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1. Which property is categorised as Intellectual property?

A

Money kept at home

B

Land

C

Audio Material

D

Plant

2. Which concept talks about producing the maximum possible output of various goods from the given available amount of resources?

A

Allocation of resources

B

Efficiency in distribution of goods

C

Efficiency in production

D

Allocative efficiency

3. Which theory seeks to explain the value of money in terms of changes in its quantity?

A

Quantity theory of money

B

Velocity theory of money

C

Transaction theory of money

D

Price theory of money

4. Which utility determines the price a consumer will be prepared to pay for a unit of a good?

A

Total utility

B

Marginal utility

C

Ordinal utility

D

Average utility

5. Which expenditure is classified as Developmental Expenditure?

A

Expenditure on police

B

Expenditure on transport

C

Expenditure on judiciary

D

Expenditure on jails

6. Which commodity is classified as single-use consumer goods?

A

Car

B

House

C

Coca Cola

D

Computer

7. The taxes whose burden can be shifted to others so that those who pay these taxes to the government do not bear the whole burden but pass it on wholly or partly to others are referred as ____

A

Ad valorem taxes

B

Direct taxes

C

Specific taxes

D

Indirect taxes

8. Which economic measure have been undertaken by Indian government to improve the supply side of the economy in 1991?

A

Fiscal Adjustment

B

Nationalization

C

Liberalisation

D

Socialization

9. Which statement holds for the third stage of law of variable proportions?

A

Marginal product of the variable factor is positive

B

Fixed factor is too much relative to the variable factor

C

Variable factor is independent of the fixed factor

D

Variable factor is too much relative to the fixed factor

10. What advantage can be obtained with higher capital accumulation?

A

Reduced economic growth

B

Specialisation

C

Reduced productivity

D

Higher production cost per unit

11. Under perfect competition, as output is total revenue goes on increasing at ___

A

a decreasing rate

B

an increasing rate

C

a constant rate

D

a negative rate

12. If demand for a commodity rises even without any change in its price, then it is known as _____

A

increase in quantity demanded

B

decrease in quantity demanded

C

increase in demand

D

decrease in demand

13. Which expenditure is classified as Non-Transfer Expenditure

A

Interest on public debt

B

Unemployment allowance

C

Sickness benefit

D

Expenditure on health

14. A consumer consumes only two good X and Y whose prices are Rs. 6 and Rs. 3 per unit respectively. What will be the marginal rate of substitution, when the consumer is in equilibrium?

A

3

B

2

C

4.5

D

6

15. According to the quantity theory of money, what will be the effect of a decrease in the quantity of money?

A

Increase in price level

B

Decrease in price level

C

Increase in output

D

Decrease in output

16. Which institution is categorised as Unregulated Non-Bank Financial Intermediaries?

A

Moneylenders

B

Indigenous Bankers

C

Nidhis

D

Foreign Banks

17. Which form of unemployment is found in urban areas?

A

Usual status unemployment

B

Disguised unemployment

C

Seasonal unemployment

D

Industrial unemployment

18. Which economy is also known as the Capitalist Economy?

A

Mixed economy

B

Centrally planned economy

C

Socialist economy

D

Market economy

19. ______ means that the making of an article is split up into several process and each process is carried out by a separate worker or a separate group of workers.

A

Complex division of capital

B

Complex division of labour

C

Simple division of labour

D

Simple division of capital

20. Identify the visible item of balance of payments on current account

A

Consultancy services of TCS used by a foreign firm

B

Import of LCD screen from Malaysia

C

Banking service to non-resident of India

D

Export of computer software