Any point beyond PPF is (a) Attainable ; (b) Unattainable ; (c) Attainable with increase in production facilities ; (d) None

Any point beyond PPF is (a) Attainable ; (b) Unattainable ; (c) Attainable with increase in production facilities ; (d) None
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Answer :

 (c) Attainable with increase in production facilities
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Any point beyond PPF curve can be attained by (a) Increasing supply of factor inputs ; (b) Technological innovation ; (c) Both ; (d) None

Description : Any point beyond PPF curve can be attained by (a) Increasing supply of factor inputs ; (b) Technological innovation ; (c) Both ; (d) None

Last Answer : ; (c) Both ;

If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports

Description : If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports

Last Answer : (a) The economy is working at less than the full employment level ;

PPF is negative sloped due to (a) Scarcity of production resources ; (b) Unlimited wants ; (c) Improvement in technology; (d) Increasing opportunity cost

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 ; 

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

Curvature of PPF is due to……… (a) Increase in opportunity cost ; (b) Decrease in opportunity cost ; (c) Fall in demand; (d) Fall in supply

Description : Curvature of PPF is due to……… (a) Increase in opportunity cost ; (b) Decrease in opportunity cost ; (c) Fall in demand; (d) Fall in supply 

Last Answer : (a) Increase in opportunity cost ; 

If a firm is operating at any point inside the PPF, the firm is (a) Efficient firm ; (b) Inefficient firm ; (c) Poised for abnormal growth ; (d) None

Description : If a firm is operating at any point inside the PPF, the firm is (a) Efficient firm ; (b) Inefficient firm ; (c) Poised for abnormal growth ; (d) None

Last Answer :  (b) Inefficient firm

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

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 ; 

Which of these is not an essential feature of a market (a) Buyers ; (b) Sellers ; (c) Commodity ; (d) Building with loading and unloading facilities

Description : Which of these is not an essential feature of a market (a) Buyers ; (b) Sellers ; (c) Commodity ; (d) Building with loading and unloading facilities

Last Answer : (d) Building with loading and unloading facilities

The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Description : The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Last Answer : a. the law of increasing marginal cost

The bowed shape of the production possibilities curve illustrates. a) Law of Increasing Marginal Cost b) The production is inefficient c) The production is unattainable d) The demand is relatively elastic

Description : The bowed shape of the production possibilities curve illustrates. a) Law of Increasing Marginal Cost b) The production is inefficient c) The production is unattainable d) The demand is relatively elastic

Last Answer : Answer- a

Which of these indicates increase in welfare of the people? (a) Increase in production of war time equipments ; (b) Increase in production of food grains (c) Spurt in smuggling activities ; (d) Increase in production of Heroine, smack et(c)

Description : Which of these indicates increase in welfare of the people? (a) Increase in production of war time equipments ; (b) Increase in production of food grains (c) Spurt in smuggling activities ; (d) Increase in production of Heroine, smack et(c) 

Last Answer : (a) Increase in production of war time equipments ; 

If the supply of a product remain same with the increase in price, the possible reasons can be (a) Apprehension of further price hike ; (b) Limited production facility; (c) Commodity being a rare commodity ; (d) All the three

Description : If the supply of a product remain same with the increase in price, the possible reasons can be (a) Apprehension of further price hike ; (b) Limited production facility; (c) Commodity being a rare commodity ; (d) All the three

Last Answer : (d) All the three

Shift in Demand curve or change in Demand curve occurs due to (a) Increase in price ; (b) Decrease in cost of production ; (c) Change in Cetris paribus conditions ; (d) All the three

Description : Shift in Demand curve or change in Demand curve occurs due to (a) Increase in price ; (b) Decrease in cost of production ; (c) Change in Cetris paribus conditions ; (d) All the three

Last Answer : (c) Change in Cetris paribus conditions ;

Change in cost of production of the concerned goods causes (a) The demand curve to shift ; (b) The supply curve to shift ; (c) Increase in quantity demanded; (d) Decrease in quantity supplied

