MCQs on Economics -5

1. Under monopolistic competition the cross elasticity of demand for the product of a firm will be?
(A) Perfectly elastic
(B) Perfectly inelastic
(C) Highly elastic
(D) Highly inelastic

2. Which of the following curves is not „U‟ shaped?
(A) Average Cost Curve
(B) Average Variable Cost Curve
(C) Average Fixed Cost Curve
(D) Marginal Cost Curve

3.Loss of information occurs during?
(A) Collection of data
(B) Presentation of data
(C) Classification of data
(D) Interpretation of data

4. Which of the following indices is based on only base year quantities?
(A) Laspeyre‟s index
(B) Fisher‟s index
(C) Kelley‟s index
(D) Pasche‟s index

5. The first State in India- which published its State Human Development Report, is?
(A) Kerala
(B) Madhya Pradesh
(C) Gujarat
(D) Andhra Pradesh

6. The Utility Index Number has been developed by?
(A) Marshall and Edgeworth
(B) Hall and Hitch
(C) Neumann and Morgenstern
(D) Hicks and Hanson

7. The following theory is treated as „the third root of the logical theory of demand‟?
(A) Diminishing marginal utility theory
(B) Equi-marginal utility theory
(C) Revealed preference theory
(D) Theory of consumer‟s surplus

8. Employment elasticity of growth is measured as?
(A) Employment growth rate / GDP growth rate
(B) Employment growth rate/Population growth rate
(C) Employment growth rate/Unemployment growth rate
(D) Employment growth rate// Per capita income growth rate

9. The fundamental equation in Harrod‟s growth model is defined?
(A) In terms of rate of growth of output
(B) In terms of rate of growth of technology
(C) In relation to the path of capital-labour ratio
(D) In terms of rate of change of capital-output ratio

10. The best average for the construction of index number is?
(A) Geometric mean
(B) Arithmetic mean
(C) Harmonic mean
(D) Weighted mean

11. The minimum price below which the seller will not sell the goods, is known as?
(A) Estimated price
(B) Administered price
(C) Reserve price
(D) Shadow price

12. In the equation C = C0 + alpha,Y, the behavioural coefficient is?
(B) C0

13. Automatic stabilizer is a tool of?
(A) Taxation policy
(B) Employment policy
(C) Population policy
(D) Export policy

14. The price of a commodity will increase if the increase in demand is?
(A) More than increase in supply
(B) Less than increase in supply
(C) Equal to the increase in supply
(D) Not related to the increase in supply,

15. Which of the following assumptions is not correct for the Lewis model of growth?
(A) The economy has two sectors
(B) Capitalists reinvest all their profits
(C) Rural wage is determined by marginal product of labour
(D) The supply of rural labour to modern sector is perfectly elastic 



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