Practice Test

Q1) The definition of Economics as a Science of development and growth with the twin objectives of scarcity and efficiency, was given by Show Answer

Q2) One of the following statements is not a positive statement Show Answer

Q3) Microeconomics does not study Show Answer

Q4) A capitalist economy is by and large Show Answer

Q5) After your Board Examination you could have got a job that would pay you Rs. 10,000 per month. Instead you go in for further studies spending Rs. 8,000 per month on books, fees, etc. The opportunity cost of higher studies for you is Show Answer

Q6) A country discovered a huge stock of gold lying buried in deep earth. It begins to mine out the gold and also finds a foreign buyer. Graphically, this position would be shown as Show Answer

Q7) Macroeconomics came into picture after the publication of the book 'The General Theory of Employment, Interest and money' which was written by Show Answer

Q8) With a fall in the price of a commodity Show Answer

Q9) A consumer would be in equilibrium if he does not has to pay any price for the commodity consumed at the level of consumption where Show Answer

Q10) Which of the following statements is wrong? Show Answer

Q11) On a straight line demand curve intercepting both horizontal and vertical axes, elasticity of demand would be equal to unit at the Show Answer

Q12) With an increase in the supply of commodity, equilibrium price will not fall if Show Answer

Q13) Any change in demand will leave the equilibrium quantity unaffected if Show Answer

Q14) If with an increase in the price of a commodity, quantity demanded of the commodity rises, it must be a Show Answer

Q15) An indifference curve slops downward because more of one commodity and less of another results in Show Answer

Q16) Marginal product is Show Answer

Q17) Average product is rising then marginal product would Show Answer

Q18) Which one of the following short run cost curves always falls with an increase in the level of output? Show Answer

Q19) In a graph, when we plot AC and AFC curves, the difference between AC and AFC curves measures Show Answer

Q20) Marginal cost at any level of output is affected Show Answer

Q21) If on a given straight line demand curve, elasticity of demand is equal to unity, the value of marginal revenue will be Show Answer

Q22) If the long-run average cost curve is a downward sloping curve for a firm, it implies that the unit is subject to the law of ______ always. Show Answer

Q23) A firm would be in-equilibrium at the level of output where its Show Answer

Q24) Which of the following commodities best represents a monopolistic competitive market? Show Answer

Q25) In which of the following market structures, a firm is not a price maker Show Answer

Q26) In which of the following market structures, a firm in long-run equilibrium earns abnormal profit Show Answer

Q27) For a firm in short-run equilibrium its AR < AC, i.e. it is incurring losses, it will Show Answer

Q28) A firm has to take decision about the nature and extent of product differentiation and hence the level of selling expenses in _______ market structure. Show Answer

Q29) Under monopolistic competition, loss making firms leave the group Show Answer

Q30) Primary function of money is that Show Answer

Q31) In a POW Camp during the Second World War, biddies came to perform the function of money although Show Answer

Q32) ______ is the rate at which the central bank discounts the bill of commercial banks. Show Answer

Q33) A Commercial Bank cannot Show Answer

Q34) The Central Bank of a country is not empowered to Show Answer

Q35) A commercial bank normally, does not pay interest on Show Answer

Q36) If a bank has an initial deposit of Rs. 100 crores and cash deposit reserve maintained by the bank is 10%, then the total amount of credit creation will be? Show Answer

Q37) The first industrial policy revolution in independent India was announced in the year Show Answer

Q38) The growth strategy adopted in India's Second Five Year Plan put more emphasis on the growth of Show Answer

Q39) Heavy inflows of foreign direct investment to India took place during the period Show Answer

Q40) Purchase of equity shares in an Indian joint stock company by a foreigner constitute Show Answer

Q41) The time period which is called a "Plan Holiday" is Show Answer

Q42) The contribution of the agricultural sector to India's national income in recent years has been about Show Answer

Q43) Integration of domestic economy with the world economy is called as Show Answer

Q44) The largest proportion of work force in India is engaged in the Show Answer

Q45) In terms of total population, India is the ______ largest country in the world. Show Answer

Q46) The highest literacy rate in India is observed in the state of Show Answer

Q47) A country experiences population explosion when it gets stuck for long in a stage of demographic transition in which Show Answer

Q48) A country is said to be ready to enjoy demographic dividend when Show Answer

Q49) The primary aim of Mahatma Gandhi National Rural Employment Guarantee Programm is not to Show Answer

Q50) Disguised undemployment is a state in which Show Answer

Q51) Poverty ratio in India has been falling. It implies that Show Answer

Q52) Find the odd one out among the following employment generation programmes Show Answer

Q53) One of the following is not a renewable source of energy Show Answer

Q54) Density of population is defined as the number of persons per square Show Answer

Q55) Land reforms programme in India has aimed at Show Answer

Q56) The only science that enables different experts using the same figures to draw different conclusions is called Show Answer

Q57) The techniques that are used in summarizing and describing the main features of data constitute Show Answer

Q58) One of the following does not qualify to be called "Statistics" Show Answer

Q59) Arrange the following steps in order to a statistical enquiry
(i) Interpretation of data
(ii) Analysis of data
(iii) Collection of data
(iv) Organization of data
The options are : Show Answer

Q60) A complex table represents Show Answer

Q61) One of the following statement of primary data are wrongly stated Show Answer

Q62) Among the following sources of collecting primary data one is not correctly placed Show Answer

Q63) The basic demerit of sample investigation is that it Show Answer

Q64) A pie chart is having the shape of Show Answer

Q65) Qualitative classification includes Show Answer

Q66) The average friend requests for a week excluding Sunday on Facebook was 10. On Sunday, the average of all 7 days rose to 15. How many friends visited you on Sunday. Show Answer

Q67) In a normal distribution Show Answer

Q68) Coefficient of variation of a distribution is 12.5% and standard deviation is 100. The value of mean will be Show Answer

Q69) A sum of Rs. 1,200 becomes Rs. 1,323 in two years at compound interest compounded annually. Find the rate percent? Show Answer

Q70) The difference between simple interest and compound interest compounded annually on X sum of money for 2 years at 4% per annum is Rs. 1. The value of 'X' is Show Answer

Q71) The time between two successive dates of an annuity is called Show Answer

Q72) Compound interest for Rs. 1,000 for 4 years at 5% per annum when it is compounded quarterly Show Answer

Q73) Amjad invested a sum of money at 8% per annum at simple interest for 't' years. At the end of 't' year, Amjad got back 4 times his original investment. The value of 't' is Show Answer

Q74) If all the elements of set A belong to set B and all the elements of set B belong to set A. This set is called Show Answer

Q75) Three unbiased coins are tossed. The probability of obtaining at least one head is Show Answer

Q76) A bag contains 4 white, 5 red and 6 blue balls. Three balls are drawn at random from the bag. The probability that all of them are red, is Show Answer

Q77) An event that corresponds to a single possible outcome of an experiment is called Show Answer

Q78) The tendency of trend to increase or decrease or stagnate over a long period of time is called Show Answer

Q79) The equation Y =a + bx is used to get the value of Show Answer

Q80) The price index that uses current year quantities as weights is known as Show Answer

Q81) The test that requires that the product of Price Index and the corresponding quantity index number should be equal to the value index number is known as Show Answer

Q82) The total sum of values of a given year divided by the sum of the values of the base year is Show Answer

Q83) The trend equation for annual sale of a product is Y = 120 + 36 x with Year 1990 as origin. The annual sales for year 1992 will be Show Answer