Basics Of Economics Set 1
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This set of Basics of Economics Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Economics Set 1
Q1 | The economic problem arises since
- wants are unlimited
- resources are limited
- resources are capable of alternative uses
- all of the above
Q2 | Economic problem arises in
- planned economies
- free market economies
- mixed economies
- all of the above
Q3 | The resources are :
- limited
- unlimited
- not only limited but are capable of alternative uses
- none of the above
Q4 | ----- is not an example of free good
- sunlight
- car
- petrol
- computer
Q5 | The term production refers to:
- producing things which are capable of satisfying human wants
- creation or addition of utilities
- transformation of inputs into output
- all of the above
Q6 | The problem of allocation of resources is concerned with:
- what to produce
- how to produce
- for whom to produce
- all of the above
Q7 | The distribution of national product among the members of the societyis the problem of:
- what to produce
- how to produce
- for whom to produce
- all of the above
Q8 | Which one of the following come under macro economics:
- per capita income
- study of a firm
- individual income
- theory of factor pricing
Q9 | Which one of the following is not come under macro economics
- national income
- per capita income
- disposable income
- individual income
Q10 | Partial equilibrium analysis come under:
- micro economics
- macro economics
- welfare economics
- international economics
Q11 | “The starting point of all economic activity is the existence of humanwants” Who said this?
- adam smith
- selligman
- ricardo
- alfred marshall
Q12 | Production and consumption takes place simultaneously in the case of
- goods
- services
- both in the case of goods and services
- neither in the case of goods and services
Q13 | Economic growth can be achieved through
- advanced technology
- expansion of resources
- both a & b
- neither a & b
Q14 | Micro economics doesn’t deal with:
- the study of individual economic units
- determination of factor prices
- price determination of commodities
- general equilibrium analysis
Q15 | Name the economist who analyses the subject matter of economics intotwo branches: micro economic analysis and macro economic analysis.
- adam smith
- alfred marshall
- ragner frisc
- p a samuelson
Q16 | Transformation of inputs into outputs is known as
- production
- consumption
- distribution
- exchange
Q17 | ----- is an example of secondary input
- land
- labour
- capital
- raw material
Q18 | Odd-man out from the following
- steel
- medicine
- education
- train
Q19 | The choice of techniques of production is related to the problem of
- what to produce
- how to produce
- for whom to produce
- none of the above
Q20 | The functional relationship between inputs and outputs is called
- production function
- consumption function
- investment function
- saving function
Q21 | Firms owned by one individual is known as
- proprietorship
- partnership
- corporations
- none of the above
Q22 | Firms owned by two or more individuals is known as
- proprietorship
- partnership
- corporations
- none of the above
Q23 | Firms owned by stock holders are known as
- proprietorship
- partnership
- corporations
- none of the above
Q24 | The major objective of a firm is
- profit maximization
- revenue maximization
- sales maximization
- none of the above
Q25 | Which one of the following is an example of fixed input
- raw materials
- casual workers
- plant and equipments
- all of the above