» Fundamentals of Economics solved MCQs

Question: Gresham’s Law is true where A. only Barter System operates B. only Paper Currency operates C. only Metal Currency operates D. Both Paper and Metal Currencies operates Answer» d. Both Paper and Metal Currencies operates Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: The ‘Law of Variable Proportion’ was first developed by A. Prof. Mill B. Prof. Marshall C. Prof. Ricardo D. Prof. Smith Answer» b. Prof. Marshall Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: ______ means the desire backed by the necessary purchasing power. A. Consumption B. Production C. Investment D. Demand Answer» d. Demand Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: ________ means transformation of physical inputs into output. A. Marketing B. Production C. Finance D. Money Answer» b. Production Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: When two or more different goods are produced together by a single firm, it is called as_________ supply. A. joint B. composite C. excess D. short Answer» a. joint Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: Quantity Theory of Money was explained by ___________ A. Fisher B. Keynes C. Crowther D. Samuelson Answer» a. Fisher Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: The relationship between money supply and price level is A. Inverse B. Neutral C. Proportional D. non-proportional Answer» c. Proportional Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: The ‘Welfare definition’ of Economics was introduced by ______________ A. Adam Smith B. Alfred Marshall C. Lionel Robbins D. J. R. Hicks Answer» b. Alfred Marshall Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: If a firm produces 200 units of commodity X by employing 10 workers and 240 units of thesame commodity by employing 12 workers, then the Average Product of the worker is A. 20 B. 40 C. 200 D. 240 Answer» a. 20 Note: The above multiple-choice question is for all general and Competitive Exams…

Question: In the case of inferior goods, the consumer A. purchases less with increase in income B. purchases less with decrease in price C. purchases more with increase in income D. purchases more with decrease in price Answer» a. purchases less with increase in income Note: The above multiple-choice question is for all general and…