General Economics 1 Set 1
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This set of General Economics 1 Multiple Choice Questions & Answers (MCQs) focuses on General Economics 1 Set 1
Q1 | The subject matter of economics is concerned with
- Production
- Consumption
- Distribution and exchange
- All of the above
Q2 | The economic problem arises since
- Wants are unlimited
- Resources are limited
- Resources are capable of alternative uses
- All of the above
Q3 | The wants of the people are
- Limited
- Satiable
- Unlimited
- All of the above
Q4 | Economic problem arises in
- Planned economies
- Free market economies
- Mixed economies
- All of the above
Q5 | The resources are :
- Limited
- Unlimited
- Not only limited but are capable of alternative uses
- None of the above
Q6 | Which one of the following is an example of an economic good
- Sunlight
- Air
- Petrol
- None of the above
Q7 | ----- is not an example of free good
- Sunlight
- Car
- Petrol
- Computer
Q8 | 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
Q9 | The problem of allocation of resources is concerned with:
- What to produce
- How to produce
- For whom to produce
- All of the above
Q10 | The distribution of national product among the members of the society is the problem of:
- What to produce
- How to produce
- For whom to produce
- All of the above
Q11 | Production is said to be efficient when:
- The re-allocation of resources cannot increase the production o the article even by one unit
- More output is produced with the given input
- Resources are fully employed
- All of the above
Q12 | Which one of the following come under macro economics:
- Per capita income
- Study of a firm
- Individual income
- Theory of factor pricing
Q13 | Which one of the following is not come under macro economics
- National income
- Per capita income
- Disposable income
- Individual income
Q14 | Partial equilibrium analysis come under:
- Micro economics
- Macro economics
- Welfare economics
- International economics
Q15 | “The starting point of all economic activity is the existence of human wants” Who said this?
- Adam Smith
- Selligman
- Ricardo
- Alfred Marshall
Q16 | 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
Q17 | Economics is a social science because
- The central point in economics is man and his problems
- Economics uses scientific approach to derive its laws
- Like History, Politics and Psychology economics deals with the problems of human being
- All of the above
Q18 | Economic growth can be achieved through
- Advanced technology
- Expansion of resources
- Both A & B
- Neither A & B
Q19 | Micro economics doesn’t deal with:
- The study of individual economic units
- Determination of factor prices
- Price determination of commodities
- General equilibrium analysis
Q20 | Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.
- Adam Smith
- Alfred Marshall
- Ragner Frisch
- P A Samuelson
Q21 | Transformation of inputs into outputs is known as
- Production
- Consumption
- Distribution
- Exchange
Q22 | ----- is an example of secondary input
- Land
- Labour
- Capital
- Raw material
Q23 | Odd-man out from the following
- Steel
- Medicine
- Education
- Train
Q24 | 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
Q25 | The functional relationship between inputs and outputs is called
- Production function
- Consumption function
- Investment function
- Saving function