Practice Test

Q1) Who is known as father of Economics ? Show Answer

Q2) Find the match Show Answer

Q3) Whose definitation studies normative aspect of economics Show Answer

Q4) Whose definitation studies universal & acceptable ? Show Answer

Q5) Who said 'Economics is neutral between ends ' ? Show Answer

Q6) Who said 'Political economy is the oldest of the arts & the newest science--indeed the queen of social sciences' ? Show Answer

Q7) Which of the following is a positive statement ? Show Answer

Q8) Which economics deals with the study of behaviour of individual decision making unit ? Show Answer

Q9) Problems of unemployment, illiteracy, etc.are studied under which branch of economics Show Answer

Q10) Wages rent,supply curve,etc.are studied under which branch of economics ? Show Answer

Q11) Which part of economics is called Theory of Income & Employment ? Show Answer

Q12) When we go from general assumption to particular production which method is used for construction an economic theory ? Show Answer

Q13) The problem of what & how to produce is studied under which branch of economics ? Show Answer

Q14) Cost of alternative opportunity given up is called Show Answer

Q15) Which of the following is not a feature of the socialist economy ? Show Answer

Q16) A concave PPC implies Show Answer

Q17) A liner or straight downward line of PPC implies Show Answer

Q18) A convex to the origin PPC implies Show Answer

Q19) Economic meaning of increasing marginal opportunity cost is that to produce the more unit of goods X ,how many units of goods have to be sacrificed ? Show Answer

Q20) If there is a natural calamity ,what will happen to PPF ? Show Answer

Q21) Find the correct match : Show Answer

Q22) The law of scarcity : Show Answer

Q23) Which of the following is the best general definition of the study of Economics Show Answer

Q24) What implication(s) does resource scarcity have for the satisfaction of wants Show Answer

Q25) Rational decision making requires that : Show Answer

Q26) What is the 'Fundamental Premise of Economics '? Show Answer

Q27) Which of the following is a normative statement ? Show Answer

Q28) Which of the following statement would you consider to be a normative one ? Show Answer

Q29) An example of 'positive ' economics analysis would be Show Answer

Q30) Identify the correct statement Show Answer

Q31) A study of how increase in the corporate income tax rate will affect the national unemployment rate is an example Show Answer

Q32) Which of the following does not suggest a macro approach for India Show Answer

Q33) Economic goods are considered scarce resources because they Show Answer

Q34) From the national point of view which of the following indicates micro approach ? Show Answer

Q35) In a free market economy the allocation or resources is determined by Show Answer

Q36) A capitalist economy uses____ as the principal means of the allocating resources Show Answer

Q37) In a free market economy , when consumers increase their purchase of a good & the level of ___exceeds____then prices tend to raise Show Answer

Q38) Which of the following would be considered a disadvantages of allocating resources using a market system ? Show Answer

Q39) In a Mixed Economy Show Answer

Q40) The central problem in a economics is that of Show Answer

Q41) If the PPF is liner ,i.e.,a straight line ,which of the following is True ? Show Answer

Q42) Periods which is less than full employment correspond to Show Answer

Q43) Which of the following would not result in an rightward shift of the PPF ? Show Answer

Q44) During presidential election campaigns , candidates often promise both more 'gun' and more 'butter' if they are elected .assuming unemployment is not a problem ,What possible assumption are they making but not revealing to their audience ? Show Answer

Q45) What is one of the future consequences of an increase in the current level of consumption in the India Show Answer

Q46) Capital intensive techniques would get chosen in a Show Answer

Q47) Labour intensive techniques would get chosen in a Show Answer

Q48) Consider the following & decide which ,if any,economy without scarcity is Show Answer

Q49) Which of the following is not a micro economic subject matter ? Show Answer

Q50) Which of the following is not one of the four central question that the study of economics is supposed to answer ? Show Answer

Q51) If the marginal opportunity cost is a constant then the PPC would be Show Answer

Q52) Larger production of ____ goods would lead to higher production in future Show Answer

Q53) The branch of the economic theory that deals with the problem of allocation of resources is Show Answer

Q54) Which of the following would likely cause an inward shift in the country's PPC ? Show Answer

Q55) The various combinations of goods that can be produced in any economy when it uses its available sources & technology efficiently are depicted by Show Answer

Q56) In an economy people have the freedom to buy or not to buy the goods offered in the market place ,& this freedom to choose what they buy dictates what produces will ultimately produCes.The key terms defining this condition is Show Answer

