MCQOPTIONS
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MCQOPTIONS
This section includes 1254 Mcqs, each offering curated multiple-choice questions to sharpen your General Knowledge knowledge and support exam preparation. Choose a topic below to get started.
| 801. |
A perfectly inelastic demand curve |
| A. | Vertical with some steep |
| B. | Perfectly horizontal |
| C. | Horizontal with some steep |
| D. | Perfectly vertical |
| Answer» E. | |
| 802. |
A negative supply shock in the short run causes |
| A. | the aggregate supply curve to shift to the left |
| B. | unemployment to fall |
| C. | the aggregate supply curve to shift to the right |
| D. | the price level to fall |
| Answer» B. unemployment to fall | |
| 803. |
A minimum wage _____. |
| A. | is the price floor below which workers may not sell their labor |
| B. | is set at a price below the equilibrium wage |
| C. | creates a price ceiling below which the wage cannot legally go |
| D. | decreases unemployment |
| Answer» B. is set at a price below the equilibrium wage | |
| 804. |
A market situation when firms sell similar but not identical products is termed as_x005F_x000D_ |
| A. | perfect competition |
| B. | imperfect competition |
| C. | monopolistic competition |
| D. | oligopoly |
| Answer» D. oligopoly | |
| 805. |
A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be |
| A. | 0.03 |
| B. | 0.1 |
| C. | 0.025 |
| D. | 0.07 |
| Answer» C. 0.025 | |
| 806. |
A manufacturer faces price elasticity of demand of a Â1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____. |
| A. | 5.15 percent |
| B. | 7.65 percent |
| C. | 8 percent |
| D. | 5.12 percent |
| Answer» D. 5.12 percent | |
| 807. |
A 'Market Economy' is one which |
| A. | is controlled by the Government |
| B. | is free from the Government control |
| C. | in influenced by international market forces |
| D. | All of these |
| Answer» C. in influenced by international market forces | |
| 808. |
A manufacturer faces a -1.2 price elasticity of demand for its product. It is presently selling 7,500 units/day. If it wants to increase quantity sold by 9%, it must lower its price by |
| A. | 7.5 percent |
| B. | 7.8 percent |
| C. | 10.2 percent |
| D. | 10 percent |
| Answer» B. 7.8 percent | |
| 809. |
A high growth rate of population is characterised by |
| A. | High birth and high death rate |
| B. | High birth and low death rate |
| C. | Low birth and low death rate |
| D. | Low birth and high death rate |
| Answer» C. Low birth and low death rate | |
| 810. |
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is |
| A. | Rs 50 |
| B. | Rs 850 |
| C. | Rs 800 |
| D. | Rs 100 |
| Answer» C. Rs 800 | |
| 811. |
A large underground economy results in an |
| A. | Overstated GDP |
| B. | Understated GDP price index |
| C. | Overstated GDP price index |
| D. | Understated GDP |
| Answer» E. | |
| 812. |
A growing country is one with ___________ there. |
| A. | rising GNP at constant prices |
| B. | rising GNP at current prices |
| C. | constant GNP at constant prices |
| D. | No option is correct |
| Answer» B. rising GNP at current prices | |
| 813. |
A government subsidy to the producers of a product |
| A. | reduces product demand |
| B. | increases product supply |
| C. | reduces product supply |
| D. | increases product demand |
| Answer» C. reduces product supply | |
| 814. |
A good measure of the standard of living is |
| A. | SGP |
| B. | GDP |
| C. | Percapita income |
| D. | None |
| Answer» C. Percapita income | |
| 815. |
A decrease in the price level will |
| A. | result in a movement downward along the aggregate demand curve |
| B. | shift the aggregate demand curve to the right |
| C. | result in a movement upward along the aggregate demand curve |
| D. | shift the aggregate demand curve to the left |
| Answer» B. shift the aggregate demand curve to the right | |
| 816. |
A favorable cost variance occurs when |
| A. | actual incurred cost is less than the standard cost |
| B. | actual incurred cost is greater than the standard cost |
| C. | actual incurred cost is equal to the standard cost |
