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MCQs

Total Questions : 10
Question 1.


If the demand for tea decreases as income decreases, tea is:


  1.     a normal good.
  2.     an inferior good.
  3.     a complementary good.
  4.     a substitute good.
 Discuss Question
Answer: Option A. -> a normal good.
:
A

Option : (A)


Question 2.


When the market is allowed to operate without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as:


  1.     price fixing.
  2.     quantity adjustment.
  3.     quantity setting.
  4.     price rationing.
 Discuss Question
Answer: Option C. -> quantity setting.
:
C

Option : (D)


Question 3.


The price of petrol increases by 22% and the sale falls by 25% indicating that demand for petrol is:


  1.     unitarily elastic
  2.     elastic
  3.     inelastic
  4.     perfectly elastic
 Discuss Question
Answer: Option A. -> unitarily elastic
:
A

Option : (B)


Question 4.


The purpose of central and state warehousing corporations is to:


  1.     distribute fertilizers and seeds
  2.     to refinance farm credit
  3.     provide storage facility
  4.     process agricultural products
 Discuss Question
Answer: Option B. -> to refinance farm credit
:
B

Option : (C)


Question 5.


In a planned or command economy, all the economic decisions are taken by the:


  1.     workers
  2.     voters
  3.     government
  4.     consumers
 Discuss Question
Answer: Option B. -> voters
:
B

Option : (C)


Question 6.


Equilibrium exists in market when quantity _____________ at the prevailing price.


  1.     demanded is greater than quantity supplied
  2.     supplied is greater than quantity demanded
  3.     demanded equals quantity supplied
  4.     demanded is less than quantity supplied
 Discuss Question
Answer: Option B. -> supplied is greater than quantity demanded
:
B

Option : (C)


Question 7.


Disguised unemployment'; refers to:


  1.     persons with no jobs
  2.     more persons employed for a job which a few can accomplish
  3.     unemployment among women
  4.     unemployment of people above 60 years of age
 Discuss Question
Answer: Option A. -> persons with no jobs
:
A

Option : (B)


Question 8.


In a free market system, the amount of goods and services that any one household gets depends upon its:


  1.     income.
  2.     wealth.
  3.     income and wealth.
  4.     wage and interest income.
 Discuss Question
Answer: Option B. -> wealth.
:
B

Option : (C)


Question 9.


'Level playing field&'; argument of industries requires:


  1.     MNCs to be stopped from investing in India
  2.     license for MNCs to be given only in environment-friendly technology
  3.     domestic industry to be given preference
  4.     domestic industry to be treated on par with MNCs
 Discuss Question
Answer: Option C. -> domestic industry to be given preference
:
C

Option : (D)


Question 10.


Structural unemployment arises due to:


  1.     deflationary conditions
  2.     heavy industry bias
  3.     shortage of raw materials
  4.     inadequate productive capacity
 Discuss Question
Answer: Option C. -> shortage of raw materials
:
C

Option : (D)


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