Description : Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) Air
Last Answer : ; (d) Air
Description : Which of the following will have a relatively flat supply curve (a) Land ; (b) Labour ; (c) Capital ; (d) Raw material
Last Answer : (a) Land ;
Description : Which of the following is/ are a non-economic resource (a) Air (b) Water ; (c) Sunlight ; (d) All the three
Last Answer : (d) All the three
Description : In the short run which of the following is fixed (a) Labour ; (b) Capital ; (c) Raw material ; (d) None
Last Answer : (b) Capital ;
Description : Labour cost consists of (a) All people officially employed or unemployed (b) All people over the age of 18 but less than 58 years of age (c) All youth having passed matriculate examination ; (d) All the three
Last Answer : (a) All people officially employed or unemployed
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 : 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 : Economic rent refers to - (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land
Last Answer : (4) Payment made for the use of land Explanation: Rent refers to that part of payment by a tenant which is made only for the use of land, i.e., free gift of nature. The payment made by ... rent'. Economic rent is also called surplus because it emerges without any effort on the part of a landlord.
Description : Economic rent refers to (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land
Last Answer : Payment made for the use of land
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 : 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
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 : 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 : 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 : Which of these would be classified as capital in economics (a) Bhankra Dam ; (b) Indira canal ; (c) Golden triangle ; (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 : 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 : 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 : 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 : 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 : 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
Last Answer : (c) Both ;
Description : In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None
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 : In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None
Last Answer : (a) Resources ;
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 : 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 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 : 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 : 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 : GDP is defined as (a) The market value of all goods and services produced in the domestic economy during the year ; (b) Current value of all the capital goods produced in the country. ; (c) ... during the year. ; (d) All the capital goods and consumable goods produced and sold during the year
Last Answer : (a) The market value of all goods and services produced in the domestic economy during the year ;
Description : In the long run a firm in perfect competition earns (a) Normal profit only ; (b) Abnormal profit ; (c) Average profit of past five years; (d) 12.33% profit on capital employed
Last Answer : (a) Normal profit only ;
Description : In the Union Budget, profits from public sector undertakings are taken under (a) Revenue receipts ; (b) Capital receipts (c) Monetized receipts ; (d) Planned expenditure
Last Answer : (a) Revenue receipts
Description : If the balance on current and capital accounts of Balance of Payments (BoP) taken together is negative, then (a) It is a case of BoP surplus ; (b) It is a case of BoP surplus where the official reserve account is in surplus; (c) It is a case of BoP deficit ; (d) It is case of BoP disequilibrium
Last Answer : (c) It is a case of BoP deficit ;
Description : Balance of trade is (a) The difference between balance on current account and capital account (b) Same as the balance of merchandize trade ; (c) Same as the balance of current account (d) Overall BoP balance.
Last Answer : (b) Same as the balance of merchandize trade ;
Description : Financial interrelation ratio is equal to (a) Total issues / National income ; (b) Primary issues / Net capital formation; (c) Total issues / Net capital formation ; (d) Total stock of financial assets/Stock of fiscal assets
Last Answer : (c) Total issues / Net capital formation
Description : GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.
Last Answer : (d) When subsidies exceeds indirect taxes.
Description : GDP at market prices is the sum of Consumption, Investment, Government Spending and Net Exports. „Net‟ exports is (a) Gross exports minus depreciation ; (b) Exports minus imports ; (c) Gross exports earnings minus capital inflow ; (d) Export minus imports of merchandize
Last Answer : (b) Exports minus imports ;
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 : The opportunity cost of consumption is (a) Lack of capital formation for future ; (b) Greater investment ; (c) Full employment ; (d) Deflation
Last Answer : (a) Lack of capital formation for future ;
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 : What is the sum total of incomes received for the services of labour, land or capital in a country? -General Knowledge
Last Answer : The answer is 'National income'
Last Answer : answer:
Description : The sum total of incomes received for the services of labour, land or capital in a country is called (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income
Last Answer : (3) Gross domestic income Explanation: The Gross Domestic Income (GDI) is the total in-come received by all sectors of an economy within a nation. It includes the sum of all wages, profits, ... services), the gross domestic income of a count should exactly equal its gross domestic product (GDP).