Question:

Which of the following is/ are an economic resource

A.

Land

B.

Capital

C.

Labour

D.

All the three

Answer» d. All the three

Question:

Which of these would not be part of GDP?

A.

Sale of Intermediate goods

B.

Income from illegal betting

C.

Household services rendered by a house wife in her family

D.

All the three

Answer» d. All the three

Question:

If we add……………. to national income we get NDP

A.

Depreciation

B.

Net foreign factor income

C.

Indirect-tax

D.

Transfer payment

Answer» b. Net foreign factor income

Question:

———-is known as father of economics

A.

Adam Smith

B.

Professor A Samulson

C.

Alfred Marshall

D.

J R Hicks

Answer» a. Adam Smith

Question:

The vital data of a country are given below: GNP at MP = `99,000, Net factor income abroad = (-) 560 Capital consumption allowance = `6,100, Net indirect tax = `8,470 From the above, estimate of GNP at factor cost =

A.

`90,530

B.

`91,000

C.

`89,990

D.

`93,100

Answer» a. `90,530

Question:

A Monopoly‟s demand curve is

A.

Same as its average revenue curve

B.

Same as its supply curve

C.

Same as its cost curve

D.

Same as that of the factor inputs

Answer» a. Same as its average revenue curve

Question:

Which of the following is the oldest system of money?

A.

Barter

B.

Plastic money

C.

Credit money

D.

Gold

Answer» a. Barter

Question:

In economic goods includes material things which……….

A.

Can be transferred

B.

Can be exchanged for one another

C.

Both

D.

None

Answer» c. Both

Question:

Under perfect market conditions an Industry is said to be in equilibrium where

A.

Total output is equal to total demand

B.

Profit is maximum

C.

Where the total revenue is maximum

D.

Where total average cost is the minimum

Answer» a. Total output is equal to total demand

Question:

Economics cannot be given the status of science because

A.

Of non-uniformity of opinion and approach of economist

B.

Economic behaviour of human being is unpredictable

C.

Measuring rod of money is unstable

D.

All the three

Answer» d. All the three