JAIIB Exam 2025 – IE&IFS Important Questions MCQs Quiz-13

29/01/2025

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JAIIB Exam 2025 IE&IFS Important Questions MCQs Quiz-13

JAIIB Exam Quiz 2025: The JAIIB exam is scheduled for 2025 by IIBF. Here, we are providing JAIIB IE&IFS MCQ-based quizzes on a regular basis. You can attempt the quizzes regularly to prepare for the upcoming JAIIB exam. The quizzes will be provided module-wise and unit-wise. You can attempt the JAIIB IE&IFS quizzes from the links below and improve your preparation by practicing regularly. These quizzes will help you boost your score in the JAIIB exam and guide you to clear the exam on your first attempt.

Q.1. Who defined economics as the study of wealth in the book An Enquiry into the Nature and Cause of the Wealth of Nations (1776)?
A. Alfred Marshall
B. Lionel Robbins
C. Adam Smith
D. John Maynard Keynes

Q.2. Who defined economics as “a study of mankind in the ordinary business of life” and emphasized both wealth and human welfare?
A. Adam Smith
B. Alfred Marshall
C. Lionel Robbins
D. David Ricardo

Q 3 Who defined economics as “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”?
A. Adam Smith
B. Alfred Marshall
C. Lionel Robbins
D. John Maynard Keynes

Q.4 Who is considered the founder of Microeconomics, and what does it primarily study?
A. Alfred Marshall; the behavior of governments in economic planning
B. Adam Smith; the behavior of individual entities like households and firms
C. Lionel Robbins; the behavior of nations in resource allocation
D. David Ricardo; the behavior of markets in macroeconomic contexts

Q.5 Who is associated with the foundation of Macroeconomics and the book The General Theory of Employment, Interest and Money?
A. Adam Smith
B. Alfred Marshall
C. Lionel Robbins
D. John Maynard Keynes

Q.6 What are the three fundamental problems addressed by an economic organisation?
A. What goods are produced and at what cost? How are goods marketed? Who pays taxes?
B. What commodities are produced and in what quantity? How are goods produced? For whom are goods produced?
C. How is money created? How is wealth distributed? Who controls the economy?
D. What goods are imported? How is trade managed? Whobenefits from trade?

Q.7 Which of the following best describes a market economy or capitalistic economy?
A. The government makes all major decisions about production and consumption.
B. Individuals and private firms make key decisions about production and consumption, with minimal government interference.
C. Production and consumption are based on traditional customs and habits.
D. The government and private firms share equal control over economic decisions.

Q.8 Which of the following best describes a Socialist or Command Economy?
A. Individuals and private firms make all major economic decisions.
B. Economic decisions are based on customs and traditions.
C. The government makes all key decisions about production and distribution, owning most of the means of production.
D. The government and private sector share control over production and distribution equally

Q.9 Which of the following best describes a market economy?
A) An economy where individual consumers and private firms make the key decisions about production and consumption.
B) An economy where the government makes all significant decisions regarding production and distribution.
C) An economy that includes both private and government decision-making in production and distribution.
D) None of the above

Q.10 Which of the following statements accurately describes human wants?
A) Human wants are unlimited, and all economic activities are aimed at satisfying them.
B) Human wants are limited, and they can be fully satisfied over time.
C) Economic activities are not focused on satisfying human wants.
D) Wants are only related to basic needs such as food, shelter, and clothing.

Answer:

Q1: C
Q2: B
Q3: C
Q4: B
Q5: D
Q6: B
Q7: B
Q8: C
Q9: C
Q10: A

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