Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. Which of the following economists is called the Father of Economics?
a. Malthus
b. Robinson
c. Ricardo
d. Adam Smith
Q. A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to -
a. Zero
b. One
c. Less than one
d. Infinity
Q. 'Capital gains' refers to goods which -
a. serve as a source of raising further capital
b. help in the further production of goods
c. directly go into the satisfaction of human wants
d. find multiple uses
Q. From the national point of view, which of the following indicates micro approach?
a. Study of sales of mobile phones by BSNL
b. Unemployement among Women
c. Per capita income in India
d. Inflation in India
Q. Returns to scale is a -
a. timeless phenomenon
b. directionless phenomenon
c. short-run phenomenon
d. long-run phenomenon
Q. Plant arid machinery are -
a. Producers' goods
b. Consumers' goods
c. Distributors' goods
d. Free goods
Q. Which activity is not included in production?
a. Production of wheat by a farmer
b. Production of medicines by a company
c. Services given by a nurse in hospital
d. Services done by a house-wife in her own house
Q. Marginal cost is the -
a. cost of producing a unit of output
b. cost of producing an extra unit of output
c. cost of producing the total output
d. cost of producing a given level of output
Q. Under hill cost pricing, price is determined -
a. by adding a margin to the average cost
b. by comparing marginal cost and marginal revem
c. by adding normal profit to the marginal cost
d. by the total al cost of production
Q. As output increases, average fixed cost
a. increases
b. falls
c. remains consl ant
d. first increases, then falls
Q. All of the goods which are scarce and limited in supply are called -
a. Luxury goods
b. Expensive goods
c. Capital goods
d. Economic goods