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1. Short term economic growth is mainly driven by the level of

A

Aggregate Supply

B

Aggregate Demand

C

Difference between Export and Import

D

Domestic Consumption

2. Which of the following tool measures income distribution that identifies the share of the nation’s income earned by different segments of the population?

A

Equilibrium curve

B

Multiplier

C

Demand curve

D

Gini-Lorenz Curve

3. When the price of a good or product decreases, the relative price of that good makes buyer more eager to buy that good or product This effect is referred as

A

Income

B

Demand

C

Substitution

D

Supply

4. What is referred to as change in the revenue resulting from the employment of an extra unit of the factor?

A

Marginal Revenue Product

B

Marginal expense

C

Marginal Factor Cost

D

Marginal Budget

5. Payment for manmade factors such as buildings, machineries, etc. is an example of which type of rent?

A

Quasi

B

Recardian

C

Economic

D

Normal

6. Which of the following problem arises when there is asymmetric information with regard to actions by the government among developing countries?

A

Adverse Selection

B

Moral Hazard

C

Rationality

D

Agency Problem

7. Which sector currently contributes most of the Gross Domestic Product of India?

A

Manufacturing

B

Agriculture

C

Services

D

Marine

8. Goods which are produced in order to produce other goods are known as:

A

Capital

B

Final Goods

C

Resources

D

Investments

9. Increase in supply usually .............the price and .............the quantity demanded

A

lowers, lowers

B

raises, raises

C

lowers, raises

D

raises, lowers

10. Employees of a factory are likely to receive increment in wages when ................is/are increasing:

A

Imports

B

Output

C

Labour supply

D

Unemployment

11. The fundamental concept of Economics about resources is that the resources are:

A

Equally distributed

B

Unequally Distributed

C

Scarce

D

Unlimited

12. Consider a world without scarcity of resources. Then what would be the consequences?

A

All Prices would be Zero

B

Markets would be unnecessary

C

Economics would no longer be a useful Subject

D

All of the Above

13. Who is considered the founder of Microeconomics?

A

Adam Smith

B

John keynes

C

Friedrich Hayek

D

Milton Friedman

14. Who is considered the founder of Macroeconomics?

A

Adam Smith

B

John keynes

C

Friedrich Hayek

D

Milton Friedman

15. When analyzing the impact of a variable on the economic system, the other things :

A

Must be kept constant

B

Must also be analyzed

C

Must not be taken into consideration

D

None of these

16. Inputs are combined with technology to produce outputs. the fundamental inputs(also called factors of production) are:

A

Land and Capital

B

Land and Labour

C

Land, Labour and Capital

D

Land, Labour, Capital and Investment

17. Which Economic Term is used to represent Inequality in Income distribution:

A

GDP

B

GNP

C

GINI

D

HDI

18. The Value of the goods or service forgone by choosing another Investment is called:

A

Opportunity cost

B

Purchasing Power Parity

C

Disposable Income

D

Consumer Price Index

19. The Central role of markets is to determine the:

A

Quality of Goods

B

Quantity of Goods

C

Level of Income

D

Price of Goods

20. The branch of Economics concerned with overall performance of the economy is known as:

A

Microeconomics

B

Macroeconomics

C

Econometerics

D

Keynesian Economics