Description : Change in cost of production of the concerned goods causes (a) The demand curve to shift ; (b) The supply curve to shift ; (c) Increase in quantity demanded; (d) Decrease in quantity supplied 

Last Answer : (b) The supply curve to shift ;

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

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;

If total production increases in the short run, the total cost will also…….. (a) Increase due to increase in fixed cost ; (b) Increase due to increase in variable cost (c) Increase due to increase in total cost ; (d) Remain constant

Description : If total production increases in the short run, the total cost will also…….. (a) Increase due to increase in fixed cost ; (b) Increase due to increase in variable cost (c) Increase due to increase in total cost ; (d) Remain constant

Last Answer : (b) Increase due to increase in variable cost

Which of these costs will increase or decrease with increase in production (a) Marginal cost ; (b) Financial costs ; (c) Fixed costs ; (d) All the three

Description : Which of these costs will increase or decrease with increase in production (a) Marginal cost ; (b) Financial costs ; (c) Fixed costs ; (d) All the three 

Last Answer : (a) Marginal cost ;

If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Description : If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Last Answer : (d) Both (a) and (c) above.

Higher PPC curve indicates (a) More production of both the things with increase in technology or factor inputs supply; (b) More production of one at the expense of other; (c) More production of one items at the expense of other with increase in technology or factor input supply ; (d) Less than full employment situation

Description : Higher PPC curve indicates (a) More production of both the things with increase in technology or factor inputs supply; (b) More production of one at the expense of other; (c) More production of ... of other with increase in technology or factor input supply ; (d) Less than full employment situation

Last Answer : (a) More production of both the things with increase in technology or factor inputs supply; 

If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Description : If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Last Answer : (a) Constant opportunity cost 

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 

If we add……………. to net domestic production we get GDP (a) Depreciation ; (b) Direct tax ; (c) Indirect tax ; (d) Interest payment

Description : If we add……………. to net domestic production we get GDP (a) Depreciation ; (b) Direct tax ; (c) Indirect tax ; (d) Interest payment

Last Answer : (a) Depreciation ;

In agricultural sector net value added is estimated by (a) Income method ; (b) Expenditure method ; (c) Production method ; (d) All the three

Description : In agricultural sector net value added is estimated by (a) Income method ; (b) Expenditure method ; (c) Production method ; (d) All the three

Last Answer : ; (c) Production method ;

Which of these items are excluded in the computation of National Income under value added method? (a) Own acquired fixed assets by the Government enterprises, Govt. and household; (b) Production for self-consumption ; (c) Imputed rent for own occupied house ; (d) All the three

Description : Which of these items are excluded in the computation of National Income under value added method? (a) Own acquired fixed assets by the Government enterprises, Govt. and household; (b) Production for self-consumption ; (c) Imputed rent for own occupied house ; (d) All the three

Last Answer : (d) All the three

………….. is a situation in which it is not possible to make someone better off without making someone worse off (a) Social efficiency ; (b) Production efficiency ; (c) Distribution efficiency ; (d) Pareto efficiency

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Last Answer :  (d) Pareto efficiency

…………… has excess production capacity in the long run (a) Perfect competition market ; (b) Monopolistic competition market ; (c) Oligopolistic market (d) None

Description : …………… has excess production capacity in the long run (a) Perfect competition market ; (b) Monopolistic competition market ; (c) Oligopolistic market (d) None

Last Answer :  (b) Monopolistic competition market ;

A monopoly based on sole state ownership of production and distribution network is known as (a) Natural monopoly ; (b) Technological monopoly ; (c) Government monopoly; (d) Geographical monopoly

Description : A monopoly based on sole state ownership of production and distribution network is known as (a) Natural monopoly ; (b) Technological monopoly ; (c) Government monopoly; (d) Geographical monopoly

Last Answer : (c) Government monopoly;

In the long run price is governed by …………. (a) Cost of Production ; (b) Demand supply forces ; (c) Marginal utility ; (d) None

Description : In the long run price is governed by …………. (a) Cost of Production ; (b) Demand supply forces ; (c) Marginal utility ; (d) None

