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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
Q2 | Economic problem arises in
Q3 | The resources are :
Q4 | ----- is not an example of free good
Q5 | The term production refers to:
Q6 | The problem of allocation of resources is concerned with:
Q7 | The distribution of national product among the members of the societyis the problem of:
Q8 | Which one of the following come under macro economics:
Q9 | Which one of the following is not come under macro economics
Q10 | Partial equilibrium analysis come under:
Q11 | “The starting point of all economic activity is the existence of humanwants” Who said this?
Q12 | Production and consumption takes place simultaneously in the case of
Q13 | Economic growth can be achieved through
Q14 | Micro economics doesn’t deal with:
Q15 | Name the economist who analyses the subject matter of economics intotwo branches: micro economic analysis and macro economic analysis.
Q16 | Transformation of inputs into outputs is known as
Q17 | ----- is an example of secondary input
Q18 | Odd-man out from the following
Q19 | The choice of techniques of production is related to the problem of
Q20 | The functional relationship between inputs and outputs is called
Q21 | Firms owned by one individual is known as
Q22 | Firms owned by two or more individuals is known as
Q23 | Firms owned by stock holders are known as
Q24 | The major objective of a firm is
Q25 | Which one of the following is an example of fixed input