Top 150+ Solved Basics of Economics Studies MCQ Questions Answer
Q. Which one of the following is an example of an economic good
a. Sunlight
b. Air
c. Petrol
d. None of the above
Q. The term production refers to:
a. Producing things which are capable of satisfying human wants
b. Creation or addition of utilities
c. Transformation of inputs into output
d. All of the above
Q. The problem of allocation of resources is concerned with:
a. What to produce
b. How to produce
c. For whom to produce
d. All of the above
Q. The distribution of national product among the members of the societyis the problem of:
a. What to produce
b. How to produce
c. For whom to produce
d. All of the above
Q. Production is said to be efficient when:
a. The re-allocation of resources cannot increase the production of the article even by one unit
b. More output is produced with the given input
c. Resources are fully employed
d. All of the above
Q. Which one of the following come under macro economics:
a. Per capita income
b. Study of a firm
c. Individual income
d. Theory of factor pricing
Q. Which one of the following is not come under macro economics
a. National income
b. Per capita income
c. Disposable income
d. Individual income
Q. Partial equilibrium analysis come under:
a. Micro economics
b. Macro economics
c. Welfare economics
d. International economics
Q. “The starting point of all economic activity is the existence of human wants” Who said this?
a. Adam Smith
b. Selligman
c. Ricardo
d. Alfred Marshall
Q. Production and consumption takes place simultaneously in the case of
a. Goods
b. Services
c. Both in the case of goods and services
d. Neither in the case of goods and services
Q. Economics is a social science because
a. The central point in economics is man and his problems
b. Economics uses scientific approach to derive its laws
c. Like History, Politics and Psychology economics deals with the problems of human being
d. All of the above
Q. Economic growth can be achieved through
a. Advanced technology
b. Expansion of resources
c. Both A & B
d. Neither A & B
Q. Micro economics doesn’t deal with:
a. The study of individual economic units
b. Determination of factor prices
c. Price determination of commodities
d. General equilibrium analysis
Q. Name the economist who analyses the subject matter of economics intotwo branches: micro economic analysis and macro economic analysis.
a. Adam Smith
b. Alfred Marshall
c. Ragner Frisc
d. P A Samuelson