TEST 05 - ECONOMICS

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TEST 05 - ECONOMICS

Time- 30 min

INSTRUCTIONS- KEEP YOUR GMAIL LOGGED IN

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0 points

1. The most fundamental economic problem is….. *

1 point

(A) Security

(B) European countries buy more goods from foreigners than supply to foreigners

(D) Scarcity

2. The study of determining the prices in individual markets is called… *

1 point

(A) negative economics

(B) microeconomics

(D) macroeconomics

3. Which of the following is a macroeconomic problem? *

1 point

(A) What do plumbers earn more than janitors

(B) the reasons for the increase in average prices

(D) the reasons for the increase in the price of orange juice

4. The term “National income” refers to the? *

1 point

(A) total employment

(B) total unemployment

(D) local employment

5.‘The General Theory of Employment, Interest, and Money is a famous book written by which among the following? *

1 point

(A) J.M. Keynes

(B) Robert Sahhlas

(D) Paul Krugman

6. Name the organization which publishes the Consumer Confidence Index *

1 point

(A) SEBI

(B) NABARD

(D) RBI

7. The capital that is consumed by an economy or a firm in the production process is known as *

1 point

Capital loss

Production cost

Dead-weight loss

Depreciation

8. Which among the following statement is INCORRECT? *

1 point

On a linear demand curve, all the five forms of elasticity can be depicted

If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.

If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.

The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.

9. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to *

1 point

Increase

Decrease

Remain the same

Become zero

10. Income elasticity of demand is defined as the responsiveness of *

1 point

Quantity demanded to a change in income

Quantity demanded to a change in price

Price to a change in income

Income to a change in quantity demanded

11. Under conditions of perfect competition in the product market *

1 point

MRP = VMP

MRP > VMP

VMP > MRP

None of the above

12. India is the biggest produces as well as the largest consumer and importer of which of the following crops?
*

1 point

a. Wheat

b. Cotton

c. Sugarcane

d. Pulses

13. The one rupee not bears the signature of : *

1 point

a. RBI governor

b. President of India

c. Finance Minister

d. Finance Secretary

14. The book “Planning Economy for India” was written by? *

1 point

a. V. K. R. V. Rao

b. M. Visvesvaraya

c. K. N. Rai.

d. Manmohan Singh

15. What is the fullform of Niti Aayog? *

1 point

a. National Institute to Transform India

b. National Institute for Transforming India

c. National Institution to Transform India

d. National Institution for Transforming India

16. Indian Economy is : *

1 point

a. Socialist Economy

b. Gandhian Economy

c. Mixed Economy

d. Free Economy

17. A Closed economy means: *

1 point

a. Only exports are take place

b. Money supply is controlled

c. Digital financing take place

d. Neither exports nor imports

18. Which type of economy can be termed as laissez – faire economy *

1 point

a. Mixed economy

b. Socialist economy

c. Command economy

d. Capitalist economy

19. FERA stands for *

1 point

a. Foreign Exchange Reglation Act

b. Foreign Energy Reglation Act

c. Foreign Exchange Rulling Act

d. None of these

20. FEMA Stands for *

1 point

a. Foreign exchange Merging Act

b. Foreign exchange Managed Act

c. Foreign Exchange Management Act

d. None of these

21. .Number of individuals those die in a population in a given period of five is called: *

1 point

a. Morality rate

b. Population density

c. Birth rate

d. None of these

22. Sex ratio in India as per the census of 2011. *

1 point

a. 1000 females per 1000 males

b. 1036 females per 1000 males

c. 840 females per 1000 males

d. 940 females per 1000 males

23. The state recorded highest value of overall sex ratio is *

1 point

a. TamilNadu

b. Andra Pradesh

c. Kerala

d. Damen and die

24. As per the 2011 census literacy rate in India was *

1 point

a. 94%

b. 74.04%

c. 88.8%

d. 100%

25. The sex ratio of Meghalaya in 2011 is *

1 point

a. 986

b. 897

c. 1040

d. 1041

26. Which of the following is a Kharif crop? *

1 point

a. Wheat

b. Maize

c. Gram

d. Barbey

27. The difference between GDP and NDP is :
*

1 point

a. Government revenue

b. Net Indirect Tax

c. Net capital Formation

d. None of these

28. The mid day meal scheme was launched on:
*

1 point

a. August 15, 2000

b. August 15, 1992

c. August 15,1995

d. August 15,2001

29. Which among the following is a function of the Reserve Bank of India? *

1 point

Bank issues the letters of credit to their customers certifying their credibility

