Top 150+ Solved General Economics 1 MCQ Questions Answer
Q. Which of the following is true:
a. GDP is a geographical concept
b. GDP is not a geographical concept
c. GDP and GNP are same
d. None of them
Q. GNP measured in terms of current market prices is called:
a. Nominal GNP
b. Real GNP
c. Both
d. None
Q. The term “Classical Economics” was first used by:
a. J.M. Keynes
b. Adam Smith
c. Karl Marx
d. David Ricardo
Q. Who is the leader of the Classical school?
a. Thomas Robert Malthus
b. J.S. Mill
c. David Ricardo
d. Adam Smith.
Q. The core of classical economists is:
a. Effective Demand
b. Employment
c. Say’s Law of Market
d. Socialism
Q. The Classicals adopted ---------policy:
a. Governmental policy
b. Laissez-faire
c. Policy of restriction
d. None of these
Q. According to Classicals, full employment is a:
a. Rare phenomenon
b. Normal phenomenon
c. Abnormal phenomenon
d. None of these
Q. According to the Classical economists, general over production is:
a. Possible
b. Impossible
c. Both
d. None
Q. According to the Classical economists, savings and investments are:
a. Always unequal
b. Always equal
c. Never equal
d. Sometimes equal
Q. Wages and prices are ----------, according to the Classicals.
a. Rigid
b. Flexible
c. Both
d. All of these
Q. Classical aggregate supply curve is:
a. Perfectly elastic
b. Perfectly inelastic
c. More elastic
d. Unitary elastic
Q. Pick the odd one from the following:
a. Law of Market
b. J. Say
c. Full employment
d. J.M. Keynes