Top 150+ Solved Basics of Economics Studies MCQ Questions Answer
Q. In the Classical system, the role of the government is:
a. The highest
b. Not at all needed
c. Limited
d. Important
Q. Equilibrium in the economy is settled by ---------, according to theClassicals.
a. Centralized planning
b. Price mechanism
c. Both the planning and price mechanism
d. None of these
Q. Say’s Law of market was proved wrong by:
a. Industrial revolution
b. Great Depression
c. Green revolution
d. Gulf war
Q. Self interest, competition, profit motive are the features of:
a. Socialism
b. Capitalism
c. Marxism
d. Mixed economy
Q. The equilibrium price is determined by the forces of:
a. Supply only
b. Demand only
c. Both Demand and Supply
d. None of these
Q. Temporary unemployment is -------------, according to the Classicaleconomists:
a. Impossible
b. Permanent
c. Possible
d. None of these
Q. Author of the book ‘The General Theory of Employment, Interest andMoney’:
a. Karl Marxq
b. J. Say
c. J.M. Keynes
d. Adam Smith
Q. The branch of Economics that deals with economic aggregate is called:
a. Micro Economics
b. Development economics
c. Macro Economics
d. Welfare economics
Q. The central theme of Keynesian Theory is:
a. Laissez-faire
b. Free Trade
c. Effective demand
d. Self interest
Q. Effective demand is that demand when:
a. Aggregate demand is greater than aggregate supply
b. Aggregate demand is less than aggregate supply
c. Aggregate demand is equal to aggregate supply
d. All of these