Collecting and compilation of statistical information relating to banking & other financial sector

Banks underwrite the securities issued by public or private organizations

Accepting deposits from the public

30. Number of times a unit of money changes hands in the course of a year is called *

1 point

Supply of money

Purchasing power of money

Velocity of money

Value of money

31. Law of demand shows relation between *

1 point

Income and price of commodity

Price and quantity of commodity

Income and quantity demanded

Quantity demanded and quantity supplied

32. A mixed economy is characterized by the co-existence of *

1 point

Modern and traditional industries

Public and private sectors

Foreign and domestic investments

Commercial and subsistence farming

33. Which of the following is NOT a feature of iso-product curve? *

1 point

Are downward sloping to the right

Show different input combination producing the same output

Intersect each other

Are convex to the origin

34. If quantity demanded is completely unresponsive to changes in price, demand is *

1 point

Inelastic

Unit elastic

Elastic

Perfectly inelastic

35. Which of the following is also known as plant curves? *

1 point

Long-run average cost (LAC) curves

Short-run average cost (SAC) curves

Average variable cost (AVC) curves

Average total cost (ATC) curves

36. What is the shape of the average fixed cost (AFC) curve? *

1 point

U-shape

Horizontal up to a point and then rising

Sloping down towards the right

Rectangular hyperbola

37. A decrease in demand causes the equilibrium price to *

1 point

Rise

Fall

Remain constant

Indeterminate

38. An increase in the supply of a commodity is caused by *

1 point

Improvements in technology

Fall in the prices of other commodities

Fall in the prices of factors of production

All of the above

39. When price is below equilibrium level, there will be *

1 point

Surplus commodity in the market

Shortage of commodity in the market

Supply curve will shift

Demand curve will shift

40. The cost on one thing in terms of the alternative given up is known as *

1 point

Production cost

Physical cost

Real cost

Opportunity cost

41. Which of the following is not an essential condition of pure competition? *

1 point

Large number of buyers and sellers

Homogeneous product

Freedom of entry

Absence of transport cost

42. Which one of the following pairs of commodities is an example of substitutes? *

1 point

Tea and sugar

Tea and coffee

Pen and ink

Shirt and trousers

43. Zubair has a special taste for college canteen's hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is *

1 point

Perfectly elastic

Perfectly inelastic

Elastic

Less elastic

44. Which of the following is one of the assumptions of perfect competition? *

1 point

Few buyers and few sellers

Many buyers and few sellers

Many buyers and many sellers

All sellers and buyers are honest

45. In which form of the market structure is the degree of control over the price of its product by a firm very large? *

1 point

Monopoly

Imperfect condition

Oligopoly

Perfect competition

46. A firm under perfect competition is *

1 point

Price maker

Price breaker

Price taker

Price shaker

47. Income elasticity of demand for normal goods is always *

1 point

Negative

More than 1

Positive

48. In case of perfect competition in the market *

1 point

Marginal revenue curve always slopes upward

Marginal revenue curve always slopes downwards

Marginal revenue is always equal to average revenue

Marginal revenue is always less than average revenue

49. The budget line is also known as the *

1 point

Iso-utility curve

Production possibility line

Isoquant

Consumption possibility line

50. Which of the following points is not an exception to the law of diminishing marginal utility? *

1 point

Collection of inaccessible and rare items

Use of intoxicants

Recitation of a melodious poem or song

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