Top 150+ Solved General Economics 1 MCQ Questions Answer
Q. The subject matter of economics is concerned with
a. Production
b. Consumption
c. Distribution and exchange
d. All of the above
Q. The economic problem arises since
a. Wants are unlimited
b. Resources are limited
c. Resources are capable of alternative uses
d. All of the above
Q. Economic problem arises in
a. Planned economies
b. Free market economies
c. Mixed economies
d. All of the above
Q. The resources are :
a. Limited
b. Unlimited
c. Not only limited but are capable of alternative uses
d. None of the above
Q. Which one of the following is an example of an economic good
a. Sunlight
b. Air
c. Petrol
d. None of the above
Q. The term production refers to:
a. Producing things which are capable of satisfying human wants
b. Creation or addition of utilities
c. Transformation of inputs into output
d. All of the above
Q. The problem of allocation of resources is concerned with:
a. What to produce
b. How to produce
c. For whom to produce
d. All of the above
Q. The distribution of national product among the members of the society is the problem of:
a. What to produce
b. How to produce
c. For whom to produce
d. All of the above
Q. Production is said to be efficient when:
a. The re-allocation of resources cannot increase the production o the article even by one unit
b. More output is produced with the given input
c. Resources are fully employed
d. All of the above
Q. Which one of the following come under macro economics:
a. Per capita income
b. Study of a firm
c. Individual income
d. Theory of factor pricing
Q. Which one of the following is not come under macro economics
a. National income
b. Per capita income
c. Disposable income
d. Individual income
Q. Partial equilibrium analysis come under:
a. Micro economics
b. Macro economics
c. Welfare economics
d. International economics
Q. “The starting point of all economic activity is the existence of human wants” Who said this?
a. Adam Smith
b. Selligman
c. Ricardo
d. Alfred Marshall