| D. | None of the above |
| Answer» B. actual incurred cost is greater than the standard cost | |
| 817. |
A company faces a -2.5 price elasticity of demand for its product. It is presently selling 10,000 units/month. If it wants to increase quantity sold by 6%, it must lower its price by |
| A. | 0.035 |
| B. | 0.15 |
| C. | 0.025 |
| D. | 0.024 |
| Answer» E. | |
| 818. |
A commodity market has a _________ structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented. |
| A. | Perfect Competition |
| B. | Monopoly |
| C. | Oligopoly |
| D. | Monopolistic Competition |
| Answer» C. Oligopoly | |
| 819. |
A command economy tends to exist under a |
| A. | Representative government that provides no regulation. |
| B. | Socialist government that provides a lot of regulation. |
| C. | Communist government that provides little regulation. |
| D. | Democratic government that provides some regulation. |
| Answer» C. Communist government that provides little regulation. | |
| 820. |
A business owned by one person |
| A. | Sole proprietorship |
| B. | Non profit |
| C. | Limited liability |
| D. | None of the above |
| Answer» B. Non profit | |
| 821. |
A binding price ceiling is designed to |
| A. | keep prices low |
| B. | increase efficiency |
| C. | increase the quality of the good |
| D. | prevent shortages |
| Answer» B. increase efficiency | |
| 822. |
A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________. |
| A. | Rs 1530 |
| B. | Rs 1050 |
| C. | Rs 50 |
| D. | Rs 1350 |
| Answer» E. | |
| 823. |
A basic concept in economics is that all resources are |
| A. | Valuable |
| B. | Limited |
| C. | Renewable |
| D. | Allocated |
| Answer» C. Renewable | |
| 824. |
A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then all other women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is |
| A. | Rs. 600 |
| B. | Rs. 50 |
| C. | Rs. 300 |
| D. | Rs. 100 |
| Answer» B. Rs. 50 | |
| 825. |
A ___________ deficit is financed by net capital flows from the rest of the world, thus by a capital account surplus. |
| A. | Current Account |
| B. | Savings Account |
| C. | Capital Account |
| D. | Asset Account |
| Answer» B. Savings Account | |
| 826. |
A bank statement provided by the bank includes |
| A. | The beginning and the ending balance of the depositor's account |
| B. | A list of outstanding check |
| C. | A list of pretty cash amounts |
| D. | A listing of deposits in transit |
| Answer» B. A list of outstanding check | |
| 827. |
7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______. |
| A. | Rs 50 |
| B. | Rs 850 |
| C. | Rs 400 |
| D. | Rs 100 |
| Answer» C. Rs 400 | |
| 828. |
The difference between exports and imports is called-? |
| A. | assets and liabilities |
| B. | balance of payment |
| C. | GDP |
| D. | balance of trade |
| Answer» E. | |
| 829. |
_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling. |
| A. | Law of diminishing marginal product |
| B. | Law of variable proportions |
| C. | The Short Run |
| D. | The Long Run |
| Answer» C. The Short Run | |
| 830. |
 Inflation exists when |
| A. | there is general increase in the prices over time. |
| B. | there are periodic decreases in the price level. |
| C. | there are continuous increases in the output level over time. |
| D. | there is rise in the purchasing value of money. |
| Answer» B. there are periodic decreases in the price level. | |
| 831. |
' Samjhauta Express ' runs between which of the following two stations |
| A. | New Delhi - Wagah |
| B. | New Delhi - Lahore |
| C. | Amritsar - Wagah |
| D. | Amritsar - Lahore |
| Answer» C. Amritsar - Wagah | |
| 832. |
‘KAPILA’ programme, which was making news recently, is associated with which sector?_x005F_x000D_ |
| A. | MSME |
| B. | Intellectual Property Rights |
| C. | Aviation |
| D. | Automobile |
| Answer» C. Aviation | |
| 833. |
“Functional Finance†is associated with: ___________x005F_x000D_  _x005F_x000D_  _x005F_x000D_ |
| A. | Adams |
| B. | Adam Smith |
| C. | Adolph Wogner |
| D. | Abba P Lerne |
| Answer» E. | |
| 834. |
