Objective Type Questions on Economics

Objective Type Questions on Economics

1-The wealth based definition of Economics was put forward by

(A) David Ricardo

(B) Adam Smith

(C) Alfred Marshall

(D) Lionel Robbins

 

2-What we derive at, when income from abroad is added to the Gross Domestic Product (GDP) of an economy?

(A) NNP at factor cost

(B) NNP

(C) GDP at market price

(D) GNP

 

3-Impact of change in demand in one sector on other sectors is studied by

(A) constant equilibrium analysis

(B) industry equilibrium

(C) partial equilibrium

(D) general equilibrium

 

4-Total utility becomes maximum when

(A) marginal utility is more than one

(B) marginal utility equals one

(C) marginal utility is negative

(D) marginal utility is zero

 

5-Marginal utility may be expressed in which of the following way?

(A) TUn – TUn-1

(B) TUn+1 – TUn-2

(C) TUn – TUn+2

(D) TUn – TUn+1

 

6-Cartel is a part of

(A) perfect competition

(B) oligopoly

(C) monopolistic competition

(D) monopoly

 

7-The decrease in the quantity demanded due to a rise in price is called  

(A) multiplication of demand

(B) shift of demand

(C) extension of demand

(D) contraction of demand

 

8-A deflator is a technique of adjustment for charge in

(A) price level

(B) expenditure level

(C) income level

(D) consumption level

 

9-Product homogeneity is a feature of

(A) perfect competition

(B) oligopoly

(C) monopolistic competition

(D) monopoly

 

10-When demand of a commodity depends on the demand of some other commodities, it is called

(A) exclusive demand

(B) autonomous demand

(C) derived demand

(D) joint demand

 

ANSWERS:

1-(B), 2-(D), 3-(C), 4-(D), 5-(A), 6-(B), 7-(D), 8-(A), 9-(A), 10-(C)