Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. Tooth paste is a product sold under :
a. Monopolistic Competition
b. Perfect Competition
c. Monopoly
d. Duopoly
Q. Prime cost is equal to -
a. Variable cost plus administrative cost
b. Variable cost plus fixed costs
c. Variable cost only
d. Fixed cost only
Q. An expenditure that has been made and cannot be recovered is called -
a. Variable cost
b. Opportunity cost
c. Sunk cost
d. Operational cost
Q. Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
a. change in consumers' wealth
b. change in the price of substitutes
c. change in consumers' tastes
d. change in its price
Q. The price of a commodity is the same as
a. Average revenue
b. Total cost
c. Average cost
d. Total revenue
Q. Equilibrium output is deter-mined by:
a. the equality between total Variable cost and Marginal revenue.
b. the equality between Marginal cost and Marginal revenue.
c. the equality between Average cost and Average revenue.
d. the equality between total cost and total revenue.
Q. An employer goes on employing more and more of a factor units until :
a. the Average Revenue Productivity becomes equal to Marginal Revenue Productivity.
b. the Marginal Revenue Productivity becomes zero.
c. the Diminishing Marginal Returns sets into operation.
d. the Marginal Revenue Productivity of a factor becomes equal to its rewar
Q. The main emphasis of Keynesian economics is on -
a. Expenditure
b. Exchange
c. Foreign trade
d. Taxation
Q. The book which is at the centrepiece of the study of Macro - Economics was written by -
a. Prof. Samuelson
b. Prof. J.M. Keynes
c. Prof. Benham
d. Prof. Baumol
Q. Which of the following items is a major item of Indian export?
a. Computer chips
b. Potato chips
c. Textile garments
d. Car engines
Q. Indian agriculture is typically characterised as -
a. land surplus, labour scarce economy
b. land surplus, labour surplus economy
c. land scarce, labour surplus economy
d. land scarce, labour scarce economy
Q. The term 'Dumping' refers to -
a. The sale of a substandard commodity
b. Sale in a foreign market of a commodity at a price below marginal cost
c. Sale in a foreign market of a commodity just at marginal cost with too much of profit
d. Smuggling of goods without paying any customs duty
Q. "Globalisation of Indian Economy" denotes :
a. Increase of external borrowings
b. having minimum intervention in economic relations with other countries
c. starting of new business units abroad
d. relaxing the programmes of import substitution