Top 150+ Solved General Economics 1 MCQ Questions Answer
Q. Production and consumption takes place simultaneously in the case of
a. Goods
b. Services
c. Both in the case of goods and services
d. Neither in the case of goods and services
Q. Economics is a social science because
a. The central point in economics is man and his problems
b. Economics uses scientific approach to derive its laws
c. Like History, Politics and Psychology economics deals with the problems of human being
d. All of the above
Q. Economic growth can be achieved through
a. Advanced technology
b. Expansion of resources
c. Both A & B
d. Neither A & B
Q. Micro economics doesn’t deal with:
a. The study of individual economic units
b. Determination of factor prices
c. Price determination of commodities
d. General equilibrium analysis
Q. Name the economist who analyses the subject matter of economics into two branches: micro economic analysis and macro economic analysis.
a. Adam Smith
b. Alfred Marshall
c. Ragner Frisch
d. P A Samuelson
Q. Transformation of inputs into outputs is known as
a. Production
b. Consumption
c. Distribution
d. Exchange
Q. The choice of techniques of production is related to the problem of
a. What to produce
b. How to produce
c. For whom to produce
d. None of the above
Q. The functional relationship between inputs and outputs is called
a. Production function
b. Consumption function
c. Investment function
d. Saving function
Q. Firms owned by one individual is known as
a. Proprietorship
b. Partnership
c. Corporations
d. None of the above
Q. Firms owned by two or more individuals is known as
a. Proprietorship
b. Partnership
c. Corporations
d. None of the above
Q. Firms owned by stock holders are known as
a. Proprietorship
b. Partnership
c. Corporations
d. None of the above
Q. The major objective of a firm is
a. Profit maximization
b. Revenue maximization
c. Sales maximization
d. None of the above
Q. Which one of the following is an example of fixed input
a. Raw materials
b. Casual workers
c. Plant and equipments
d. All of the above