Top 150+ Solved Basics of Economics Studies MCQ Questions Answer
Q. In Economics, 1930s is popularly known as the period of:
a. Great Battle
b. Great Depression
c. Industrial Revolution
d. Great Devide
Q. Keynesian aggregate supply curve is:
a. Perfectly elastic
b. Perfectly inelastic
c. Unitary elastic
d. Parabola
Q. Keynes strongly argued for:
a. Free Trade
b. Non-intervention of Government
c. Laissez-faire
d. Governmental intervention
Q. Consumption expenditure directly varies with:
a. Savings
b. Investment
c. Disposable income
d. Rate of interest
Q. An important issue of macro economics is the determination of:
a. Consumption
b. Production
c. Utility
d. Income and employment
Q. Which of the following items does not include in the group?
a. Consumption
b. Investment
c. Rate of Interest
d. Net exports
Q. Who is known as the father of Modern Economics?
a. Adam Smith
b. J.M.Keynes
c. Robinson
d. Ricardo
Q. Goods without which people can not live are called:
a. Comforts
b. Luxuries
c. Necessaries
d. None
Q. The problem of what to produce is a problem of:
a. Distribution
b. Technological choice
c. Consumption
d. Allocation of resources
Q. Those things that possess both utility and scarcity are called:
a. Economic Goods
b. Free goods
c. Intermediate goods
d. Luxuries
Q. If a worker specializes in the production of a single good, it is called:
a. Product based division of labour
b. Process based division of labour
c. Worker based division of labour
d. None of these
Q. Goods produced for use in future productive process are called:
a. Intermediate goods
b. Final goods
c. Consumer goods
d. Capital goods