JOB MCQS
Scholarships
Current Affairs
1) The fundamental concept of Economics about resources is that the resources are
: C
2) Consider a world without scarcity of resources. Then what would be the consequences?
: D
3) Who is considered the founder of Microeconomics?
: A
4) Who is considered the founder of modern Macroeconomics?
: B
5) When analyzing the impact of a variable on the economic system, the other things
: A
6) Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are
: C
7) Goods produced to produce yet other goods is called
: B
8) Which economic term is used to represent inequality in income distribution?
: C
9) The value of the good or service forgone by choosing another investment is called
: A
10) The central role of markets is to determine the
: D
11) The branch of economics concerned with overall performance of the economy is known as
: B
12) The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as
: C
13) The branch of economics concerned with the behavior of markets, firms, and households is known as
: A
14) An economy is producing efficiently when no individual’s economic welfare can be improved unless
: D
15) Taxes are used to discourage __________ of a commodity.
: A
16) Subsidies are used to encourage __________ of a commodity.
: B
17) Which from the following economic resources cannot be converted into commodity?
: B
18) Which from the following are features of a modern economy?
: D
19) When no firm or consumer is large enough to affect the market price, the market is assumed to have
: A
20) Which from the following are the results of imperfect competition in the markets?
: D
21) When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called
: A
22) When we assume that what is true for the part is also true for the whole, we are committing
: C
23) The three fundamental economic problems every human society must confront and resolve are
: C
24) The three fundamental economic problems of what, how, and for whom are solved by
: D
25) Fiscal policy consists of government's
: D
26) The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called
: C
27) Which economic term is used to measure the overall performance of an economy?
: A
28) Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good.
: B
29) The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the
: A
30) The increase in economic integration among nations is termed as
: C
31) The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.
: B
32) When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have
: A
33) When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have
: C
34) When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have
: A
35) The term “recession†refers to the
: B
36) What from the following measures a government can take to reduce inequality in the distribution of income?
: D
37) Capital is one of the three fundamental inputs called factors of production which is a produced and durable input and is itself an output of an econom
: A
38) The economic term used to rank countries according to human development is
: D
39) The ultimate goal of economic science is to
: A
40) In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by dis
: C
41) The conflict of interest between owners of a company and the management of the company is termed as
: D
42) The term “oligopoly†means
: B
43) In a monopolistic competition, a business finds its maximum-profit position where
: C
44) In a perfect competition, maximum profit occurs where marginal revenue equals
: A
45) A businessman or a company should accept investments that have _____ net present values.
: A
46) Who was the father of Green Revolution
: A
47) In the 16th 17th and 18th centuries is known as
: A
48) The Green Revolution is also known as
: C
49) When the period of Kharif crop star and when ends
: A
50) The correlation efficient must be lie in the range from
: A