_______ is issued when the court finds that a particular office holder is not doing legal duty and thereby is infringing on the right of an individual. |
| A. | Habeas Corpus |
| B. | Mandamus |
| C. | Prohibition |
| D. | Quo Warranto |
| Answer» C. Prohibition | |
| 835. |
‘Capital gains’ refers to goods which |
| A. | serve as a source of raising further capital |
| B. | help in the further production of goods |
| C. | directly go into the satisfaction of human wants |
| D. | find multiple uses |
| Answer» C. directly go into the satisfaction of human wants | |
| 836. |
......... is the mobile application launched by the Ministry of Commerce and Industry to aid exporters and importers in the country._x005F_x000D_ |
| A. | Nikat Man |
| B. | Maitree Mitra |
| C. | Niryat Mitra |
| D. | Dikhat Mitra |
| Answer» D. Dikhat Mitra | |
| 837. |
__________ of an input is defined as the change in output per unit of change in the input when all other inputs are held constant. |
| A. | Marginal product |
| B. | Production function |
| C. | Total product |
| D. | Average product |
| Answer» B. Production function | |
| 838. |
__________ says that if we keep increasing the employment of an input, with other inputs fixed, eventually a point will be reached after which the resulting addition to output (i.e., marginal product of that input) will start falling. |
| A. | Law of diminishing marginal product |
| B. | Law of variable proportions |
| C. | The Short Run |
| D. | The Long Run |
| Answer» B. Law of variable proportions | |
| 839. |
___________ is an alternative way of representing the production function. |
| A. | The Short Run |
| B. | The Long Run |
| C. | Isoquant |
| D. | Average product |
| Answer» D. Average product | |
| 840. |
__________ resources are those resources whose quantity is known. |
| A. | Natural resources |
| B. | Actual resources |
| C. | Potential resources |
| D. | Abiotic resources |
| Answer» C. Potential resources | |
| 841. |
_______________________ is the unemployment which exists in any economy due to people being in the process of moving from one job to another. |
| A. | Seasonal unemployment |
| B. | Cyclical unemployment |
| C. | Frictional unemployment |
| D. | Structural unemployment |
| Answer» D. Structural unemployment | |
| 842. |
__________________ is a good whose quantity demanded decreases when consumer income rises. |
| A. | Veblen good |
| B. | normal good |
| C. | exclusive good |
| D. | inferior good |
| Answer» E. | |
| 843. |
__________ is defined as the output per unit of variable input |
| A. | Marginal product |
| B. | Production function |
| C. | Total product |
| D. | Average product |
| Answer» E. | |
| 844. |
____________ is the relationship between the variable input and output, keeping all other inputs are held constant. |
| A. | Total product |
| B. | Average product |
| C. | Isoquant |
| D. | The Long Run |
| Answer» B. Average product | |
| 845. |
___________________________ is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India. |
| A. | Provident Fund |
| B. | Life Insurance Policies |
| C. | National Saving Certificate |
| D. | Long term government bonds |
| Answer» D. Long term government bonds | |
| 846. |
The central banking functions in India are performed by the Central Bank of India Reserve Bank of India State Bank of India Punjab National Bank |
| A. | I, II |
| B. | II |
| C. | I |
| D. | II, III |
| Answer» C. I | |
| 847. |
Indian Railways earn the Maximum Revenue from |
| A. | Passenger fare |
| B. | Freight |
| C. | Traffic tax |
| D. | Passenger tax |
| Answer» C. Traffic tax | |
| 848. |
Railway Budget in India was separated from general budget in |
| A. | 1924-25 |
| B. | 1941-42 |
| C. | 1947-48 |
| D. | 1950-51 |
| Answer» B. 1941-42 | |
| 849. |
Which country produces Maximum Tea in the world? |
| A. | India |
| B. | China |
| C. | Srilanka |
| D. | Japan |
| Answer» B. China | |
| 850. |
Who is the 'Ex-Officio' Chairman of planning commission? |
| A. | President |
| B. | Planning Minister |
| C. | Finance Minister |
| D. | Prime Minister |
| Answer» E. | |