Question:

GPD is the money value of final goods and serviced produced in the…………. Of a country during an accounting year

A.

Domestic territory

B.

Political territory

C.

Specific area

D.

FTZ area

Answer» a. Domestic territory

Question:

In the short run an oligopolistic firm will

A.

Make profits

B.

Incur losses

C.

Just break even

D.

Any of these three are possible

Answer» d. Any of these three are possible

Question:

EXIM Bank is authorized to raise loan from

A.

RBI

B.

Government of India

C.

International market

D.

Trading activities

Answer» d. Trading activities

Question:

Market equilibrium of a commodity is determined by

A.

Balancing of demand and supply position

B.

Aggregate demand

C.

Aggregate supply

D.

Government intervention

Answer» a. Balancing of demand and supply position

Question:

Cetris Paribus means

A.

Holding demand constant

B.

Holding supply constant

C.

Price being constant

D.

Other things being constant

Answer» d. Other things being constant

Question:

Under perfect market conditions the supply curve of a firm is represented by

A.

MC curve

B.

MR curve

C.

AR curve

D.

AC curve

Answer» a. MC curve

Question:

Equilibrium relates to which of these

A.

Market condition which oscillate

B.

Market state of falling price

C.

Market condition of rising price

D.

Market conditions which once achieved tends to persist

Answer» d. Market conditions which once achieved tends to persist

Question:

Who defined economics as “ Science which deals with wealth”

A.

J. (B) Say

B.

(A) (C) pigou

C.

Alfred Marshall

D.

Robbins

Answer» a. J. (B) Say

Question:

A monopoly is characterized by

A.

Limited entry and exit opportunity

B.

Single supplier

C.

Few customers

D.

All the three

Answer» a. Limited entry and exit opportunity

Question:

Economics cannot be considered a perfect science because

A.

Human behaviour is unpredictable

B.

It is difficult to make correct prediction of economic variables

C.

Economist do not have common opinion about a particular economic event

D.

All the three

Answer» d. All the three