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 : 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 : 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 : Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods - opening stock of finished goods - total expenditure on raw material - intermediate ... stock of finished goods and semi finished goods - total expenditure on raw material - intermediate goods.
Last Answer : (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.
Description : Full employment is the level at which there is (a) Zero unemployment ; (b) Normal rate of unemployment; (c) Lease supply of labor ; (d) Demand for goods is less than supply.
Last Answer : (c) Lease supply of labor ;
Description : National income is the ……………. Of all the goods and services produced by a country during a period of year (a) Physical quantity ; (b) Money value ; (c) `Value ; (d) All the three
Last Answer : (b) Money value ;
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 : 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.
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 : 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
Last Answer : (a) An increase in demand ;
Description : A goods can be considered inferior 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
Last Answer : ; (c) Decrease in demand ;
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 : Given the supply quantity which is fixed an increase in aggregate demand will have direct impact on (a) Increase in GDP ; (b) Inflationary pressure ; (c) Greater employment opportunity; (d) More equitable distribution of income and wealth
Last Answer : (b) Inflationary pressure ;
Description : Which of these would lead to fall in demand for money? (a) Inflation ; (b) Increase in real income ; (c) Increase in real rate of interest ; (d) Increase in wealth
Last Answer : (c) Increase in real rate of interest ;
Description : The famous book “An enquiry into the nature and causes of wealth of Nation” was written by – (a) Adam Smith ; (b) Samulson ; (c) Robertson ; (d) JB Say
Last Answer : (a) Adam Smith
Description : Who defined economics as “ Science which deals with wealth” (a) J. (B) Say ; (b) (A) (C) pigou ; (c) Alfred Marshall ; (d) Robbins
Last Answer : (a) J. (B) Say ;
Description : When the price is less than the average variable cost, the firm should . (a) Continue to operate till the market recover ; (b) Shut down its operation for the time being (c) Retrench ... compensation; (d) Clear the existing stock at a price less than the prevailing price to beat the competitors
Last Answer : (b) Shut down its operation for the time being
Description : Macroeconomics is concerned with (a) The level of output of goods and services ; (b) The general level of prices ; (c) The growth of real output ; (d) All of the above
Last Answer : (d) All of the above
Description : Goods which are not perfect substitute of each other but have to be consumed in a fixed ratio will have rate of substitution (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Zero
Last Answer : (d) Zero
Description : Goods which are perfect substitute of each other will have elasticity of substitution…... (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Infinite
Last Answer : ; (d) Infinite
Description : Goods which are perfect substitute of each other will have rate of substitution (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Zero
Last Answer : (a) Unity ;
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
Description : Which statement about the US economy is wrong? (A) The US has a capitalist mixed economy. (B) The US national debt is the world's largest. (C) The US economy is shaped by the country's ... infrastructure, and high productivity. (D) The USA is the largest exporter and importer of goods in the world.
Last Answer : (D) The USA is the largest exporter and importer of goods in the world.
Description : NDP does not include (a) Payments made for income taxes ; (b) Depreciation allowances ; (c) Undistributed profits; (d) The value added from intermediate goods.
Last Answer : (b) Depreciation allowances ;
Description : Which of these would not be part of GDP? (a) Sale of Intermediate goods ; (b) Income from illegal betting ; (c) Household services rendered by a house wife in her family ; (d) All the three
Description : Which of the following is an example of an intermediate goods. (a) A Tata Indica sold by a dealer of second hand car ; (b) Steel and cement used to construct a flyover ; (c) Farming crop purchased by FCI (d) All the three
Last Answer : (b) Steel and cement used to construct a flyover ;
Description : Under the law of demand ceteris paribus is/are (a) Price of other goods ; (b) Disposal income ; (c) Tastes and preferences ; (d) All the three
Description : Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three
Description : 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
Description : Which of these will have highly inelastic supply curve (a) Perishable goods ; (b) Consumer durables goods; (c) Items of elite class consumption ; (d) All the three
Last Answer : (a) Perishable goods ;
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 : 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 : During the recessionary phase of a business cycle (a) The natural rate of unemployment will increase dramatically (b) Potential national income will exceed actual national income (c) Actual national income ... national income (d) The real rate of interest will exceed the nominal rate of interest.
Last Answer : (a) The natural rate of unemployment will increase dramatically
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
Description : Sugar and tea are …………… goods (a) Complementary ; (b) Prefect substitute of each other ; (c) Both ; (d) Unrelated
Last Answer : (a) Complementary ;
Description : Complementary goods are those which are …………… (a) Consumed simultaneously ; (b) Close competitive ; (c) Both ; (d) Unrelated
Last Answer : (a) Consumed simultaneously ;
Description : If demand of coffee increases by 10% with 20% decline in the price of sugar we can say that (a) Cross price elasticity of demand is negative and both the products are complementary to each other ... price elasticity is positive and the products are complementary to each other ; (d) None of these
Last Answer : (a) Cross price elasticity of demand is negative and both the products are complementary to each other;
Description : In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None
Last Answer : (c) Both ;
Description : Change in price of the goods cause (a) Change in quantity demanded ; (b) Shift in demand curve ; (c) Change in price; (d) No effect on quantity demanded
Last Answer : (a) Change in quantity demanded ;
Description : Change in consumers tastes and preference causes – of the particular goods (a) Change in quantity demanded ; (b) Shift in demand curve ; (c) Change in price ; (d) No effect on quantity demanded
Last Answer : (b) Shift in demand curve ;
Description : Scarcity of resources means (a) Limited resources ; (b) Non – esxistence of resources ; (c) Both ; (d) None
Last Answer : (a) Limited resources ;
Description : Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None
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 : Which of these would be classified as capital in economics (a) Bhankra Dam ; (b) Indira canal ; (c) Golden triangle ; (d) All the three
Description : Which of the following is/ are an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) All the three
Description : The ideal level of operation for a pure monopoly firm is the level where (a) TR and STC curve are parallel to each other ; (b) TR = TC ; (c) TR = Total variable cost; (d) TR is less than STC
Last Answer : (a) TR and STC curve are parallel to each other ;
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 ;
Description : Which of the following function does money serve when used to purchase or sell different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power
Last Answer : (b) Medium of exchange ;
Description : Which of the following function does money serve when used to measure the prices of different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power
Last Answer : (c) Standard of value ;
Description : ……………… is an index of price change for goods and services included in GDP (a) Price index ; (b) Sensex ; (c) GDP deflator ; (d) None
Last Answer : (c) GDP deflator ;