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

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
by

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Answer :

(d) All the three
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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

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Last Answer : (d) All the three

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

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Last Answer : (b) Behaviour of all the individual decision making units and market viewed in totality; 

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

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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

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In economics, in the long run all the cost…………. (a) Are fixed ; (b) Are variable ; (c) Except labour are variable ; (d) Are non controllable

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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

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According to traditional approach the factor responsible for operation of downward slope of demand curve are (a) Change in number of consumers ; (b) Law of decreasing marginal utility (c) Alternative uses of goods ; (d) All the three

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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

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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

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Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

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Economics modes are (a) Based on some realistic assumptions ; (b) Based on hypothetical assumptions (c) Scientifically tested ; (d) Based on necessity

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----------is known as father of economics (a) Adam Smith ; (b) Professor A Samulson ; (c) Alfred Marshall ; (d) J R Hicks

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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

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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

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Which of the following is/ are an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) All the three

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An ideal gas as compared to a real gas at very high pressure occupies  (a) more volume  (b) less volume  (c) same volume  (d) unpredictable behaviour  (e) no such correlation.

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Which one of the following characteristics is part of the definition of a group? (a) unstable relationship ; (b) interdependent effort ; (c) personal accountability (d) independent behaviour

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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

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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

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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

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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

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In economic theory, in the short run all the cost are…………… (a) Fixed ; (b) Variable ; (c) Controllable ; (d) Semi variable

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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

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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

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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

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Last Answer : (b) A hair dresser doing hair cut designing on payment 

The basic assumption of an economic analysis is/ are (a) Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None

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In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None

Description : In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None

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Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) Air

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Last Answer : ; (d) Air

Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive

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; 

In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None

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Last Answer : (a) Resources ;

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

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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

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Last Answer : (b) Scarcity of economic resources ;

Tea and Coffee are perfect substitute of each other, given the price of Tea and Coffee being `100 and `200 per Kg. a consumer is prepared to buy 3 Kg. of each. If the price of tea remain same and the price of Coffee rises to `400 per kg. the demand for Tea goes to 6 Kg. and that of Coffee falls to 1Kg. The elasticity of substitution between Tea and Coffee is (a) 1 ; (b) 4 ; (c) 5 ; (d) 3

Description : Tea and Coffee are perfect substitute of each other, given the price of Tea and Coffee being `100 and `200 per Kg. a consumer is prepared to buy 3 Kg. of each. If the price of tea remain same and the price of ... elasticity of substitution between Tea and Coffee is (a) 1 ; (b) 4 ; (c) 5 ; (d) 3

Last Answer : (c) 5 ;

Optional money is a (a) Legal tender money ; (b) Non-legal tender money ; (c) Limited legal tender money; (d) Full bodied money

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Last Answer :  (b) Non-legal tender money ;

If price of Tea increases the demand of coffee will (a) Increase ; (b) Decrease ; (c) Remain same ; (d) Cannot say

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Last Answer : (a) Increase