Description : Which of these are outside the domain of macro economics (a) Consumer behavior ; (b) National income ; (c) Economic growth; (d) Balance of payment and trade
Last Answer : (a) Consumer behavior ;
Description : General equilibrium analysis refers to (a) Behaviour of individual economic decision making units and individual markets in isolation; (b) Behaviour of all the individual decision making units and market viewed in totality; (c) Both ; (d) (d) none
Last Answer : (b) Behaviour of all the individual decision making units and market viewed in totality;
Description : Which of the following issue relates to micro-economics (a) Impact of crude price hike on inflation (b) Impact of change in bank rate on bank saving and investment (c) Impact of Information technology on economic growth (d) Impact of shortage of wheat production on wheat prices
Last Answer : (d) Impact of shortage of wheat production on wheat prices
Description : Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce
Last Answer : (b) How the problem should be solved ;
Description : The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle
Last Answer : (c) Prof. Ragner Frisch ;
Description : Who defined economics as “ Science which deals with wealth” (a) J. (B) Say ; (b) (A) (C) pigou ; (c) Alfred Marshall ; (d) Robbins
Last Answer : (a) J. (B) Say ;
Description : Economics cannot be given the status of science because (a) Of non-uniformity of opinion and approach of economist; (b) Economic behaviour of human being is unpredictable; (c) Measuring rod of money is unstable ; (d) All the three
Last Answer : (d) All the three
Description : Economics cannot be considered a perfect science because (a) Human behaviour is unpredictable (b) It is difficult to make correct prediction of economic variables (c) Economist do not have common opinion about a particular economic event (d) All the three
Description : The basic assumption of an economic analysis is/ are (a) Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None
Last Answer : (c) Both ;
Description : In free economy the decision about investment, saving and consumption are decided by (a) Price mechanism ; (b) Central bank ;(c) Planning Commission ;(d) Finance budget
Last Answer : (a) Price mechanism
Description : "Globalisation of Indian Economy" denotes : (1) Increase of external borrowings (2) having minimum intervention in economic relations with other countries (3) starting of new business units abroad (4) relaxing the programmes of import substitution
Last Answer : (2) having minimum intervention in economic relations with other countries Explanation: Globalization means integrating the economy of a country with the economies of other countries or world economy ... of a plethora of export incentives opting for exchange rate adjustments for promoting exports.
Description : “Globalisation of Indian Economy” denotes : (1) Increase of external borrowings (2) having minimum intervention in economic relations with other countries (3) starting of new business units abroad (4) relaxing the programmes of import substitution
Last Answer : having minimum intervention in economic relations with other countries
Description : Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values
Last Answer : (b) Scarcity of economic resources ;
Description : Which is the basically a decision making science ? a. Farm management b. Macro economics c. Micro economics d. None of these
Last Answer : a. Farm management
Description : Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.
Last Answer : (a) Structural changes in the economy ;
Description : In economic theory, in the short run all the cost are…………… (a) Fixed ; (b) Variable ; (c) Controllable ; (d) Semi variable
Last Answer : (a) Fixed ;
Description : In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None
Last Answer : (a) Resources ;
Description : Which of these is not the function of World Bank? (a) To arbitrate on international trade disputes. (b) To help the member countries in the reconstruction and development of their countries. ... and credit by guaranteeing repayment. (d) To promote long term balanced growth of international trade.
Last Answer : (a) To arbitrate on international trade disputes.
Description : Economic growth is best depicted by (a) Outward shift in PPF ; (b) Upward movement in PPF ; (c) Inward movement in PPF (d) Downward movement in PPF
Last Answer : (a) Outward shift in PPF ;
Description : ……………. States that rapid growth of per capita income will be associated with a reduction in poverty. (a) The trickle down theory ; (b) Multiplier theory ; (c) Malthus population theory ; (d) None
Last Answer : (a) The trickle down theory ;
Description : The term “ Micro” is derived from the …….word which means…….. (a) Latin, small ; (b) Greek, small ; (c) English, tiny ; (d) Roman, small
Last Answer : ; (b) Greek, small
Description : ......................... deals with making sound decisions under conditions of certainty, risk and uncertainty. a. Game theory b. Network analysis c. Decision theory d. None of these
Last Answer : c. Decision theory
Description : A goods can be considered a normal goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : (a) An increase in demand ;
Description : A goods can be considered inferior goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : ; (c) Decrease in demand ;
Description : Increase in Demand is also known as – in economics (a) Expansion in demand ; (b) Compression in demand ; (c) Extension in demand; (d) Extraction in deman
