Questions and answers for exam Preparation

MCQs

Total Questions : 235 | Page 1 of 24 pages

Question 1. “Economics is the study of causes of material welfare” was defined by___________________?

Adam Smith
Marshall
Robins
Marks

Discuss Question

Answer: Option B. -> Marshall
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 2. Total money income received by the individual or recipients of income is called____________________?

Gross income
Net income
Personal income
None of above

Discuss Question

Answer: Option A. -> Gross income
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 3. All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called ?

Discuss Question

Answer: Option D. -> GNP
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 4. Power of a good/ service to satisfy human desire/want is called____________________?

Utility
Worth
The point of satiety
All of these

Discuss Question

Answer: Option A. -> Utility
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 5. The sale of products below sale of production in a foreign country or below the prices charged at home is called ?

Dumping
Subsidy
Inflation
Monopoly

Discuss Question

Answer: Option A. -> Dumping
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 6. An increase either in real output (GDP) or in real output per capita is called___________________?

Economic development
Economic growth
Growth rate
Economic efficiency

Discuss Question

Answer: Option B. -> Economic growth
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 7. Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________?

Economics of scale
Economics of mass production
Both of these
None of these

Discuss Question

Answer: Option C. -> Both of these
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 8. A condition when there is excessive produce in the market which lowers down the price is called__________________?

Market glut
Perfect market
Imperfect market
All of these

Discuss Question

Answer: Option A. -> Market glut
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 9. Changes in govt. spending and tax collection designed to achieve a full employment and non-inflationary domestic out put is called___________________?

Fiscal policy
Economic planning
Economizing problem
None

Discuss Question

Answer: Option A. -> Fiscal policy
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 10. The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is_________________?