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Mr.JAM

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The first book on economics of
“Wealth of Nations” was written by _____
_______.
a. Prof Marshall
b. Adam Smith
c. Prof Robbins
d. Keynesian
2. According to Prof. Marshall Economics
is science of _________________.
a. Wealth
b. Scarcity & Choice
c. Material Welfare
d. All of above
3. Economics is a science of “Scarcity and
Choice”, this definition was presented
by _____.
a. Adam Smith
b. Prof. Marshall
c. Prof Robbins
d. Non o above
4. Human wants or desires are:
a. Unlimited
b. Limited
c. Nothing
d. None of above
5. Land, Labor, Capital and Organization
are the factors of _______.
a. Factory
b. Supply
c. Demand
d. Production
6. The Law of Demand states that:
a. Increase in price, decrease in quantity
demand
b. Decrease in price, increase in demand
c. The inverse relationship between
“Price and Demand”
d. All of above
7. The demand curve moves from left to
right ______.
a. Upward
b. Downward
c. Straight
d. None of Above
8. The slope of demand curve is ________
__.
a. Positive
b. Zero
c. Negative
d. Infinite
9. If the changes in demand and price
are in the same ration, the elasticity of
demand will be _____ unity.
a. Greater than
b. Equal to
c. Less than
d. All of above
10. The Elasticity of Luxuries is ______
than unity.
a. More
b. Less
c. None of them
11. The Elasticity of Basic Necessities is _
______ than unity.
a. More
b. Less
c. None of them
12. If Demand curve is parallel to X-axis
then the Elasticity of demand will be ____
_____.
a. perfectly in elastic
b. Elastic
c. Perfectly elastic
d. Relatively less elastic
13. If Demand curve is parallel to Y-axis
then the Elasticity of demand will be ____
_____.
a. perfectly in elastic
b. Elastic
c. Perfectly elastic
d. Relatively less elastic
14. The Law of Supply states that,
increase in price, _____ in quantity
supplied and decreases in price, _______
in quantity supplied.
a. Decrease, increase
b. Increase, increase
c. Decrease, decrease
d. Increase, decrease
15. Supply is the part of ____________.
a. Demand
b. Supply
c. Stock
d. None of the above
16. Micro economics is the study of _____
_____
a. Whole economy
b. Individuals
c. Both of them
17. _____________ utility is the utility of
the last unit of consumption.
a. Total Utility
b. Negative Utility
c. Marginal Utility
d. None of the above
18. There is ________ relationship
between no of units consumed and
marginal utility.
a. Direct
b. Inverse
c. No
d. None of above
19. The Law of Equi-Marginal utility is
also called ____________.
a. Law of Substitution
b. Law of Demand
c. Law of Satisfaction
d. None of the above
20. When marginal utility becomes zero
total utility will be ____________.
a. Minimum
b. Maximum
c. Zero
d. Income
21. The power of a Commodity to satisfy
human wants is called ____________.
a. Usefulness
b. Utility
c. Income
d. None of the above
22. Net national can be calculated by:
a. GNP + depreciation
b. GNP – depreciation
c. G.N.P – indirect taxes
d. None of the above
23. Personal disposal income = personal
income –
a. Indirect taxes
b. subsidies
c. direct taxes
d. all of the above
24. Macro economies is the study of:
a. Individual units of economy
b. Aggregate and averages of economy
c. Individual units aggregate and
averages of economy
d. None of the above
25. In inflation:
a. Price raises
b. purchasing power decreases
c. poor become poorer
d. all of the above
26. To avoid double counting in
estimation of G.D.P only:
a. Intermediate goods are included
b. free goods are included
c. final goods are included
d. none of the above
27. GNP or GDP is the sum of:
a. All goods are produced
b. All goods and services are produced
c. All goods and services consumed
d. All final goods and services produced
in a year.
28. The fundamental economic problem
faced by all societies is:
a. unemployment
b. inequality
c. poverty
d. scarcity
29. “Capitalism” refers to:
a. the use of markets
b. government ownership of capital
goods.
c. private ownership of capital goods.
d. private ownership of homes and cars.
30. The law of demand states that:
a. as the quantity demanded rises, the
price rises.
b. as the price rises, the quantity
demanded rises.
c. as the price rises, the quantity
demanded fails.
d. as supply rises, the demand rises.
31. The price elasticity of demand is the:
a. percentage change in quantity
demanded divided by the percentage
change in price.
b. percentage change in price divided by
the percentage change in quantity
demanded.
c. dollar change in quantity demanded
divided by the dollar change in price.
d. percentage change in quantity
demanded divided by the percentage
change in quantity supplied.
32. If there is a price floor, there will be:
a. shortages
b. surpluses
c. equilibrium
33. If there is a price ceiling, there will
be
a. shortages
b. surpluses
c. equilibrium
34. The law of diminishing (marginal)
returns states that as more of a variable
factor is added to a certain amount of a
fixed factor, beyond some point:
a. Total physical product begins to fall.
b. The marginal physical product rises.
c. The marginal physical product falls.
d. The average physical product falls.
35. Which of the following is a
characteristics of pure monopoly?
a. one seller of the product.
b. low barriers to entry
c. close substitute products
d. perfect information
36. In pure monopoly, what is the
relation between the price and the
marginal revenue?
a. the price is greater than the marginal
revenue.
b. the price is less that the marginal
revenue
c. there is no relation
d. they are equal
37. Which of the following best defines
price discrimination?
a. charging different prices on the basis
of race
b. charging difference prices for goods
with different costs of production
c. charging different prices based on
cost-of-service differences.
d. selling a certain product of given
quality and cost per unit at different
prices to different buyers.
38. Which of the following IS a function
of money?
a. medium of exchange
b. store of value
c. standard deferred payment
d. all of the above
39. Increase in the number of buyers in
the market would lead to a shift of the
demand curve to:
a. The right
b. The left
c. Upwards along the curve
d. None of the above
40. Competitive market comprises:
a. Large number of buyers
b. Large number of firms
c. Large number of both buyers and
producers.
d. None of the above
41. Under perfect competition, a firm
would maximize profit at a point where:
a. Average revenue = average cost
b. Marginal cost = average revenue
c. Marginal cost = marginal revenue
d. None of the above
42. Foreign trade differs from domestic
trade:
a. Because of terms of trade
b. Due to differences in production
costs.
c. Because of territorial differences.
d. None of the above
43. Equilibrium price is a price at which
a. Quantity demanded is equal to
quantity supplied.
b. Quantity demanded minus quantity
supplied is zero
c. Quantity demanded = quantity
supplied
d. All of these
44. A demand curve shows the
relationship between the quantity
demanded for a commodity over a given
time and:
a. The tastes of consumer
b. The money income of consumer
c. The price of related commodities
d. The price of the commodity
45. The % change in quantity demanded
due to % change in income is:
a. Price elasticity
b. Prices cross elasticity
c. Income elasticity
d. All of these
46. The incidence of tax refers to:
a. Who economically bear the burden of
the tax
b. The canons of taxation
c. Type of tax, direct or indirect tax
d. Whether the tax is continuously or
periodically levied
47. Balance of payment includes:
a. Visible goods only
b. Invisible goods only
c. Visible and invisible items both
d. None of the above
48. Balance of trade includes:
a. Visible items only
b. Invisible items only
c. Visible and invisible items both
d. None of the above
49. During inflation the prices of goods:
a. Rises
b. Falls
c. Unchanged
d. None of the above
50. During inflation the value of money:
a. Increases
b. Diminishes or decreases
c. Unchanged
d. All of the above
51. Trade cycle or business cycle consists
of:
a. 2 phases
b. 4 phases
c. 3 phases
d. No phases
52. When the economic activities are at
their peak, it is called:
a. Boom
b. Recession
c. Depression
d. recovery
53. The cannons of taxation were first
presented by:
a. Prof Marshall
b. Prof Robbins
c. Adam Smith
d. Keynes
54. Which one is not a direct tax?
a. Income tax
b. Sales tax
c. Property tax
d. Wealth tax
55. The theory of comparative costs is
related to:
a. domestic trade
b. Retail trade
c. Wholesale trade
d. International or foreign trade
56. When the total monetary value of
imports of a country is less than the
total monetary value of exports, the
balance of payment is:
a. zero
b. Positive
c. Negative
d. None of the above
57. Checks and drafts are:
a. Cash instruments
b. Credit instruments
c. Musical instruments
d. None of the above
58. The mobility of land is:
a. Possible
b. Possible in some conditions
c. Impossible
d. All of the above
59. The marginal cost curve has a
tangency to:
a. Fall first and then rise
b. Rise first and then fall
c. Fall first and then stop
d. Rise first and then stop
60. A cost which a firm has to bear in
each and every condition is:
a. Variable cost
b. Fixed cost
c. Marginal cost
d. All of the above
61. The law of increasing return in terms
of cost is called:
a. Law of increasing cost
b. Law of constant cost
c. Law of diminishing cost
d. None of the above
62. Which one of the following
determines scale of production?
a. Financial resources
b. Production techniques
c. Extent of market
d. All of the above
63. Balance of trade will be negative
when:
a. Exports are greater than imports
b. Exports are equal imports
c. Exports and imports are zero

d. Exports are less than imports.....

i need answer keys