Description : Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force
Last Answer : (c) Getting greatest satisfaction from available resources
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 : Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive
Last Answer : (c) Limited in supply but have alternative uses;
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 : 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 : 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 : Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society
Last Answer : (a) Economic behavior of individual economic decision making units;
Description : Scarcity of resources means (a) Limited resources ; (b) Non – esxistence of resources ; (c) Both ; (d) None
Last Answer : (a) Limited resources ;
Description : Total cost is the arithmetic sum of (a) AFC and AVC ; (b) FC and Variable cost ; (c) Marginal cost and variable cost; (d) Sunk cost and fixed cost
Last Answer : (b) FC and Variable cost ;
Description : Repo Market means (a) A money market instrument which helps in collateral short term borrowing and lending through sale and purchase operation in debt instrument (b) A money market ... instrument which helps in collateral short term borrowing through sale and purchase operation in debt instrument
Last Answer : (a) A money market instrument which helps in collateral short term borrowing and lending through sale and purchase operation in debt instrument
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 : Which of them is a characteristic of a price taker (a) MR = Price ; (b) AR = MR ; (c) TR = PXQ ; (d) All the three
Last Answer : (d) All the three
Description : Which of the following is/are the characteristic of a monopolistically competitive market (a) No restriction on exit and entry ; (b) Many sellers ; (c) Product differentiation ; (d) All the three
Last Answer : ; (d) All the three
Description : Disguised unemployment refers to the situation when (a) Marginal Productivity of the surplus workers is zero (b) Marginal productivity of the surplus workers is less than average productivity ( ... surplus workers is falling sharply (d) Marginal productivity of the surplus workers is falling sharply
Last Answer : (a) Marginal Productivity of the surplus workers is zero
Description : Supply of money refers to (a) Total money held by the public ; (b) Total money held by RBI ; (c) Total money with all the commercial banks and RBI ; (d) Total money in Government account
Last Answer : (a) Total money held by the public ;
Description : Breakeven point refers to the situation when (a) Total revenue is equal to total cost ; (b) Total revenue is more than total cost (c) Total revenue is less than total cost ; (d) Total revenue is equal to total variable cost
Last Answer : (a) Total revenue is equal to total cost ;
Description : Implicit cost refers to (a) Value of inputs owned by the firm and used in its own manufacturing process (b) Value of input or services purchased from outside and used in its own manufacturing ... and sold to others ; (d) Value of inputs or services for which no payments were made to outside
Last Answer : (d) Value of inputs or services for which no payments were made to outside
Description : Explicit cost refers to (a) Actual expenses of the firm to purchase or hire input it needed (b) Actual and notional expenses of the firm to purchase or hire input it needed (c) Notional expenses of the firm to purchase or hire input it needed ; (d) All the three
Last Answer : (a) Actual expenses of the firm to purchase or hire input it needed
Description : Stock of both man made goods as well as natural resources like capital is called – (a) National wealth ; (b) National stock ; (c) No less no gain level ; (d) All the three
Last Answer : (b) National stock ;
Description : In question No. 53 if the economy produces only 3 guns and 900 tons of wheat instead of 1100 tons of wheat what does it indicates (a) Under employment of resources ; (b) Production in efficiency ; (c) Sub-optimal production; (d) All the three
Description : PPF is negative sloped due to (a) Scarcity of production resources ; (b) Unlimited wants ; (c) Improvement in technology; (d) Increasing opportunity cost
Last Answer : (a) Scarcity of production resources ;
Description : The opportunity cost of capital investment is (a) Sacrifice of current consumption ; (b) More consumption on luxury items; (c) Lower capital growth in future ; (d) Wastage of Resources
Last Answer : (a) Sacrifice of current consumption
Description : Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two ... (d) It shows various combination of two goods which an economy can produce with a given time
Last Answer : (b) It shows various combination of two goods which an economy can produce with a given amount of resources
Description : In addition to three Central problem of economy, the additional problem(s) raised by the Modern economists is / are (a) Are the resources fully utilized or not ; (b) How efficient is the production and ... (c) Whether the capacity to produce or grow is increasing or is static ; (d) All the three
Description : Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None
Last Answer : (c) Both ;
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 : Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal (c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal
Last Answer : (b) Minimum and equal
Description : Which of the following is not an economic activity? (a) Painting for self use ; (b) Maintenance of Public Park by Local administration (c) Painting for commercial use ; (d) Running an Academic school
Last Answer : (a) Painting for self use ;
Description : A firm that makes profit in excess of normal profit is earning (a) Economic profit ; (b) Costing profit ; (c) Normal profit ; (d) Super normal profit
Last Answer : ; (d) Super normal profit
Description : A firm that break even after all the economic costs are paid in earning (a) Economic profit ; (b) Accounting profit ; (c) Normal profit ; (d) Super normal profit
Last Answer : (c) Normal profit ;
Description : The maximum quantity that a supplier is prepared to supply in the market at a given price is called (a) Economic order quantity ; (b) Optimum quantity ; (c) Supply quantity ; (d) Both or quantity
Last Answer : ; (c) Supply quantity ;
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 : 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 : Which of these is an economic activity (a) A father teaching his son at home instead of sending to any coaching centre (b) A hair dresser doing hair cut designing on payment (c) A housewife mending her family cloths on her own (d) A singer giving a show on his son’s wedding anniversary
Last Answer : (b) A hair dresser doing hair cut designing on payment
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
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 : 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 : The basic assumption of an economic analysis is/ are (a) Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None
Description : In economic wealth is the stock of all those material and immaterial objects which……... (a) Are transferable ; (b) Have utility ; (c) Are scarce ; (d) All the three
Description : In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None
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 : Which of the following is/ are a non-economic resource (a) Air (b) Water ; (c) Sunlight ; (d) All the three
Description : Which of the following is/ are an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) All the three
Description : Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) Air
Last Answer : ; (d) Air
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 negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory
Last Answer : (a) Increase in production due to specialization and division of labour;
Description : The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory
Last Answer : (b) Diseconomies of scale;
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
Description : Deficit financing means (a) Financing budgetary deficit by borrowing (b) Financing budgetary deficit by printing money ; (c) Both ; (d) None
Description : Reverse Repo transaction means (a) Sale of securities by the holder to the investor with the agreement to purchase them at a predetermined rate and date (b) Sale or purchase of securities by the ... of securities by the holder to the investor with the agreement to purchase them at market driven rate
Last Answer : (b) Sale or purchase of securities by the holder to the investor with the commitment to sell or purchase them at a predetermined rate and date