| 1. |
According to whom, economics is the science of wealth? |
| A. | kautilya |
| B. | Adam smith |
| C. | Marshall |
| D. | Robbins |
| Answer» B. Adam smith | |
| 2. |
According to whom, economics is a welfare-oriented theory? |
| A. | Marshall |
| B. | Adam smith |
| C. | Hicks |
| D. | Robbins |
| Answer» A. Marshall | |
| 3. |
How is the concept of scarcity? |
| A. | Absolute |
| B. | Relative |
| C. | Religious |
| D. | Political |
| Answer» B. Relative | |
| 4. |
Who is the writer of Wealth of Nations? |
| A. | Marshall |
| B. | Robbins |
| C. | Adam smith |
| D. | kautilya |
| Answer» C. Adam smith | |
| 5. |
BY which other name, economics is known? |
| A. | Policy |
| B. | Society |
| C. | State |
| D. | Science of Economizing |
| Answer» D. Science of Economizing | |
| 6. |
Who has given the concept that economics is neutral about purpose? |
| A. | Marshall |
| B. | Robbins |
| C. | Adam smith |
| D. | kautilya |
| Answer» B. Robbins | |
| 7. |
Who is known to be the first economist to have started studying economics as science? |
| A. | kautilya |
| B. | Marshall |
| C. | Robbins |
| D. | Adam smith |
| Answer» D. Adam smith | |
| 8. |
Who introduced economics as real science? |
| A. | Adam smith |
| B. | Robbins |
| C. | Samuelson |
| D. | Marshall |
| Answer» B. Robbins | |
| 9. |
Which economist put social preferences and distribution in the centre of economics? |
| A. | kautilya |
| B. | Samuelson |
| C. | Marshall |
| D. | Adam smith |
| Answer» B. Samuelson | |
| 10. |
Which economist studies the concept of scarcity in economics? |
| A. | kautilya |
| B. | Adam smith |
| C. | Robbins |
| D. | Marshall |
| Answer» C. Robbins | |
| 11. |
Which examines the study of demand analysis in economics? |
| A. | Consumer |
| B. | Firm |
| C. | Market |
| D. | Production |
| Answer» A. Consumer | |
| 12. |
What is the third nature of human other than consumer and producer? |
| A. | Customer |
| B. | Users |
| C. | Labour |
| D. | None of other |
| Answer» C. Labour | |
| 13. |
When products are expensive then how is the demand of prestigious goods of the rich? |
| A. | More |
| B. | Less |
| C. | Zero |
| D. | Negative |
| Answer» A. More | |
| 14. |
The change in price of substitute good ------- the demand for goods. |
| A. | Decreases |
| B. | Increases |
| C. | Zero |
| D. | Does not affect |
| Answer» A. Decreases | |
| 15. |
How is the demand curves sloped? |
| A. | Negative |
| B. | Positive |
| C. | Parallel to X axis |
| D. | Parallel to Y axis |
| Answer» A. Negative | |
| 16. |
How many types of price elasticity of demand are there? |
| A. | Two |
| B. | Four |
| C. | Five |
| D. | Seven |
| Answer» C. Five | |
| 17. |
What will be the elasticity of demand if percentage change in demand is less than the percentage Change in price? |
| A. | Elastic demand |
| B. | Inelastic demand |
| C. | Perfectly elastic demand |
| D. | Perfectly inelastic demand |
| Answer» B. Inelastic demand | |
| 18. |
What will be the nature of demand if elasticity of demand is 1? |
| A. | Perfectly elastic demand |
| B. | Perfectly inelastic demand |
| C. | Unit elasticity of demand |
| D. | Elastic demand |
| Answer» C. Unit elasticity of demand | |
| 19. |
How many types of income elasticity are there? |
| A. | Two |
| B. | Three |
| C. | Four |
| D. | Five |
| Answer» B. Three | |
| 20. |
What is the meaning of the change in demand due to change in price of related goods? |
| A. | Price elasticity of demand |
| B. | Cross elasticity of demand |
| C. | Income elasticity of demand |
| D. | Price elasticity of supply |
| Answer» B. Cross elasticity of demand | |
| 21. |
Which relationship of price and demand is explained by elasticity of demand? |
| A. | Correlation |
| B. | Inverse |
| C. | Quantitative |
| D. | Equal |
| Answer» C. Quantitative | |
| 22. |
What is elasticity of demand in case of perfect competition? |
| A. | Elastic |
| B. | Inelastic |
| C. | Perfectly elastic |
| D. | Perfectly inelastic |
| Answer» C. Perfectly elastic | |
| 23. |
What is the elasticity of demand for luxury goods? |
| A. | Elastic |
| B. | Inelastic |
| C. | Perfectly elastic |
| D. | Perfectly inelastic |
| Answer» A. Elastic | |
| 24. |
What is the income elasticity of giffen goods? |
| A. | Unit income elasticity |
| B. | income elasticity is greater than 1 |
| C. | Zero income elasticity |
| D. | Negative income elasticity |
| Answer» A. Unit income elasticity | |
| 25. |
Which of the following goods may have zero income elasticity? |
| A. | Bajara |
| B. | Scooter |
| C. | Niddle |
| D. | Ghee |
| Answer» C. Niddle | |
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