Description : Which of the following is not a central problem of a society (a) What to produce ; (b) How to produce ; (c) For whom to produce ; (d) What to eat
Last Answer : (d) What to eat
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 central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention
Last Answer : (c) Relative prices and availability of factors of production
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
Last Answer : (d) All the three
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 the following would not reduce the transaction cost in a market? (a) a real estate agent, when buying a house (b) a stock broker, when purchasing stock (c) a full page newspaper ad to sell your used lawn mower (d) a farmer’s market for fresh produce
Last Answer : (c) a full page newspaper ad to sell your used lawn mower
Description : In a perfect competitive market price determines – (a) What to buy ; (b) What to produce ; (c) Both ; (d) None
Last Answer : (c) Both ;
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 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 : The basic problem of an economy is (a) What to produce? (b) How to produce? © For whom to produce? (d) All of the above.
Last Answer : (d) All of the above.
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 : ……………. 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 : 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 : Which of these is a secondary sector (a) Manufacturing sector ; (b) Transport ; (c) Forestry ; (d) Animal husbandry
Last Answer : (a) Manufacturing sector ;
Description : Which of these is primary sector. (a) Communication ; (b) Banking ; (c) Construction ; (d) Poultry firming
Last Answer : (d) Poultry firming
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 : In an agricultural family all the family members are working the farmland of the family. Due to addition of two more person in the family they are also working in the farmland of the ... (a) Cyclical unemployment ; (b) Disguised unemployment ; (c) Frictional unemployment (d) Seasonal unemployment
Last Answer : (b) Disguised unemployment ;
Description : Unemployment due to mismatch between skill possessed and present available jobs (a) Cyclical unemployment (b) Structural unemployment ; (c) Frictional unemployment; (d) Seasonal unemployment
Last Answer : (b) Structural unemployment ;
Description : Which of these measures would not reduce natural rate of unemployment? (a) Creation of more jobs ; (b) Reducing the age of superannuation (c) Hike in unemployment allowance ; (d) Employment oriented education system
Last Answer : (c) Hike in unemployment allowance ;
Description : The type of unemployment that includes those persons who are unemployed for an intervening period of change over in job for better job is known as (a) Seasonal unemployment ; (b) Voluntary unemployment ; (c)Frictional unemployment (d) Technical unemployment
Last Answer : (c)Frictional unemployment
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 : Which of the following is not a cause of unemployment in India? (a) Growing population ; (b) Lack of employment opportunity ; (c)Inappropriate education system ; (d) Liberalization
Last Answer : (d) Liberalization
Description : Which of the following is a cause of frictional unemployment? (a) Non-availability of work due to strike and lock-out. (b) Temporary unemployment due to change over in jo(b) ; (c) Both ; (d) None
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 : 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 : Disguised unemployment is mainly found in (a) Urban areas ; (b) Rural areas ; (c) Small scale sector ; (d) Highly qualified work force
Last Answer : (b) Rural areas ;
Description : Disguised unemployment is mainly due to (a) Under employment ; (b) Seasonal nature of work ; (c) Strike and lock-out ; (d) Structural changes in the economy
Last Answer : (a) Under employment ;
Description : Sarvya Siksha Abhiyan policy was declared in (a) 2004 ; (b) 2001 ; (c) 1999 ; (d) 2003 ;
Last Answer : (b) 2001 ;
Description : NTPC stands for (a) National Thermal Power Corporation ; (b) Naturopathy treatment project commission. (c) Natural thermal project company ; (d) National Thermal power commission
Last Answer : (a) National Thermal Power Corporation ;
Description : TRAI stands for (a) Trans Communication Regulatory Authority of India ; (b) Telecom Regulatory Authority of India (c) Telegraphic Regulatory Authority of India ; (d) Traffic Regulatory Authority of Indi(a)
Last Answer : (b) Telecom Regulatory Authority of India
Description : Regulatory framework for Telecom sector is provided by (a) MTNL ; (b) VANL ; (c) BSNL ; (d) TRAI
Last Answer : (d) TRAI
Description : BSNL stands for (a) British Sanchar Nigam Lt(d) ; (b) Bidesh Sanchar Nigam Lt(d) ; (c) Bharat Sanchar Nigam Lt(d) (d) Bhartiya Swadeshi Nigam Lt(d)
