Looking for an exam-oriented collection of Multiple Choice Questions (MCQs) for SEBA Class 9 Social Science Economics Chapter 1 (Basic Concepts of Economics / অৰ্থনীতিৰ প্ৰাথমিক ধাৰণাসমূহ) for the 2026–27 academic session? Access chapter-wise objective questions with verified answers, matching pairs, and assertion-reason questions. Master fundamental economic concepts covering the historical definitions of economics: Adam Smith’s Wealth Definition (An Inquiry into the Nature and Causes of the Wealth of Nations, 1776), Alfred Marshall’s Welfare Definition (Principles of Economics, 1890), Lionel Robbins’ Scarcity and Choice Definition (An Essay on the Nature and Significance of Economic Science, 1932), and Samuelson’s Growth-Oriented Definition; the origin of the term ‘Economics’ from Greek words ‘Oikonomia’ (household management); classification of human wants (primary, secondary, luxuries); distinction between free goods and economic goods; consumer goods vs. capital/producer goods; concepts of wealth, value, utility, price, income, and welfare; microeconomics vs. macroeconomics fundamentals; and central economic problems (what, how, and for whom to produce), formatted strictly according to the Assam Board (SEBA) Class 9 objective examination pattern.
Q.1. The word ‘Economics’ has been derived from which language?
(A) Latin
(B) Greek
(C) French
(D) German
Answer: (B) Greek
Q.2. Which Greek word is the origin of the term ‘Economics’?
(A) Oikonomia
(B) Economie
(C) Polis
(D) Civitas
Answer: (A) Oikonomia
Q.3. What does the Greek word ‘Oikos’ mean?
(A) Law
(B) State
(C) House or family
(D) Wealth
Answer: (C) House or family
Q.4. What does the Greek word ‘Nomos’ mean?
(A) Money
(B) Rule or management
(C) Production
(D) Market
Answer: (B) Rule or management
Q.5. Who is traditionally regarded as the Father of Economics?
(A) Alfred Marshall
(B) Lionel Robbins
(C) Adam Smith
(D) J.M. Keynes
Answer: (C) Adam Smith
Q.6. In which year was Adam Smith’s famous book The Wealth of Nations published?
(A) 1756
(B) 1776
(C) 1890
(D) 1932
Answer: (B) 1776
Q.7. Who gave the wealth-centric definition of economics?
(A) Adam Smith
(B) Paul Samuelson
(C) Alfred Marshall
(D) Lionel Robbins
Answer: (A) Adam Smith
Q.8. Who authored the book Principles of Economics?
(A) Lionel Robbins
(B) Adam Smith
(C) Alfred Marshall
(D) David Ricardo
Answer: (C) Alfred Marshall
Q.9. In which year was Alfred Marshall’s book Principles of Economics published?
(A) 1776
(B) 1890
(C) 1932
(D) 1948
Answer: (B) 1890
Q.10. Which economist emphasized ‘material welfare’ in his definition of economics?
(A) Adam Smith
(B) Alfred Marshall
(C) Lionel Robbins
(D) Ragnar Frisch
Answer: (B) Alfred Marshall
SEBA Class 9 Economics Chapter 1 MCQ
Q.11. Who formulated the scarcity-based definition of economics?
(A) Lionel Robbins
(B) Alfred Marshall
(C) Adam Smith
(D) J.S. Mill
Answer: (A) Lionel Robbins
Q.12. In which year did Lionel Robbins publish his famous work An Essay on the Nature and Significance of Economic Science?
(A) 1890
(B) 1914
(C) 1932
(D) 1945
Answer: (C) 1932
Q.13. According to Lionel Robbins, economic problems arise mainly due to:
(A) Unlimited wants and scarce resources
(B) Limited wants and abundant resources
(C) Government regulations
(D) Lack of money supply
Answer: (A) Unlimited wants and scarce resources
Q.14. Which of the following is a characteristic of human wants?
(A) They are limited
(B) They are unlimited
(C) They never recur
(D) All wants have equal urgency
Answer: (B) They are unlimited
Q.15. The means or resources available to satisfy human wants are:
(A) Unlimited
(B) Completely free
(C) Scarce and have alternative uses
(D) Fixed only to a single use
Answer: (C) Scarce and have alternative uses
Q.16. Who combined the concepts of scarcity with efficiency in modern economic definitions?
(A) Adam Smith
(B) Alfred Marshall
(C) Samuelson and Nordhaus
(D) Karl Marx
Answer: (C) Samuelson and Nordhaus
Q.17. The Greek word ‘Mikros’ means:
(A) Large
(B) Small
(C) Medium
(D) Global
Answer: (B) Small
Q.18. The Greek word ‘Makros’ means:
(A) Individual
(B) Tiny
(C) Large
(D) Single
Answer: (C) Large
Q.19. The study of a single consumer or an individual firm belongs to:
(A) Macroeconomics
(B) Microeconomics
(C) Public Finance
(D) International Economics
Answer: (B) Microeconomics
Q.20. The study of national income and general price levels is a subject matter of:
(A) Microeconomics
(B) Macroeconomics
(C) Individual budget analysis
(D) Household accounting
Answer: (B) Macroeconomics
Basic Concepts of Economics Multiple Choice Questions SEBA 2026-27
Q.21. Which of the following is an example of a free good?
