McqMate
| 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 | |
| 26. |
What is the slope of demand curve when demand is perfectly inelastic? |
| A. | Negative slope |
| B. | Parallel to vertical axis |
| C. | Parallel to horizontal axis |
| D. | Positively slopped |
| Answer» B. Parallel to vertical axis | |
| 27. |
How is the elasticity of demand in long run compare to short run? |
| A. | More |
| B. | Equal |
| C. | Less |
| D. | Zero |
| Answer» A. More | |
| 28. |
How is the demand of most of goods of rich people? |
| A. | Elastic |
| B. | Perfectly Elastic |
| C. | Inelastic |
| D. | Unit Elastic |
| Answer» C. Inelastic | |
| 29. |
Relationship between which factors are shown by production function? |
| A. | Production and sale |
| B. | Production and purchase |
| C. | Production and factors of production |
| D. | Sales and purchase |
| Answer» C. Production and factors of production | |
| 30. |
How many forms of production function have? |
| A. | One |
| B. | Two |
| C. | Three |
| D. | Four |
| Answer» B. Two | |
| 31. |
On whom production function is based? |
| A. | Technology |
| B. | Market demand |
| C. | Market supply |
| D. | Political factor |
| Answer» A. Technology | |
| 32. |
What is the size of firm in short run production function? |
| A. | Variable |
| B. | Flexible |
| C. | Fixed |
| D. | Uncertain |
| Answer» C. Fixed | |
| 33. |
In how many stages the effects of one factor of production by increasing proportion and by keeping Other functions of production fixed? |
| A. | One |
| B. | Two |
| C. | Three |
| D. | Many |
| Answer» B. Two | |
| 34. |
In Which stage of production total, average and marginal production increases? |
| A. | First |
| B. | Second |
| C. | Third |
| D. | Each |
| Answer» A. First | |
| 35. |
Which law is seen in the third stage of production? |
| A. | Decreasing returns |
| B. | Increasing returns |
| C. | Fixed returns |
| D. | Scale returns |
| Answer» A. Decreasing returns | |
| 36. |
In which stage of production, total production decreases instead of increases? |
| A. | First |
| B. | Second |
| C. | Third |
| D. | Each |
| Answer» C. Third | |
| 37. |
At which stage entrepreneur stop to increase the production of functions? |
| A. | Maximum Marginal Production |
| B. | Maximum Average Production |
| C. | Marginal Production = Average Production |
| D. | Zero Marginal Production |
| Answer» D. Zero Marginal Production | |
| 38. |
To which sector, law of decreasing returns applied first? |
| A. | Agriculture |
| B. | Industry |
| C. | Service |
| D. | Trade |
| Answer» A. Agriculture | |
| 39. |
In which stage of production, marginal production becomes negative, but average production becomes positive? |
| A. | First |
| B. | Second |
| C. | Third |
| D. | None of the given |
| Answer» C. Third | |
| 40. |
Which changes are measured in the law of variable proportion? |
| A. | Total Production |
| B. | Marginal Production |
| C. | Average Production |
| D. | All of the given |
| Answer» D. All of the given | |
| 41. |
Which cost diminishes but never becomes zero? |
| A. | Fixed cost |
| B. | Average fixed cost |
| C. | Variable cost |
| D. | Average Variable cost |
| Answer» B. Average fixed cost | |
| 42. |
Total production cost + Unit of production = ------------ |
| A. | Average cost |
| B. | Marginal cost |
| C. | Average Fixed Cost |
| D. | Average Variable Cost |
| Answer» B. Marginal cost | |
| 43. |
How is the shape of average cost curve? |
| A. | Hockey stick |
| B. | U |
| C. | V |
| D. | Square |
| Answer» B. U | |
| 44. |
When proportion of production is zero, then which cost is positive? |
| A. | Variable |
| B. | Fixed |
| C. | Average |
| D. | Marginal |
| Answer» B. Fixed | |
| 45. |
How is the slope of fixed cost curve? |
| A. | Negative |
| B. | Positive |
| C. | Parallel to X-axis |
| D. | Parallel to Y-axis |
| Answer» C. Parallel to X-axis | |
| 46. |
Daily wages of labours is the example of which cost? |
| A. | Fixed cost |
| B. | Total cost |
| C. | Variable cost |
| D. | Marginal cost |
| Answer» A. Fixed cost | |
| 47. |
How all costs become at long run? |
| A. | Fixed |
| B. | Short |
| C. | Long |
| D. | Variable cost |
| Answer» D. Variable cost | |
| 48. |
Which type of cost curve is parallel to X axis |
| A. | Variable cost |
| B. | Fixed cost |
| C. | Average Variable cost |
| D. | Average Fixed cost |
| Answer» B. Fixed cost | |
| 49. |
Which type of cost curve has hockey shaped? |
| A. | Average cost |
| B. | Variable cost |
| C. | Marginal cost |
| D. | Total cost |
| Answer» C. Marginal cost | |
| 50. |
Which cost has no straight relation with units of production? |
| A. | Fixed cost |
| B. | Variable cost |
| C. | Average cost |
| D. | Marginal cost |
| Answer» A. Fixed cost | |
Done Reading?