Last Answer : (d) Bhartiya Swadeshi Nigam Lt(d)
Description : Green revolution was successful because of use of ……. Seeds (a) HYV ; (b) Imported ; (c)Australian ; (d) Local seeds
Last Answer : (a) HYV ;
Description : Green revolution is also known as (a) Wheat revolution ; (b) Milk revolution ; (c) Grain revolution ; (d) Chipko movement
Last Answer : (a) Wheat revolution ;
Description : What will happen to the equilibrium price and quantity of peanut butter if peanuts increase in price and the price of jelly decreases? (a) the equilibrium price and quantity increase (b) the ... ) the equilibrium price will rise and the equilibrium quantity will be indeterminate (d) None of above
Last Answer : (c) the equilibrium price will rise and the equilibrium quantity will be indeterminate
Description : Which of the following is correct for the price ceiling which is set below the market s equilibrium price? (a) quantity demanded exceeds quantity supplied at the set price; (b) quantity demanded is less than quantity ... the set price ; (c) at the set price there is a surplus ; (d) None of above
Last Answer : (a) quantity demanded exceeds quantity supplied at the set price;
Description : Which of the following is correct for a price floor set above the equilibrium price? (a) quantity supplied is less than quantity demanded at the set price.; (b) at the set price there will be a shortage; (c) quantity supplied exceeds quantity demanded at the set price ; (d) None of above
Last Answer : (c) quantity supplied exceeds quantity demanded at the set price ;
Description : If supply and demand both shift outward, but demand shifts outward more than supply, the equilibrium price (a) will increase and quantity will increase ; (b) will increase and quantity will decrease; (c) will decrease and quantity will decrease ; (d) will decrease and quantity will increase
Last Answer : (a) will increase and quantity will increase ;
Description : As a certain type of clothing becomes more fashionable, we would expect its equilibrium price (a) to decrease and quantity will remain constant ; (b) and quantity will decrease; (c) to increase and quantity to decrease ; (d) and quantity to increase
Last Answer : ; (d) and quantity to increase
Description : A reduction in the number of producers will result in equilibrium price (a) increasing and quantity increasing ; (b) increasing and quantity decreasing ; (c) decreasing and quantity increasing ; (d) decreasing and quantity decreasing
Last Answer : (b) increasing and quantity decreasing ;
Description : A shift outward in supply curve will result in equilibrium price (a) increasing and quantity increasing ; (b) increasing and quantity decreasing ; (c) decreasing and quantity increasing ; (d) decreasing and quantity decreasing
Last Answer : (c) decreasing and quantity increasing ;
Description : An improvement in technology would shift (a) the demand curve inward ; (b) the demand curve outward ; (c) the supply curve inward (d) the supply curve outward
Last Answer : (d) the supply curve outward
Description : The price of Ford automobiles increases and the price of Chevrolets remains constant, the demand for Chevrolets will (a) increase ; (b) decrease ; (c) decrease then increase ; (d) increase then decrease
Last Answer : (a) increase ;
Description : Which of the following would not be considered substitutes? (a) butter and margarine ; (b) Coke and Pepsi ; (c) Fords and Chevrolets (d) Hamburgers and french fries
Last Answer : (d) Hamburgers and french fries
Description : Which of the following would not be considered compliments? (a) shoes and socks ; (b) tennis racquet and tennis balls ; (c) Coke and Pepsi ; (d) automobiles and gasoline
Last Answer : (c) Coke and Pepsi ;
Description : A typical demand curve will normally have a (a) positive slope ; (b) horizontal slope ;(c) vertical slope ; (d) negative slope
Last Answer : (d) negative slope
Description : Which of the following would not be considered a normal good? (a) Steaks ; (b) flour ; (c). oranges ; (d) meals at restaurants
Last Answer : (b) flour ;
Description : Assume Samantha likes hot dogs and hamburgers equally, and the price of hamburgers (a normal good) declines. She will most likely purchase more hamburgers; this is (a) a reflection of the income ... substitution effect; (c) a reflection of the income and substitution effects ; (d) None of above
Last Answer : (b) a reflection the substitution effect;
Description : At a given time and in a given marketplace, the entire market demand curve indicates the (a) quantity of a good consumers would be willing and able to purchase at a given price. (b) quantity of a ... a given price (d) quantity of a good consumers have purchased at a series of prices over the year.
Last Answer : (b) quantity of a good consumers would be able to purchase at a series of prices.