Q1. Who
among the following is not a classical economist?
among the following is not a classical economist?
(a) David
Ricardo
Ricardo
(b) John
Stuart Mill
Stuart Mill
(c) Thomas
Malthus
Malthus
(d) John
Maynard Keynes
Maynard Keynes
Q2. When Average
Cost Production (ACP) falls, marginal cost of production must be
Cost Production (ACP) falls, marginal cost of production must be
(a) Rising
(b) Falling
(c) Greater
than the average cost
than the average cost
(d) Less
than the average cost
than the average cost
Q3. The Law
of Demand expresses
of Demand expresses
(a) Effect
of change in price of a commodity on its demand
of change in price of a commodity on its demand
(b) Effect
of change in demand of a commodity on its price
of change in demand of a commodity on its price
(c) Effect
of change in demand of a commodity over the supply of its substitute
of change in demand of a commodity over the supply of its substitute
(d) None of
the above
the above
Q4. Disinvestments
is
is
(a) Offloading
of shares of privates companies to government
of shares of privates companies to government
(b) Offloading
of government shares to private companies
of government shares to private companies
(c) Increase
in investment
in investment
(d) Closing
down of business concerns
down of business concerns
Q5. The
demand curve for a Giffen good is
demand curve for a Giffen good is
(a) Upward
rising
rising
(b) Downward
falling
falling
(c) Parallel
to the quantity axis
to the quantity axis
(d) Parallel
to the price axis
to the price axis
Q6. Imputed
gross rent of owner occupied buildings is a part of
gross rent of owner occupied buildings is a part of
(a) Capital
formation
formation
(b) Final
consumption
consumption
(c) Intermediate
consumption
consumption
(d) Consumer
durable
durable
Q7. The
national income consists of a collection of goods and services reduced to
common basis by being measured in terms of money who says this?
national income consists of a collection of goods and services reduced to
common basis by being measured in terms of money who says this?
(a) Samuelson
(b) Kuznets
(c) Hicks
(d) Pigou
Q8. The
supply of agricultural products is generally
supply of agricultural products is generally
(a) Elastic
(b) Inelastic
(c) Perfectly
elastic
elastic
(d) Perfectly
inelastic
inelastic
Q9. When the
total product rises, at an increasing rate, the
total product rises, at an increasing rate, the
(a) Marginal
product is zero
product is zero
(b) Marginal
product is rising
product is rising
(c) Marginal
product is falling
product is falling
(d) Marginal
product remains constant
product remains constant
Q10. Economies of Scale means reduction in
(a) Unit
cost of production
cost of production
(b) Unit
cost of distribution
cost of distribution
(c) Total
cost of production
cost of production
(d) Total
cost of distribution
cost of distribution
Q11. All of
the goods which are scarce and limited in supply are called
the goods which are scarce and limited in supply are called
(a) Luxury
goods
goods
(b) Expensive
goods
goods
(c) Capital
goods
goods
(d) Economic
goods
goods
Q12. Engel’s
Law states the relationship between
Law states the relationship between
(a) Quantity
demanded and price of a commodity
demanded and price of a commodity
(b) Quantity
demanded and price of substitutes
demanded and price of substitutes
(c) Quantity
demanded and tastes of the consumers
demanded and tastes of the consumers
(d) Quantity
demanded and income of the consumers
demanded and income of the consumers
Q13. Capital
: Output Ratio of a measures
: Output Ratio of a measures
(a) Its per
unit cost of production
unit cost of production
(b) The
amount of capital invested per unit of output
amount of capital invested per unit of output
(c) The
ratio of capital depreciation to quantity of output
ratio of capital depreciation to quantity of output
(d) The
ratio of working capital employed to quantity of output
ratio of working capital employed to quantity of output
Q14. Perfect
competition means
competition means
(a) Large
number of buyers and less sellers
number of buyers and less sellers
(b) Large
number of buyers and sellers
number of buyers and sellers
(c) Large
number of sellers and less buyers
number of sellers and less buyers
(d) None of
the above
the above
Q15. Core
industries are
industries are
(a) Basic
industries
industries
(b) Consumer
goods industries
goods industries
(c) Capital
goods industries
goods industries
(d) Government
industries
industries
SOLUTIONS
S1. Ans.(d)
Sol.
S2. Ans.(d)
Sol.
S3. Ans.(a)
Sol.
S4. Ans.(b)
Sol.
S5. Ans.(a)
Sol.
S6. Ans.(b)
Sol.
S7. Ans.(c)
Sol.
S8. Ans.(b)
Sol.
S9. Ans.(b)
Sol.
S10. Ans.(a)
Sol.
S11. Ans.(d)
Sol.
S12. Ans.(d)
Sol.
S13. Ans.(b)
Sol.
S14. Ans.(b)
Sol.
S15. Ans.(a)
Sol.
