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

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
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Answer :

(d) What to eat
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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) Where to produce

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) Where to produce

Last Answer : (d) Where to produce

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

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 ;

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

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

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 distribution system; (c) Whether the capacity to produce or grow is increasing or is static ; (d) All the three

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

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

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 ;

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

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; 

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

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 

In a perfect competitive market price determines – (a) What to buy ; (b) What to produce ; (c) Both ; (d) None

Description : In a perfect competitive market price determines – (a) What to buy ; (b) What to produce ; (c) Both ; (d) None

Last Answer : (c) Both ;

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 goods which an economy can produce with a given amount of resources (c) It shows various combination of two goods which an economy can produce with a given budget (d) It shows various combination of two goods which an economy can produce with a given time

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

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

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

The basic problem of an economy is (a) What to produce? (b) How to produce? © For whom to produce? (d) All of the above.

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.

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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Last Answer : (b) Minimum and equal

……………. 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

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 ;

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

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 ;

Which of these is a secondary sector (a) Manufacturing sector ; (b) Transport ; (c) Forestry ; (d) Animal husbandry

Description : Which of these is a secondary sector (a) Manufacturing sector ; (b) Transport ; (c) Forestry ; (d) Animal husbandry

Last Answer : (a) Manufacturing sector ;

Which of these is primary sector. (a) Communication ; (b) Banking ; (c) Construction ; (d) Poultry firming

Description : Which of these is primary sector. (a) Communication ; (b) Banking ; (c) Construction ; (d) Poultry firming

Last Answer : (d) Poultry firming 

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 : 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

Last Answer :  (d) All the three 

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 family with no additional increase in farm output. This type of unemployment is known as (a) Cyclical unemployment ; (b) Disguised unemployment ; (c) Frictional unemployment (d) Seasonal unemployment

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 ;

Unemployment due to mismatch between skill possessed and present available jobs (a) Cyclical unemployment (b) Structural unemployment ; (c) Frictional unemployment; (d) Seasonal 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 ;

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

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 ;

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

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 

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

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Last Answer : (a) All people officially employed or unemployed

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

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Last Answer : (d) Liberalization

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

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Last Answer : (c) Both ;

Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.

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 ;

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 (c) Marginal productivity of the surplus workers is falling sharply (d) Marginal productivity of the surplus workers is falling sharply

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Last Answer : (a) Marginal Productivity of the surplus workers is zero

Disguised unemployment is mainly found in (a) Urban areas ; (b) Rural areas ; (c) Small scale sector ; (d) Highly qualified work force

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 ;

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

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 ;

Sarvya Siksha Abhiyan policy was declared in (a) 2004 ; (b) 2001 ; (c) 1999 ; (d) 2003 ;

Description : Sarvya Siksha Abhiyan policy was declared in (a) 2004 ; (b) 2001 ; (c) 1999 ; (d) 2003 ; 

Last Answer :  (b) 2001 ;

NTPC stands for (a) National Thermal Power Corporation ; (b) Naturopathy treatment project commission. (c) Natural thermal project company ; (d) National Thermal power commission

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 ;

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)

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

Regulatory framework for Telecom sector is provided by (a) MTNL ; (b) VANL ; (c) BSNL ; (d) TRAI

Description : Regulatory framework for Telecom sector is provided by (a) MTNL ; (b) VANL ; (c) BSNL ; (d) TRAI

Last Answer : (d) TRAI

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)

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)

Green revolution was successful because of use of ……. Seeds (a) HYV ; (b) Imported ; (c)Australian ; (d) Local seeds

Description : Green revolution was successful because of use of ……. Seeds (a) HYV ; (b) Imported ; (c)Australian ; (d) Local seeds

Last Answer : (a) HYV ;

Green revolution is also known as (a) Wheat revolution ; (b) Milk revolution ; (c) Grain revolution ; (d) Chipko movement

Description : Green revolution is also known as (a) Wheat revolution ; (b) Milk revolution ; (c) Grain revolution ; (d) Chipko movement

Last Answer : (a) Wheat revolution ;

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 equilibrium price will fall and the equilibrium quantity will be indeterminate (c) the equilibrium price will rise and the equilibrium quantity will be indeterminate (d) None of above

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 

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 supplied at the set price ; (c) at the set price there is a surplus ; (d) None of above

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;

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

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 ;

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

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 ;

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

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

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

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 ;

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

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 ;

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

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

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

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 ;

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

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

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

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 ;

A typical demand curve will normally have a (a) positive slope ; (b) horizontal slope ;(c) vertical slope ; (d) negative slope

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 

Which of the following would not be considered a normal good? (a) Steaks ; (b) flour ; (c). oranges ; (d) meals at restaurants

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 ;

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 effect ; (b) a reflection the substitution effect; (c) a reflection of the income and substitution effects ; (d) None of above

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;

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 good consumers would be able to purchase at a series of prices. (c) quantity of a good consumers want to purchase at a given price (d) quantity of a good consumers have purchased at a series of prices over the year.

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.