Last Answer : (a) Cost of Production ;

The quantity of a commodity that an individual is willing to purchase over a specified period of time is a function of except ………. (a) Price of the commodity ; (b) Price of the competitive products; (c) His disposal income ; (d) Price of factor of production

Description : The quantity of a commodity that an individual is willing to purchase over a specified period of time is a function of except ………. (a) Price of the commodity ; (b) Price of the competitive products; (c) His disposal income ; (d) Price of factor of production 

Last Answer : ; (d) Price of factor of production

According to law of demand (a) Higher the price higher the production of the product (b) Higher the price lower the cost of production (c) Lower the price higher the demand for the product (d) Higher price higher the quantity the more the consumer demand

Description : According to law of demand (a) Higher the price higher the production of the product (b) Higher the price lower the cost of production (c) Lower the price higher the demand for the product (d) Higher price higher the quantity the more the consumer demand

Last Answer : (c) Lower the price higher the demand for the product 

The demand for a product is 25 units when the price is `10, however the demand rises to 26 when the price is reduced to `9.9 per unit. The marginal revenue from production and sale of additional unit from 25 to 26 is (a) `7.4 ; (b) `(16) ; (c) `10 ; (d) `257.6

Description : The demand for a product is 25 units when the price is `10, however the demand rises to 26 when the price is reduced to `9.9 per unit. The marginal revenue from production and sale of additional unit from 25 to 26 is (a) `7.4 ; (b) `(16) ; (c) `10 ; (d) `257.6

Last Answer : (a) `7.4 ;

Change in quantity demanded or Movement along demand curve occurs due (a) Due to change in price only ; (b) Change in Cetris paribus conditions only ; (c) Change in cost of production ; (d) Change in technology

Description : Change in quantity demanded or Movement along demand curve occurs due (a) Due to change in price only ; (b) Change in Cetris paribus conditions only ; (c) Change in cost of production ; (d) Change in technology

Last Answer : (a) Due to change in price only ;

The quantity that an individual supplier is prepared to supply over a period of time is a function of (a) Price of the product ; (b) Cost of production of the product ; (c) Both ; (d) None

Description : The quantity that an individual supplier is prepared to supply over a period of time is a function of (a) Price of the product ; (b) Cost of production of the product ; (c) Both ; (d) None

Last Answer : ; (c) Both ;

According to law of supply ……….. (a) Higher the price higher the production of the product; (b) Higher the price lower the cost of production ; (c) Lower the price lower the demand for the product; (d) Higher the price higher the quantity the seller is prepared to supply in market

Description : According to law of supply ……….. (a) Higher the price higher the production of the product; (b) Higher the price lower the cost of production ; (c) Lower the price lower the demand for the product; (d) Higher the price higher the quantity the seller is prepared to supply in market

Last Answer : (d) Higher the price higher the quantity the seller is prepared to supply in market 

Under law of supply, ceteris paribus is (a) Cost of production ; (b) Production technology ; (c) None ;(d) Both

Description : Under law of supply, ceteris paribus is (a) Cost of production ; (b) Production technology ; (c) None ;(d) Both

Last Answer : ;(d) Both 

Which of these is not a factor of quantity supplied (a) Price of the goods ; (b) Price of the related other goods; (c) Cost of production ; (d) Consumers disposal income

Description : Which of these is not a factor of quantity supplied (a) Price of the goods ; (b) Price of the related other goods; (c) Cost of production ; (d) Consumers disposal income

Last Answer : ; (d) Consumers disposal income

Which of the following is not a factor in market supply of a product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product; (d) Price of related products

Description : Which of the following is not a factor in market supply of a product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product; (d) Price of related products

Last Answer : (b) Number of buyers ;

Select the odd one (a) Price of the product ; (b) Cost of production ; (c) No. of suppliers ; (d) St. duties

Description : Select the odd one (a) Price of the product ; (b) Cost of production ; (c) No. of suppliers ; (d) St. duties

Last Answer : (a) Price of the product

Elasticity of supply depends upon (a) Nature of the commodity ; (b) Production technology ; (c) Future outlook of prices (d) All the three

