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This set of Basics of Economics Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Economics Set 7

Q1 | According to Keynes, unemployment is due to:
Q2 | “In the long run, we are all dead”. Who said this?
Q3 | According to Keynes, investment is a function of:
Q4 | Keynes believed in :
Q5 | According to Keynes, wages and prices are:
Q6 | In Economics, 1930s is popularly known as the period of:
Q7 | Keynes strongly argued for:
Q8 | Consumption expenditure directly varies with:
Q9 | An important issue of macro economics is the determination of:
Q10 | Pick the odd one:
Q11 | Which of the following items does not include in the group?
Q12 | If marginal propensity to consume is 0.8, the value of multiplier will be:
Q13 | Who is known as the father of Modern Economics?
Q14 | Goods without which people can not live are called:
Q15 | The problem of what to produce is a problem of:
Q16 | Those things that possess both utility and scarcity are called:
Q17 | If a worker specializes in the production of a single good, it is called:
Q18 | Goods produced for use in future productive process are called:
Q19 | In a horizontal straight line demand curve, the price elasticity ofdemand is:
Q20 | Who wrote the article Laws of Returns Under Competitive Conditions?
Q21 | Increase in output less than proportional to increase in inputs iscalled:
Q22 | A simplified representation of a real situation is called:
Q23 | When marginal product reaches its maximum, what can be said oftotal product?
Q24 | When a firm doubles its inputs and finds that its output has morethan doubled, this is known as:
Q25 | When average product is at a maximum, marginal product is: