Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations, in the -
a. Marginal efficiency of capital
b. Marginal propensity to save
c. Marginal propensity to consumption
d. Marginal efficiency to investment
Q. When average product of an input is at its maximum then :........ note:(AP= Average product) (MP= Marginal product.)
a. AP > MP
b. AP < MP
c. AP = 0
d. AP = MP
Q. If total product is at its maximum then:....... note:(AP= Average product) (MP= Marginal product.)
a. AF = 0
b. AP < 0
c. MP = 0
d. AP = MP = 0
Q. The innovation theory of profit was proposed by -
a. Marshall
b. Clark
c. Schumpeter
d. Joan Robbinson
Q. Aneconomy in which there are no flows of labour, goods or money to and from other nations is a/an -
a. slow economy
b. mixed economy
c. closed economy
d. open economy
Q. Seawater, fresh air, etc., are regarded in Economics as -
a. Giffen goods
b. inferior goods
c. free goods
d. normal goods
Q. Which of the following does not determine supply of labour?
a. Size and age-structure of population
b. Nature of work
c. Marginal productivity of labour
d. Work-leisure ratio
Q. The 'break-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 the above
Q. The value of a commodity expressed in terms of money is known as -
a. Price
b. Utility
c. Value
d. Wealth
Q. Total fixed cost curve is -
a. Vertical
b. Horizontal
c. Positively Sloping
d. Negatively sloping
Q. Economic rent does not arise when the supply of a factor unit is -
a. Perfectly inelastic
b. Perfectly elastic
c. Relatively elastic
d. Relatively inelastic
Q. The supply of labour in the economy depends on -
a. Population
b. National income
c. Per capita income
d. Natural resources
Q. Which one of the following pairs of goods is an example for Joint Supply?
a. Coffee and Tea
b. Ink and Pen
c. Tooth brush and Paste
d. Wool and Mutton
Q. Goods which are meant either for consumption or for investment are called -
a. Final goods
b. Giffen goods
c. Inferior goods
d. Intermediate goods
Q. Which is the most essential function of an entrepreneur?
a. Supervision
b. Management
c. Marketing
d. Risk bearing