Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. Which one of the following is having elastic demand?
a. Electricity
b. Medicines
c. Rice
d. Match boxes
Q. Same price prevails throughout the market under -
a. perfect competition
b. monopoly
c. monopolistic competition
d. oligopoly
Q. Selling cost means:
a. Cost of selling a product
b. Cost incurred in transportation
c. Cost Incurred in advertisement
d. Cost Incurred on fact ors of production
Q. A want becomes a demand only when it is backed by the -
a. Ability to purchase
b. Necessity to buy
c. Desire to buy
d. Utility of the product
Q. "Economics is what it ought to be" - This statement refers to -
a. Normative economics
b. Positive economics
c. Monetary economics
d. Fiscal economics
Q. The 'breali-even point' is where -
a. marginal revenue equals marginal cost
b. average revenue equals average cost
c. total revenue equals total cost
d. None of these
Q. One of the essential conditions of Monopolistic competition is -
a. Many buyers but one seller
b. Price discrimination
c. Product differentiation
d. Homogeneous product
Q. The General Equilibrium Analysis" was developed by -
a. Marshall
b. Ricardo
c. Walras
d. Adam Smith
Q. Capital market deals with -
a. Short term fund
b. Long term fund
c. Cash
d. Both long and short term funds
Q. Excise duty on a commodity is payable with reference to its -
a. production
b. production and sale
c. production and transportations
d. production, transportation and sale
Q. Compared to the rich the poor save -
a. A larger part of their income
b. An equal part of their income
c. A smaller part of their income
d. All of their incomes
Q. One of the main factors that led to rapid expansion of Indian exports is -
a. Imposition of import duties
b. Liberalization of the economy
c. Recession in other countries
d. Diversification of exports