General Economics GK online MCQ practice set

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Practice MCQ Set of General Economics

Q1. The subject matter of economics is concerned with

A. Production
B. Consumption
C. Distribution and exchange
D. All of the above

Q2. 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

Q3. The wants of the people are

A. Limited
B. Satiable
C. Unlimited
D. All of the above

Q4. Economic problem arises in

A. Planned economies
B. Free market economies
C. Mixed economies
D. All of the above

Q5. The resources are:

A. Limited
B. Unlimited
C. Not only limited but are capable of alternative uses
D. None of the above

Q6. Which one of the following is an example of an economic good

A. Sunlight
B. Air
C. Petrol
D. None of the above

Q7.— is not an example of free good

A. Sunlight
B. Car
C. Petrol
D. Computer

Q8. 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

Q9. 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

Q10. 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

Q11. 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

Q12. 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

Q13. Which one of the following is not come under macro economics

A. National income
B. Per capita income
C. Disposable income
D. Individual income

Q14. Partial equilibrium analysis come under:

A. Micro economics
B. Macro economics
C. Welfare economics
D. International economics

Q15. “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

Q16. 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

Q17. 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

Q18. Economic growth can be achieved through

A. Advanced technology
B. Expansion of resources
C. Both A & B
D. Neither A & B

Q19. 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

Q20. 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