LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
A supply schedule is a graphical presentation of supply patterns.
Correct Answer
False
Your Answer
True
True/False
Question
The subject matter of macro – economics includes the theory of income and employment at an individual level.
Correct Answer
False
Your Answer
False
Select The Blank
Question
When demand for the product increases in the same proportion in which income increases, Income elasticity of demand will be equal to________
Correct Answer
unity
Your Answer
unity
Multiple Choice Multiple Answer
Question
Features of stage of expansion in business cycle are
Correct Answer
Rise in national output , Rise in consumer and capital expenditure , Bank advances grow rapidly
Your Answer
Rise in national output , Rise in consumer and capital expenditure , Bank advances grow rapidly
Multiple Choice Multiple Answer
Question
Explicit costs are
Correct Answer
Out of pocket costs , These are firms accounting expenses , Expenditure costs
Your Answer
Out of pocket costs , These are firms accounting expenses , Expenditure costs
Multiple Choice Single Answer
Question
Demand for products like tea, betel, tobacoo, sigaratte is a matter of
Correct Answer
habit
Your Answer
habit
Multiple Choice Single Answer
Question
If the substitutes are relatively cheaper then the demand for the commodity in question will be
Correct Answer
less
Your Answer
less
Multiple Choice Single Answer
Question
An assembly of several machines, linked together either physically or by processes, capable of producing a given quantity of a product per day is
Correct Answer
plant
Your Answer
plant
Multiple Choice Single Answer
Question
The Risk Taking Theory was developed by Hawley, who was an
Correct Answer
American Economist
Your Answer
American Economist
Select The Blank
Question
The cost which enter the accounts book of the firm are referred as ________.
Correct Answer
Accounting cost
Your Answer
Accounting cost
Select The Blank
Question
The persons who own the ________hip concern are called Partners.
Correct Answer
Partners
Your Answer
Partners
Select The Blank
Question
Perfectly elastic demand curve is ________
Correct Answer
horizontal
Your Answer
horizontal
Select The Blank
Question
While discussing the product divisibility of public and private goods, the principle of ________ may be applied in case of only those people who do not agree to pay or who cannot pay the market price
Correct Answer
exclusion
Your Answer
exclusion
Multiple Choice Multiple Answer
Question
Features of the firm are
Correct Answer
It is a business unit organized under one ownership , It is a sole proprietorship , It is a partnership or joint stock company
Your Answer
It is a business unit organized under one ownership , It is a sole proprietorship , It is a partnership or joint stock company
Multiple Choice Multiple Answer
Question
The causes of inflation are
Correct Answer
Increase in public expenditure , Increase in private expenditure , Increase in foreign demand
Your Answer
Increase in public expenditure , Increase in private expenditure , Increase in foreign demand
True/False
Question
Inflation is a great opportunity for merchants to earn more profit.
Correct Answer
True
Your Answer
True
Match The Following
Question
Correct Answer
Your Answer
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
scarce
scarce
Commodities
goods and services
goods and services
Multiple Choice Multiple Answer
Question
The advantage of cost-benefit analysis are
Correct Answer
Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs
Your Answer
Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs
Select The Blank
Question
Sole Proprietorship which is also called sole ________
Correct Answer
tradership
Your Answer
tradership
True/False
Question
A plant is an economic unit which takes various decisions related to production and distribution.
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
Features of an Industry are
Correct Answer
All firms dealing in the same line of business , The ownership and management of each firm is different , Is a group of firms
Your Answer
All firms dealing in the same line of business , The ownership and management of each firm is different , Is a group of firms
Multiple Choice Single Answer
Question
Managerial economics generally refers to the integration of economic theory with business
Correct Answer
Practice
Your Answer
Practice
True/False
Question
During recession, on account of decline in investment by producers, there is decline in income and consumption.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
The fiscal policy includes
Correct Answer
Monitoring of public expenditure , Formation of taxation policy , It is an instrument for economic stabilization
Your Answer
Formation of taxation policy , It is an instrument for economic stabilization , Monitoring of public expenditure
Multiple Choice Single Answer
Question
Forecasts made either through experience or through methodigistic are
Correct Answer
statistical
Your Answer
statistical
Multiple Choice Single Answer
Question
Managerial economics is also understood to refer to
Correct Answer
applied economics
Your Answer
applied economics
Select The Blank
Question
The externality which causes an economic gain or an economic loss to other economic units is also referred to as ________ externality.
Correct Answer
Pecuniary
Your Answer
Social
Multiple Choice Single Answer
Question
According to Prof. F.H. Knight, profit is a reward for
Correct Answer
uncertainty bearing
Your Answer
uncertainty bearing
Multiple Choice Single Answer
Question
The principle of full employment equilibrium was stated by
Correct Answer
Say's Law of Market
Your Answer
Law of Demand
Multiple Choice Multiple Answer
Question
Phases of business cycle
Correct Answer
Expansion , Peak , Recession
Your Answer
Expansion , Peak , Recession , Trough
True/False
Question
In case of a Joint Stock Company the liability of the share holders is unlimited.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
Goods which are completely divisible and to them the principle of exclusion applies in full measure, are called
Correct Answer
Pure public goods
Your Answer
Private goods
Multiple Choice Multiple Answer
Question
Assumptions underlying the law of Supply are
Correct Answer
The cost of production is unchanged , No change in technique of production , Government policies are unchanged
Your Answer
The cost of production is unchanged , No change in technique of production , Government policies are unchanged
Multiple Choice Multiple Answer
Question
The payments made out of the Gross Profit are
Correct Answer
Remuneration to factors of production , Depreciation , Maintenance Charges
Your Answer
Remuneration to factors of production , Depreciation , Maintenance Charges
Select The Blank
Question
The indivisible goods to which the principle exclusion does not apply are called ________ goods.
Correct Answer
pure public
Your Answer
pure public
True/False
Question
Micro-economics is primarily concerned with the problem of what, how and for whom to produce?
Correct Answer
False
Your Answer
True
Multiple Choice Single Answer
Question
Gross profit is the excess of total revenue of a firm over total
Correct Answer
expenditure
Your Answer
expenditure
True/False
Question
During period of depression various factors of production lie unutilized.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Co-operative organizations is
Correct Answer
voluntary organization , managed by democratic principle , organization, which performs its business within the members
Your Answer
voluntary organization , managed by democratic principle , organization, which performs its business within the members , non profit motive organization
Multiple Choice Single Answer
Question
Macro economics is the study of the
Correct Answer
aggregate behavior of economy
Your Answer
aggregate behavior of economy
True/False
Question
To solve the unemployment problem, the level of effective demand must decrease.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
The public sector is owned & controlled by
Correct Answer
state enterprises
Your Answer
state enterprises
Select The Blank
Question
Demand for safety pins is ________
Correct Answer
inelastic
Your Answer
relatively inelastic
Multiple Choice Single Answer
Question
Under perfect competition, generally demand and supply act and react upon each other and determine the price
Correct Answer
equilibrium
Your Answer
equilibrium
True/False
Question
During the period of recession there is increase in incomes of wage and interest earners.
Correct Answer
False
Your Answer
False
Select The Blank
Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
firm
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