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1. In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes:

A

Profits and new firms join the market

B

Profit and bar entry to new firms

C

Makes losses and exit the market

D

Quick profit and disappears

2. Oligopoly market is known for:

A

Price flexibility

B

Price rigidity

C

Price discrimination

D

All the three

3. Market equilibrium of a commodity is determined by:

A

Balancing of demand and supply position

B

Aggregate demand

C

Aggregate supply

D

Government intervention

4. The terms Micro economic and Macro economics were coined by:

A

Professor A Samulson

B

Giffen

C

Prof. Ragner Frisch

D

Eagle

5. Which of these are outside the domain of macro economics:

A

Consumer behavior

B

National income

C

Economic growth

D

Balance of payment and trade

6. Higher PPC curve indicates:

A

More production of both the things with increase in technology or factor inputs supply

B

More production of one at the expense of other

C

More production of one items at the expense of other with increase in technology or factor input supply

D

Less than full employment situation

7. Which of the following methods is/are used for measuring national income:

A

Output method

B

Expenditure method

C

Income method

D

All of above

8. GDP at factor cost exceeds GDP at market price:

A

When the factor income from abroad is negative

B

When depreciation on fixed capital exceeds income in investment

C

When direct tax exceeds indirect tax

D

When subsidies exceeds indirect taxes

9. People`s Plan Campaign, also known as “Sabki Yojana Sabka Vikas” is associated with:

A

Gram Panchayat Development Plans

B

Urban Development Plans

C

JJM

D

None of the above

10. The budget line is also known as the:

A

iso-utility curve

B

production possibility line

C

isoquant

D

consumption possibility line

11. Which one is not an assumption of the theory of demand based on analysis of indifference curves:

A

given scale of preferences as between different combinations of two goods

B

diminishing marginal rate of substitution

C

constant marginal utility of money

D

consumers would always prefer more of a particular good to less of it, other things remaining the same

12. The consumer is in equilibrium at a point where the budget line:

A

is above an indifference curve

B

is below an indifference curve

C

is tangent to an indifference curve

D

cuts an indifference curve

13. An isoquant slopes usually:

A

downward to the left

B

downward to the right

C

upward to the right

D

upward to the left

14. What will be the effect of an increase in wealth of an individual on his demand curve for a good?

A

Rightward shift in the demand curve

B

Upward movement along the same demand curve

C

Leftward shift in the demand curve

D

Downward movement along the same demand curve

15. According to Invisible Hand Theorem, market economy and price mechanism ensure the achievement of the ______ satisfaction of human`s wants with a ______ sacrifice.

A

minimum, minimum

B

minimum, maximum

C

maximum, maximum

D

maximum, minimum

16. If Rs. 600 crores is invested in a year and output-capital ratio is 0.5, then calculate the growth in output during the year

A

Rs. 300 crores

B

Rs. 900 crores

C

Rs. 600 crores

D

Rs. 1200 crores

17. Integrating the domestic economy with the world economy is termed as ______

A

Privatisation

B

Globalisation

C

Disinvestment

D

Liberalisation

18. All the expenditure of government which promote economic growth are called _____

A

developmental expenditure

B

revenue expenditure

C

non-developmental expenditure

D

capital expenditure

19. Under which structural reforms, the Indian government formally devalued rupee by 18-19 percent in July 1991 to restore international competitiveness?

A

Trade and capital flows reforms

B

Industrial deregulation

C

Financial sector reforms

D

Public sector reforms

20. Which employment programme was designed to provide self-employment to more than a million educated unemployed youth by setting up of seven lakh micro-enterprises under the Eighth five year plan?

A

Prime Minister`s Rozgar Yojana

B

Swarana jayanti Gram Swarozgar Yojana

C

National Rural Employment Programme

D

SwaranaJayanti Shahari Rozgar Yojana