Description : Elasticity of supply depends upon (a) Nature of the commodity ; (b) Production technology ; (c) Future outlook of prices (d) All the three

Last Answer : (d) All the three

Which of the following is not a factor is market supply of product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product ; (d) Price of related products

Description : Which of the following is not a factor is market supply of product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product ; (d) Price of related products

Last Answer :  (b) Number of buyers 

Price elasticity of demand is not affected by (a) Nature of the commodity ; (b) Availability of close substitute; (c) Cost of production ; (d) Consumption habits

Description : Price elasticity of demand is not affected by (a) Nature of the commodity ; (b) Availability of close substitute; (c) Cost of production ; (d) Consumption habits

Last Answer : (c) Cost of production ;

Long run supply curve of a constant cost industry is (a) Horizontal line at a price that is equal to the long run minimum average cost of production; (b) Horizontal line overlapping X axis ; (c) Vertical line at mid of X axis ; (d) Vertical line overlapping Y axis

Description : Long run supply curve of a constant cost industry is (a) Horizontal line at a price that is equal to the long run minimum average cost of production; (b) Horizontal line overlapping X axis ; (c) Vertical line at mid of X axis ; (d) Vertical line overlapping Y axis 

Last Answer : (a) Horizontal line at a price that is equal to the long run minimum average cost of production; 

Total variable cost curve is explained by (a) Law of the diminishing marginal returns ; (b) The price of the variable inputs; (c) Production function ; (d) All the three

Description : Total variable cost curve is explained by (a) Law of the diminishing marginal returns ; (b) The price of the variable inputs; (c) Production function ; (d) All the three 

Last Answer : ; (d) All the three

Marginal cost is defined as……………………. (a) Change in total cost due to addition of one unit ; (b) Total cost divided by additional unit; (c) Total cost divided by total units produced ; (d) Total sales / Total production

Description : Marginal cost is defined as……………………. (a) Change in total cost due to addition of one unit ; (b) Total cost divided by additional unit; (c) Total cost divided by total units produced ; (d) Total sales / Total production

Last Answer : (a) Change in total cost due to addition of one unit ;

Marginal product is…………. (a) Rate at which total production changes with change in variable input; (b) Rate at which total production changes with change in total cost; (c) Rate at which total production changes with change in fixed cost ; (d) None

Description : Marginal product is…………. (a) Rate at which total production changes with change in variable input; (b) Rate at which total production changes with change in total cost; (c) Rate at which total production changes with change in fixed cost ; (d) None

Last Answer : (a) Rate at which total production changes with change in variable input; 

„Transfer Payments‟ are (a) Payments made to a factor of production ; (b) Payments transferred from one sector to another; (c) Payments made for no return service ; (d) Payments made by government of one country to another

Description : „Transfer Payments‟ are (a) Payments made to a factor of production ; (b) Payments transferred from one sector to another; (c) Payments made for no return service ; (d) Payments made by government of one country to another

Last Answer : (c) Payments made for no return service ;  

Production possibility curves shows maximum combinations of -----products (a) 1 ; (b) 2 ; (c) 3 ; (d) 4

Description : Production possibility curves shows maximum combinations of -----products (a) 1 ; (b) 2 ; (c) 3 ; (d) 4 

Last Answer : (b) 2

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 : 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

Last Answer : (d) All the three 

Opportunity cost of increasing production of Gun to 5 units in combination F is –tons of bread (a) 200 ; (b) 100 ; (c) 600 ; (d) 500

Description : Opportunity cost of increasing production of Gun to 5 units in combination F is –tons of bread (a) 200 ; (b) 100 ; (c) 600 ; (d) 500

Last Answer :  (c) 600

Opportunity cost of increasing production of Gun to 4 units in combination E is –tons of bread (a) 200 ; (b) 500 ; (c) 300 ; (d) 400

Description : Opportunity cost of increasing production of Gun to 4 units in combination E is –tons of bread (a) 200 ; (b) 500 ; (c) 300 ; (d) 400

Last Answer :  (b) 500