(A) Drinking water bottled for sale
(B) Sunlight
(C) Electricity
(D) School textbooks
Answer: (B) Sunlight
Q.22. Which of the following is an economic good?
(A) Rainwater in an open field
(B) Atmospheric air
(C) A bicycle
(D) Desert sand in the desert
Answer: (C) A bicycle
Q.23. The want-satisfying power of a good or service is known as:
(A) Utility
(B) Price
(C) Cost
(D) Wealth
Answer: (A) Utility
Q.24. Goods that have high value-in-use but virtually no value-in-exchange are exemplified by:
(A) Diamonds
(B) Gold
(C) Air and water in nature
(D) Motorcars
Answer: (C) Air and water in nature
Q.25. Goods that have low value-in-use for survival but very high value-in-exchange are exemplified by:
(A) Food grains
(B) Diamonds
(C) Fresh water
(D) Salt
Answer: (B) Diamonds
Q.26. The exchange value of a good expressed in terms of money is called:
(A) Cost
(B) Price
(C) Utility
(D) Demand
Answer: (B) Price
Q.27. How many primary factors of production are recognized in economics?
(A) Two
(B) Three
(C) Four
(D) Five
Answer: (C) Four
Q.28. Which of the following is considered ‘Land’ in economics?
(A) Only agricultural soil
(B) All free gifts of nature like forests, water, and minerals
(C) Buildings and factories
(D) Machinery installed on soil
Answer: (B) All free gifts of nature like forests, water, and minerals
Q.29. What is the reward or remuneration paid for the use of Land?
(A) Wage
(B) Interest
(C) Rent
(D) Profit
Answer: (C) Rent
Q.30. Human physical or mental effort applied in the production process is known as:
(A) Capital
(B) Labor
(C) Enterprise
(D) Utility
Answer: (B) Labor
Class 9 Social Science Economics Chapter 1 MCQ Solutions
Q.31. What is the reward paid to Labor?
(A) Rent
(B) Wages
(C) Interest
(D) Profit
Answer: (B) Wages
Q.32. The produced means of production is termed as:
(A) Land
(B) Capital
(C) Consumer good
(D) Natural wealth
Answer: (B) Capital
Q.33. What is the reward paid for the use of Capital?
(A) Profit
(B) Rent
(C) Interest
(D) Salary
Answer: (C) Interest
Q.34. The factor of production that bears risk and coordinates the other factors is the:
(A) Laborer
(B) Organizer or Entrepreneur
(C) Landowner
(D) Consumer
Answer: (B) Organizer or Entrepreneur
Q.35. What is the return or reward earned by an Organizer?
(A) Profit
(B) Rent
(C) Wage
(D) Interest
Answer: (A) Profit
Q.36. Which branch of economics deals with the distribution of produced goods and services among the factors of production?
(A) Consumption
(B) Distribution
(C) Exchange
(D) Trade
Answer: (B) Distribution
Q.37. The process of using up goods and services to satisfy human wants is called:
(A) Production
(B) Consumption
(C) Exchange
(D) Capital formation
Answer: (B) Consumption
Q.38. The total market value of all final goods and services produced in a country in a year is called:
(A) Per capita income
(B) Gross profit
(C) National income
(D) Disposable income
Answer: (C) National income
Q.39. Per capita income is calculated as:
(A) National Income divided by Total Population
(B) Total Population divided by National Income
(C) National Income multiplied by Total Population
(D) Total Tax Revenue divided by Total Families
Answer: (A) National Income divided by Total Population
Assam Board Class 9 Economics Chapter 1 Solved MCQ PDF
Q.40. Which factor distinguishes economic goods from free goods most clearly?
(A) Economic goods are essential for life, free goods are not
(B) Economic goods command a price due to scarcity, free goods do not
(C) Economic goods are provided by nature, free goods are factory-made
(D) Free goods have no utility, economic goods have utility
Answer: (B) Economic goods command a price due to scarcity, free goods do not
💰 Class 9 Social Science MCQ Practice Notice: This page features an exhaustive set of SEBA Class 9 Social Science (Economics Section) Chapter 1: Basic Concepts of Economics Multiple Choice Questions (MCQs) with Verified Answers updated for the 2026–27 academic session. Structured according to the latest Assam Board objective examination pattern, these questions test theoretical definitions, publication years, and core economic classifications—covering Wealth, Welfare, and Scarcity definitions, the distinction between Economic and Free Goods, the attributes of Wealth vs. Value, and the fundamental problem of resource allocation—to help you secure full marks in Section A of your school unit tests, half-yearly exams, and final annual examinations.
💡 Ace Your Class 9 Economics Objective Assessments:
- Confused about which economist defined economics as the study of “wealth” (Adam Smith in 1776) versus “mankind in the ordinary business of life” (Alfred Marshall in 1890), the Greek root word of economics (Oikos + Nemein / Oikonomia), whether sunshine is a free good or an economic good, or the defining characteristics of economic wealth (utility, scarcity, and transferability)? Leave your query in the comments section below!
- Bookmark this page to test your speed and conceptual recall on foundational economic definitions, economist book titles, and terminology before your upcoming unit evaluations, half-yearly exams, and final annual examinations.
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