHOICE QUESTIONS.
“Economics is the science of wealth”. Who gave this definition?
Marshall
Robbins
Adam Smith
JK Mehta
“An Enquiry into the Nature and causes of Wealth of Nations” is the book by economist ______.
Adam Smith
Marshall
Robbins
None of the above.
Who has given scarcity definition of economics?
Adam Smith
Marshall
Robbins
Robertson
Pigou
What is true about the scarcity definition?
Considers material welfare
Study of wealth
Economic problem
Study of material goods
Identify the main feature of welfare definition of economics from the following options.
Study of wealth
Study of material goods only
Study of ordinary business of life
Scarce resources
Who is known as the father of modern economics?
Adam Smith
J.M. Keynes
Alfred Marshal
Robbins
Identify the feature of economic activity.
Economic gain
Can’t be measured in money terms.
Performed out of love and affection.
Results in satisfaction and happiness.
Non-economic activities are undertaken ______.
Out of love and affection.
Performed due to social reason.
Both out of love and affection and performed due to social reason.
Neither out of love and affection nor performed due to social reason.
Which of the following is not an economic activity?
Father teaching his son at home. (Teaching by father to his son at home)
Domestic work by a housewife.
Washing of father’s car by son.
All of these.
What is the name of the book written by Alfred Marshall?
Wealth of Nation
Political Economy
Principles of Economics
Welfare Economics
The General Theory of Employment, Interest and Money.
What is known as the study of economic individual units?
Macroeconomics
Microeconomics
Income theory
Development economics
Study of economic aggregates is known as ______.
Macroeconomics
Microeconomics
Price theory
Factor price determination
Which of the following options is a micro-economic study?
National Income
Aggregate demand for goods and services.
Agricultural production
Household income
Which of the following options is not a macro-economic study?
Output of a firm
Household income
Market demand of apples
All of these.
Mr. Arvind wants to study the national income. Which branch of economics will he have to study?
Microeconomics
Factor price determination
Macroeconomics
Price theory
Which of the following is NOT an economic activity?
To worship
To help the poor
Donating blood to an injured person
All of these
Identify economic activity from the following:
A child playing with toys.
A woman cooking for her family.
Poultry farming
None of these.
ASSERTION-REASON BASED QUESTIONS.
Assertion (A): Alfred Marshall emphasised on the production of wealth in his definition of economics.
Reason (R): Robbins emphasised on choice under scarcity. Alternatives:
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Statement (1): The book titled ‘An Enquiry into the Nature and Causes of the Wealth of Nations’ was authored by Adam Smith.
Statement (2): Prof. Alfred Marshall gave welfare definition of economics.
Both statements are true.
Both statements are false.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
Statement (1): Household income is the subject matter of macroeconomics.
Statement (2): National Income is a microeconomic study.
Both statements are true.
Both statements are false.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
Assertion (A): Chef cooking food at a hotel is an economic activity.
Reason (R): The activity of chef is not concerned with the creation of money.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
SHORT ANSWER TYPE QUESTIONS.
What is meant by economics?
What do you mean by economic activities?
Classify the following activities into economic and non-economic activities:
- Selling of newspapers by a student in the morning.
- Washing own car.
- Dance performance by a student.
- A doctor treating patients in a hospital.
- Pocket allowance by father to his son.
- Public speech by Narendra Modi.
- Playing cricket by Rohit Sharma for India.
Who is known as the father of economics? Give the name of his famous book.
Give Adam Smith’s definition of economics.
What is welfare definition of economics?
Give Robbins’ definition of economics.
Give growth definition of economics.
Define microeconomics.
Define macroeconomics.
LONG ANSWER TYPE QUESTIONS.
What are economic activities?
Point out salient features of economic activities.
Critically discuss wealth definition of economics as given by Adam Smith.
What are the features of Robbins’ definition of economics?
Explain Samuelson’s definition of economics.
Explain the growth-oriented definition of economics.
Distinguish between the following:
Microeconomics and Macroeconomics
Give an example of microeconomics.
Give an example of macroeconomics.
Are the following microeconomic studies or macroeconomic studies?
- General price level.
- Supply of money.
- Consumption demand.
- Product pricing
- Market supply of apples.
Compare and contrast the definitions of economics given by Adam Smith and Marshall.
Compare and contrast between the definitions of economics given by Marshall and Robbins.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 1 Introduction to Economics QUESTION BANK [Pages 14 - 15]
Explain the following term/concept.
Economic Activity
Mention the three economic activities.
Who is the father of economics?
Give the definition of goods.
What is wealth in economics?
Why does an individual need wealth?
What do you mean by scarcity of wealth?
Write the definition of economics given by Adam Smith.
Write the definition of economics given by Marshall.
Discuss scarcity definition of economics given by Prof. Robbins.
Give Samuelson’s definition of economics.
What is resource in economics?
Explain the features of Adam Smith’s definition of economics.
Explain the salient features of Marshall’s definition of economics.
What are the features of Robbins’ definition of economics?
Explain the features of growth definition of economics.
Give Keynes’s definition of economics.
What is meant by economics?
Define microeconomics.
Define macroeconomics.
Give two examples of microeconomics studies.
Give two examples of macroeconomic studies.
Give one example showing the difference between microeconomics and macroeconomics.
Distinguish between the following:
Microeconomics and Macroeconomics
Compare and contrast the definitions of economics given by Adam Smith and Marshall.
Compare and contrast between the definitions of economics given by Marshall and Robbins.
Solutions for 1: Introduction to Economics
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 1 - Introduction to Economics
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