Top 150+ Solved Basics of Economics Studies MCQ Questions Answer
Q. Who is the leader of the Classical school?
a. Thomas Robert Malthus
b. J.S. Mill
c. David Ricardo
d. Adam Smith.
Q. The core of classical economists is:
a. Effective Demand
b. Employment
c. Say’s Law of Market
d. Socialism
Q. The Classicals adopted ---------policy:
a. Governmental policy
b. Laissez-faire
c. Policy of restriction
d. None of these
Q. According to Classicals, full employment is a:
a. Rare phenomenon
b. Normal phenomenon
c. Abnormal phenomenon
d. None of these
Q. According to the Classical economists, general over production is:
a. Possible
b. Impossible
c. Both
d. None
Q. According to the Classical economists, savings and investments are:
a. Always unequal
b. Always equal
c. Never equal
d. Sometimes equal
Q. Wages and prices are ----------, according to the Classicals.
a. Rigid
b. Flexible
c. Both
d. All of these
Q. Classical aggregate supply curve is:
a. Perfectly elastic
b. Perfectly inelastic
c. More elastic
d. Unitary elastic
Q. Pick the odd one from the following:
a. Law of Market
b. J. Say
c. Full employment
d. J.M. Keynes
Q. According to the Classicals, investment is a function of:
a. Saving
b. Income
c. Employment
d. Rate of Interest
Q. “Supply creates its own demand” is called:
a. Law of supply
b. Law of market
c. Law of demand
d. Law of elasticity
Q. Under the classical system, the equilibrium will be at:
a. Under employment
b. Full employment
c. Voluntary employment
d. Disguised unemployment
Q. When savings exceeds the demand for savings, the rate of interest will:
a. Rise
b. Fall
c. Remain constant
d. None of these
Q. Rate of interest will increase when the demand for saving is:
a. Less than its supply
b. Equal to its supply
c. More than its supply
d. Less than or equal to its supply