Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. "Marginal Cost" equals -
a. total cost minus total benefit for the last unit produced
b. total cost divided by total benefit for the last unit produced
c. total cost divided by quantity
d. the change in total cost divided by the change in quantity
Q. A low interest policy is also known as –
a. cheap money policy
b. income generating
c. dear money policy
d. investment policy
Q. Economics classifies the manmade instrument of production as:
a. Organization
b. Capital
c. equipment
d. labour
Q. A demand curve will not shift:
a. When only income changes
b. When only prices of substitute products change
c. When there is a change in advertisement expenditure
d. When only price of the commodity changes
Q. Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases?
a. Say's Law
b. Griffin's Law
c. Gresham's Law
d. Engel's Law
Q. Extreme forms of markets are -
a. Perfect competition; Oligopoly
b. Oligopoly; Monopoly
c. Perfect competition; Monopoly
d. Perfect competition; Monopolistic competition
Q. National Income include :
a. Financial help to earthquake victims
b. Pocket money of a child
c. Winning of a lottery prize
d. Construction of a new house
Q. Value of out put and value added can be distinguished if we know:
a. the value of intermediate consumption
b. the value of net indirect taxes
c. the value of the sales
d. the value of consumption of fixed capital
Q. Who prepared the first estimate of National Income for the country?
a. Central Statistical Organisation
b. National Income Committee
c. Dadabhai Naoroji
d. National Sample Survey Organisation
Q. 'Supply creates its own demand'. This statement is related to -
a. Prof. J.B. Say
b. John Robinson
c. Adam Smith
d. J.S. Mill
Q. Sectoral distribution of GDP index measures .
a. Agriculture development of a country
b. Economic development of a country
c. Social development of a country
d. Socio-Economic development of a Country
Q. Which among the following statements is not true when there is an increase in interest rate in an economy?
a. increase in saving
b. decrease in loan
c. increase in production cost
d. increase in capital return
Q. The difference between the GNP and the NNP is equal to the -
a. consumer expenditure on durable goods
b. direct tax revenue
c. indirect tax revenue
d. capital depreciation
Q. By whom was the autonomous investment separated from induced investment?
a. Schumpeter
b. Malthus
c. Joan Robinson
d. Adam Smith
Q. When price of a substitute of commodity falls, the demand for -
a. falls
b. remains unchanged
c. increases at increasing rate
d. rises