Last Answer : (a) Expansion in demand ;
Description : Which of the following is not a method of measurement of price elasticity of demand in economics (a) Total Outlay ; (b) Total savings ; (c) Point method ; (d) Arc method
Last Answer : ; (b) Total savings
Description : Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity
Last Answer : (c) Utility elasticity ;
Description : In economics, in the long run all the cost…………. (a) Are fixed ; (b) Are variable ; (c) Except labour are variable ; (d) Are non controllable
Last Answer : (b) Are variable ;
Description : Economics modes are (a) Based on some realistic assumptions ; (b) Based on hypothetical assumptions (c) Scientifically tested ; (d) Based on necessity
Last Answer : (a) Based on some realistic assumptions
Description : ----------is known as father of economics (a) Adam Smith ; (b) Professor A Samulson ; (c) Alfred Marshall ; (d) J R Hicks
Last Answer : (a) Adam Smith ;
Description : Capital in economics means (a) Factor of production ; (b) Fund brought in by the entrepreneur; (c) Investment in shares, bank deposits ; (d) All the above
Last Answer : (a) Factor of production ;
Description : Which of these would be classified as capital in economics (a) Bhankra Dam ; (b) Indira canal ; (c) Golden triangle ; (d) All the three
Description : Which of these is not land in economics (a) Tehri Dam ; (b) Forest reserves of Assam ; (c) Fish reserves in the Bay of Bengal; (d) Herbal plant of Uttaranchal
Last Answer : (a) Tehri Dam ;
Description : Which of these resources would be called as land in economics (a) Coal mines of Bihar ; (b) Water resources of Uttaranchal ; (c) Mineral deposits of Jharkhand; (d) All the three
Description : Market demand curve for a commodity is a (a) Horizontal summation of all the individual demand curve for that product (b) Summation of demand curve of competitive products (c) Demand curve of average demand and price of previous six months (d) Projected demand schedule for next three months
Last Answer : (a) Horizontal summation of all the individual demand curve for that product
Description : The quantity of a commodity that an individual is willing to purchase over a specified period of time is a function of except ………. (a) Price of the commodity ; (b) Price of the competitive products; (c) His disposal income ; (d) Price of factor of production
Last Answer : ; (d) Price of factor of production
Description : Market demand curve for a commodity is (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods
Last Answer : (a) Horizontal summation of the individual demand curve for the commodity;
Description : The individual demand and supply curve of a product are Dx = 12-2px, Sx=3+5px, where Px stand for price and Dx and Sc respectively stands for quantity demanded and quantity supplie(d) If there are 5000 consumers and 1000 suppliers ... be the equilibrium price (a) `4 ; (b) `5 ; (c) `3 ; (d) `4.5
Last Answer : ; (c) `3 ;
Description : The quantity that an individual supplier is prepared to supply over a period of time is a function of (a) Price of the product ; (b) Cost of production of the product ; (c) Both ; (d) None
Last Answer : ; (c) Both ;
Description : If an individual is spending his entire income on two items A and B in the ratio of 60:40. If income elasticity of A is 5 what is income elasticity of B (a) 4 ; (b) 2 ; (c) 5 ; (d) 1
Last Answer : (c) 5 ;
Description : An individual is spending his entire income on two items A and B equally. If income elasticity of A is 4 what is income elasticity of B (a) 4 ; (b) 2 ; (c) 3 ; (d) 1
Last Answer : ; (c) 3 ;
Description : Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods
Description : The quantity of a commodity which an individual is willing to purchase over a specific period of time is a function of (a) Price of the product ; (b) Disposal income ; (c) Taste and price of other commodities; (d) All the three
Description : If in question No. 286 the price is reduced to `9 But the demand goes to 26 units what is the marginal revenue from sale of 26th unit (a) `7.4 ; (b) `(-16) ; (c) `16 ; (d) `257.4
Last Answer : (b) `(-16) ;
Description : The demand for a product is 25 units when the price is `10, however the demand rises to 26 when the price is reduced to `9.9 per unit. The marginal revenue from production and sale of additional unit from 25 to 26 is (a) `7.4 ; (b) `(16) ; (c) `10 ; (d) `257.6
Last Answer : (a) `7.4 ;
Description : Marginal cost is defined as……………………. (a) Change in total cost due to addition of one unit ; (b) Total cost divided by additional unit; (c) Total cost divided by total units produced ; (d) Total sales / Total production
Last Answer : (a) Change in total cost due to addition of one unit ;
Description : Opportunity cost of increasing production of Gun to 5 units in combination F is –tons of bread (a) 200 ; (b) 100 ; (c) 600 ; (d) 500
Last Answer : (c) 600
Description : Opportunity cost of increasing production of Gun to 4 units in combination E is –tons of bread (a) 200 ; (b) 500 ; (c) 300 ; (d) 400
Last Answer : (b) 500
Description : Opportunity cost of increasing production of Gun to 3 units in combination D is –tons of bread (a) 200 ; (b) 100 ; (c) 300 ; (d) 400
Last Answer : ; (d) 400
Description : Which of these is/are the feature of an underdeveloped economy? (a) Greater inequalities ; (b) High incidence of unemployment ; (c) Orthodox means of production ; (d) All the three