Q57) The word 'economics' is derived from _______words_______ Show Answer

Q58) Human wants are : Show Answer

Q59) Unlimited ends lead to : Show Answer

Q60) Resources refer to Show Answer

Q61) Adam Smith considered economics as : Show Answer

Q62) "Economics is the study of mankind in the ordinary business of life " was given by : Show Answer

Q63) Which of the following is covered in micro economics ? Show Answer

Q64) In micro economics we study about : Show Answer

Q65) Which of the following is not variable of micro economics ? Show Answer

Q66) _____ deals with the problem of allocation of resources. Show Answer

Q67) Macro economics is also called : Show Answer

Q68) Which of the following is covered in micro economics ? Show Answer

Q69) Economics is : Show Answer

Q70) When we specify that economics should not be connected with whether an individual should use its resources towards producing medicines or machine guns, we consider economics as a ______ science Show Answer

Q71) While laying down theories (like law of demand,law of supply), the _______aspect of economics is projected and brought out. Show Answer

Q72) While dealing with issue like how the national income should be distributed, what should be the wages rate, etc. the ______ aspect of economics is projected and brought out. Show Answer

Q73) ________economics explains economics phenomena according to their cause and effects. Show Answer

Q74) A ______ science is prescriptive in nature. Show Answer

Q75) For deriving economics laws, deductive and inductive method are : Show Answer

Q76) Economics laws can be derived by : Show Answer

Q77) ______ is based on abstract reasoning and subsequent verification with facts. Show Answer

Q78) Demand theory, supply theory, etc., have been derived based on : Show Answer

Q79) A capitalist economy is characterized by : Show Answer

Q80) A socialist economy is characterized by : Show Answer

Q81) In a socialist economy, the concept of customers sovereignty is : Show Answer

Q82) Indian economy is an example of Show Answer

Q83) In which type of economics system is cost-benefit analysis used to answer the fundamental questions-what, how, and for whom to produce. Show Answer

Q84) Indian economy is a mixed economy because Show Answer

Q85) Which of the following is correct ? Show Answer

Q86) Point outside the PPC are : Show Answer

Q87) Economic laws are essentially _____ and _______ Show Answer

Q88) Alfred Marshall considered economics as : Show Answer

Q89) Lionel Robbins considered economics as : Show Answer

Q90) Lionel Robbins gave the ______ definition of economics : Show Answer

Q91) Who gave Welfare definition economics ? Show Answer

Q92) Micro economics is also called : Show Answer

Q93) Science is theoretical, while art is : Show Answer

Q94) In a mixed economy, the private sector : Show Answer

Q95) Which economy is now a myth only, there is no practical example of it today ? Show Answer

Q96) In 1940, Hitler's air force bombed Rotterdam, a beautiful city in Holland. 25,000 homes, 1,200 factories, 69 schools and 13 hospitals were destroyed. Nearly 75,000 people became homeless and 1,000 people died. 35% of the port was gutted by the German Army. The above destruction would mean : Show Answer

Q97) If immediately after the war, Rotterdam rebuilt its port with the help of most with the help of most up to date cranes, docks and cargo handling technology. By the end of the reconstruction, ships were loading and unloading faster and at the lower cost than any where in the world. If become more efficient than it was before the destruction. This means : Show Answer

Q98) The opportunity cost of increasing wine produced from D to E is : Show Answer

Q99) Assuming that the PPC does not shifted which of the following is true ? Show Answer

Q100) Which of the following is correct ? Show Answer

Q101) With the same amount of resources, a farmer can feed the following combination of goats and horses Goats Horses.
Option 168 44
Option 150 50
Give the option available with him, what is the opportunity cost of the farmer of feeding 1 horse ? Show Answer

Q102) Who expressed the words" The range of our enquiry becomes restricted to that part of social welfare that can be brought directly into relation with the measuring rod of money. Show Answer

Q103) If a point fails inside the production possibility curve, what does it indicate ? Show Answer

Q104) The PPC does not give the desirable point of production, it only indicates the possible combination of ------------ That can be produced with the available resources ? Show Answer

Q105) Which of the following is an important message that a production possibility curve conveys to an economy ? Show Answer

Q106) Economics, according to the Lionel Robbins is a : Show Answer

Q107) A ________ science is descriptive in nature Show Answer