Answer the Following :
1) For Whom to Produce is an issue
A) Production
B) Distribution
C) Capital Formation
D) Technology
2) A normative statement deals with
A) What is
B)What can be
C) What ought to be
D) What was
3) Which of the following doesn't come under the study of micro economics
A) wages of a worker
B) pricing of a firm
C)National Saving
D) Individual Income
4) Branches of Economics which studies the behaviour of individual economic units
A) positive Economics
B) Micro Economics
C) Macro Economics
D) Normative Economics
5) J M Keynes book " General Theory of Employment, Interest and Money" was Published in
A) 1936
B) 1776
C) 1932
D) 1890
6) All the central economic problems in a capitalist economy ( Market Economy ) is solved by
A) Planning Mechanism
B) Price Mechanism
C) Both
D) Government
7) The additional cost in terms of number of units of a good sacrificed to produce an extra unit of the other good is
A) PPC
B) MOC
C) AR
D) MPC
8) Macro Economics is also known as
A) Income Theory
B) Aggregate Economic
C) Both
D) Price Theory
9) The book " An Enquiry into the Nature & Causes of Wealth of Nations " is Written by
A) Ragnar Frisch
B) J M Keynes
C) Lionel Robbins
D) Adam Smith
10) The usual shape of PPC is
A) Linear in Shape
B) Concave to the Origin
C) Convex to the Origin
D) Rectangular Hyperbola
11) The reward for entrepreneurship
A) Profit
B) Interest
C) Wages
D) Rent
12) Macro Economics deals with
A) Partial Equilibrium
B) Dis Equilibrium
C) General Equilibrium
D) None of these
13)........... is the value of the next best alternative foregone obtaining a thing
A) PPC
B) Opportunity Cost
C) MRS
D) Price Mechanism
14) Rightward shifting of PPC indicates
A) Depletion of Resources
B) Growth of Resources
C) Reduction of Resources
D) Increase in price
15) Micro Economics is based on
A) Worms eye view
B) Birds eye view
C) Panoramic view
D) Overall view
16) Combinations of all those goods and services that can be produced with given resources and technology
A) MOC
B) PPF
C) Indifference curve
D) Market Mechanism
17) Choice of Technology is related to
A)What to Produce
B) How to Produce
C) For Whom to Produce
D) None of these
18) Points on the PPC indicates
A) Under & inefficient Utilization of resources
B) Growth of resources
C) Unattainable
D) Fuller & Efficient Utilization of Resources
19) Who coined the term Economics instead of Political Economy?
A) Adam Smith
B) Alfred Marshal
C) Lionel Robbin
D) Paul A Samuelson
20) Which one of the following is the features of a centrally planned Economy
A) Profit Motive
B) Planning Mechanism
C) Price Mechanism
D) Private Property
21) Indian Economy is an example of
A) Market Economy
B) Centrally Planned Economy
B) Mixed Economy
D) Barter Economy
22) It is an Economy which has no economic relation with the rest of the world
A) Closed Economy
B) Parallel Economy
C) Open Economy
D) None of these
23) After the first world war, North America and Europe were trapped in economic crisis during 1930s.Name the crisis
A) Gulf War
B) Great Depression
C) Great Divide
D) None of these
24) The concept of micro and macro economics was coined by
A) Adam Smith
B) J M Keynes
C) Ragnar Frisch
D) Lionel Robbins
25) Which of the following is not under sectors of the Economy
A) House hold Sector
B) Firms Sector
C) Government Sector
D)Mixed sector
E) None of these
26) The book General Theory of Employment Interest and Money written by
A) Ragnar Frisch
B) J M Keynes
C) K E Boulding
D) Adam smith
27) Micro Economics is also known as
A) Income Theory
B) Price Theory
C) Employment Theory
D) Aggregate Economics
28) Odd one out
A) Price of Rice
B) Saving of a Family
C) International trade
D) Profit of a firm
29) Export & Import are coming under
A) Firms
B) Government sector
C) External Sector
D) Household sector
30) Which of the following is not coming under macro Economics
A) Economic Growth
B) Trade Cycle
C) Inflation & Deflation
D) Production & Cost
( 1* 30 = 30)
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Explanation:
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Answer the Following :
Explanation:
1) A) Production
2) C) What ought to be
3) C)National Saving
4) B) Micro Economics
5) A) 1936
6) A) Planning Mechanism
7) B) MOC
8) B) Aggregate Economic
9) D) Adam Smith
10) B) Concave to the Origin
11) A) Profit
12) C) General Equilibrium
13) B) Opportunity Cost
14) B) Growth of Resources
15) A) Worms eye view
16) B) PPF
17) D) None of these
18) A) Under & inefficient Utilization of resources
19) A) Adam Smith
20) B) Planning Mechanism
21) A) Market Economy
22) A) Closed Economy
23) B) Great Depression
24) C) Ragnar Frisch
25) A) House hold Sector
26) B) J M Keynes
27) B) Price Theory
28) A) Price of Rice
29) C) External Sector
30) D) Production & Cost
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