Question:

Strong ordering means

A.

absence of indifference

B.

presence of indifference

C.

no difference between different combinations

D.

none of the above

Answer» a. absence of indifference

Question:

An Essay on the Nature and Significance of Economic Science was written by

A.

adamsmith

B.

alfred marshall

C.

lord robbins

D.

samuelson

Answer» c. lord robbins

Question:

The slope of a budget line throughout its length is

A.

the satisfaction level of both the commodities

B.

the income level of the consumer

C.

the price ratio of both the commodities under consideration

D.

price level of a country

Answer» c. the price ratio of both the commodities under consideration

Question:

Which of the following is not an assumption of classical theory?

A.

Price flexibility

B.

Unemployment

C.

Say’s law

D.

Neutrality of money

Answer» b. Unemployment

Question:

The idea that a general cut in wages will finally lead to a state of full employment was suggested by :

A.

Keynes

B.

Marshall

C.

J.B.Say

D.

A.C.Pigou

Answer» d. A.C.Pigou

Question:

Who had a different macro theory than the rest?

A.

Adam Smith

B.

David Ricardo

C.

Malthus

D.

J.B.Say

Answer» c. Malthus

Question:

Engel curve for giffen good is

A.

positively sloped

B.

negatively sloped

C.

horizontal straight line

D.

vertical straight line

Answer» b. negatively sloped

Question:

‘Higher the indifference curve higher will be level of satisfaction’. Thestatement is

A.

always true

B.

always false

C.

sometimes true and sometimes false

D.

true only if price effect is positive

Answer» a. always true

Question:

MEC for a capital good was found out to be 10% and the market rate of interest is 9%, then the investment is

A.

Not profitable

B.

Profitable

C.

Breakeven

D.

Cannot say

Answer» b. Profitable

Question:

International Social Science Associations were founded under the auspices of___________

A.

UNESCO

B.

World Bank

C.

IMF

D.

USA

Answer» a. UNESCO