Q1. Sustainable development is a case of inter-generational sensibility in respect of use of
(a) natural resources
(b) material resources
(c) industrial resources
(d) social resources
Q2. Which of the following is not a characteristic of a competitive market?
(a) There are many buyers and sellers in the market
(b) The goods offered for sales are largely the same
(c) Firms generate small but positive super normal profits in the long run
(d) Firms can freely enter or exit the market
Q3. Which of the following markets would most closely satisfy the requirements for a perfectly competitive market?
(b) Cable television
Q4. Mahalanobis Committee was appointed on to
(a) Poverty eradication
(b) Standard of living
(c) National income
(d) Industrial sickness
Q5. The competitive firm maximizes profit when it produces output up to the point where
(a) Price equals average variable cost
(b) Marginal revenue equals average revenue
(c) Marginal cost equals total revenue
(d) Marginal cost equals marginal revenue
Q6. The market for hand tools (such as hammers and screwdrivers) is dominated by Draper, Stanley, and Craftsman. This market is best described as
(a) Monopolistic competitive
(b) A monopoly
(c) An oligopoly
(d) Perfectly competitive
Q7. A market structure in which many firms sell products that are similar but not identical is known as
(a) Monopolistic competition
(c) Perfectly competitive
Q8. The concept of Economic Planning in India is derived from which country?
Q9. When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is
(a) More than the price charged by either monopoly or competitive market
(b) Less than the price charged by either monopoly or a competitive market
(c) More than the price charged by a monopoly and less than the price charged by a competitive market
(d) Less than the price charged by a monopoly and more than the price charged by a competitive market.
Q10. In the long-run equilibrium of a competitive market, firms operate at
(a) The intersection of the marginal cost and marginal revenue
(b) Their efficient scale
(c) Zero economic profit
(d) All of these answers are correct
Q11. Which of the following is not a characteristic of a monopolistically competitive market?
(a) Free entry and exit
(b) Abnormal profits in the long run
(c) Many sellers
(d) Differentiated products
Q12. In a very short period market:
(a) The supply is fixed
(b) The demand is fixed
(c) Demand and supply are fixed
(d) None of the above
Q13. The time element was conceived by
(a) Adam Smith
(b) Alfred Marshall
(d) Lionel Robinson
Q14. Why is demographic dividend likely to be manifested in India in future?
(a) Population in the age group between 8-15 years is likely to increase.
(b) Population of children below 7 years is likely to increase
(c) Population in the age group of 15-64 years is likely to increase
(d) opulation in the age group above 65 years is likely to increase
Q15. Who among the following has suggested migration to accrual accounting system from cash based accounting system in India?
(a) I.V. Reddy
(b) D.N. Ghosh
(c) R.H. Patil
(d) C. Rangarajan