LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Single Answer
Question
Every nation’s resources which are used to produce the quantities of goods and services that would be required to satisfy all its citizen’s wants are
Correct Answer
insufficient
Your Answer
insufficient
Match The Following
Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
scarce
scarce
Commodities
goods and services
goods and services
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes
Multiple Choice Single Answer
Question
The feasibility, which includes the prospects of employment generation, development of backward areas, social groups comprises of
Correct Answer
Economic feasibility
Your Answer
Economic feasibility
Multiple Choice Single Answer
Question
As far as its use is concerned, tuning in of a radio can be categorized as:
Correct Answer
Divisible
Your Answer
Divisible
True/False
Question
In a market system of economy, there is no harmony between individual interests and interests of the community.
Correct Answer
False
Your Answer
False
True/False
Question
Institution of private property is not an essential feature of Capitalism.
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
In case of defense services, all the sections of the society are equally protected and benefited. The defense services in other words is
Correct Answer
indivisible in character , cannot be priced in the market , a public good
Your Answer
indivisible in character , cannot be priced in the market
Select The Blank
Question
On the ________ level, the summation of maximum individual welfare does not automatically lead to maximum social welfare.
Correct Answer
macro
Your Answer
micro
Select The Blank
Question
While discussing the product divisibility of public and private goods, the principle of ________ may be applied in case of only those people who do not agree to pay or who cannot pay the market price
Correct Answer
exclusion
Your Answer
exceptions
Select The Blank
Question
The goods become ________ only when each individual has an access to the entire amount of it and its use by the individual does not reduce its availability to others.
Correct Answer
indivisible
Your Answer
public
Select The Blank
Question
In the context of formulation of an investment project, ________ feasibility means the availability of land, plant, machinery, raw materials and technical know how etc.
Correct Answer
technical
Your Answer
technical
Select The Blank
Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
individual
True/False
Question
Inflation reduces the purchasing power of people's income and savings.
Correct Answer
True
Your Answer
True
True/False
Question
In a free-enterprise economy, the problems of what how and for whom are solved by a planning committee
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
A technical unit of given capacity of output is
Correct Answer
plant
Your Answer
plant
Multiple Choice Multiple Answer
Question
Preference Shares can be classified as
Correct Answer
Simple Shares , Cumulative Shares , Redeemable Shares
Your Answer
Simple Shares , Redeemable Shares
Multiple Choice Multiple Answer
Question
The sole proprietorship type of organization is found in
Correct Answer
Agriculture, , Retail trade, , Hotel,
Your Answer
Agriculture, , Retail trade, , Hotel,
Multiple Choice Multiple Answer
Question
Co-operative organizations is
Correct Answer
voluntary organization , managed by democratic principle , organization, which performs its business within the members
Your Answer
voluntary organization , managed by democratic principle , non profit motive organization
Select The Blank
Question
A private limited company can be formed with 2 to 50 members maximum, excluding ________
Correct Answer
employee shareholders
Your Answer
Directors
Multiple Choice Single Answer
Question
The method of inventory valuation in which , the cost of production is calculated on the assumption that the material which was last to enter the inventory of the company was used first is
Correct Answer
LIFO
Your Answer
LIFO
True/False
Question
Profit should be large enough for a plough – back for business expansion.
Correct Answer
True
Your Answer
True
True/False
Question
Accounting profit takes in to account opportunity cost.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Profit is regarded as
Correct Answer
income accruing to the equity holders , wages accrue to the labour , rent accrue to the owner
Your Answer
income accruing to the equity holders , rent accrue to the owner
Multiple Choice Single Answer
Question
Change in income of a person may result in demand for goods to
Correct Answer
change
Your Answer
change
Multiple Choice Single Answer
Question
With decline in price of a commodity, total expenditure spent on the commodity is less than before, then elasticity of demand for the commodity is
Correct Answer
< 1
Your Answer
>1
Multiple Choice Single Answer
Question
Peas & beas, groundnut oil & til oil, tea & coffee are examples of
Correct Answer
substitutes goods
Your Answer
substitutes goods
True/False
Question
Demand for luxury goods is inelastic
Correct Answer
False
Your Answer
False
Match The Following
Question
Correct Answer
Your Answer
Increase in demand
Upward shift of the demand curve
Upward movement on the demand curve
Extension of demand
Downward movement on the demand curve
Vertical Demand curve
Decrease in Demand
Leftward shift of the demand curve
Downward movement on the demand curve
Contraction of Demand
Upward movement on the demand curve
Leftward shift of the demand curve
Select The Blank
Question
Increase in consumer’s income leads in the demand for inferior goods to ________
Correct Answer
decrease
Your Answer
decrease
Multiple Choice Multiple Answer
Question
Reasons for change in Demand (Increase or Decrease in Demand)
Correct Answer
Change income of consumer , Change in population , Change in fashion and customs
Your Answer
Change income of consumer , Change in population , Change in fashion and customs
Multiple Choice Single Answer
Question
AVC is the per unit variable cost of
Correct Answer
production
Your Answer
fixed variable
True/False
Question
The sum of total fixed costs and total variable costs is the total cost.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
The production function can be explained by
Correct Answer
Law of variable proportions , Laws of returns to scale , Optimum combinations of inputs
Your Answer
Law of variable proportions , Laws of returns to scale
Select The Blank
Question
Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer
decreasing returns to scale
Your Answer
decreasing returns to scale
Select The Blank
Question
The costs which cover the cost of advertising is ________.
Correct Answer
Selling cost
Your Answer
Incremental cost
Select The Blank
Question
The out of pocket costs are ________.
Correct Answer
Explicit costs
Your Answer
Explicit costs
Select The Blank
Question
By ' profits', the accountant means total revenue minus________.
Correct Answer
Explicit costs
Your Answer
Fixed costs
Multiple Choice Single Answer
Question
The supply curve during market period is
Correct Answer
perfectly inelastic
Your Answer
perfectly inelastic
Multiple Choice Single Answer
Question
Under monopoly entry of new firms is
Correct Answer
prohibited
Your Answer
limited
True/False
Question
In case of the co-operative societies supplying cheap inputs or supplying consumer products at fair prices, a system of subsidized pricing is followed.
Correct Answer
True
Your Answer
True
True/False
Question
Market price fluctuates very often.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Macro Economics is the study of
Correct Answer
The aggregate behavior of the economy , The behavior of economic agents , Problems such as the rates of inflation, the balance of payments, etc
Your Answer
The aggregate behavior of the economy , Problems such as the rates of inflation, the balance of payments, etc , Economic welfare
Multiple Choice Multiple Answer
Question
The subject matter of Micro economics includes the study of
Correct Answer
an individual consumer , particular market for a given commodity , operation of a firm
Your Answer
an individual consumer , particular market for a given commodity , major economic issues , problems & policies
Multiple Choice Multiple Answer
Question
16. The phase of recovery denotes
Correct Answer
More employment opportunities , Increase in profitability , Wage rate increase
Your Answer
More employment opportunities , Increase in profitability , Wage rate increase
Multiple Choice Multiple Answer
Question
Quantitative credit control measures are
Correct Answer
open market operations , changes in bank rates , changes in statutory reserve ratio
Your Answer
open market operations , moral suasion
Multiple Choice Single Answer
Question
The government has adopted a system of dual prices in the case of
Correct Answer
essential goods
Your Answer
essential goods
Multiple Choice Multiple Answer
Question
The disinvestments of industries is needed for
Correct Answer
Phased privatization , Reducing deficit , Capital support to plans
Your Answer
Phased privatization , Reducing deficit , Capital support to plans
Multiple Choice Single Answer
Question
Every nation’s resources which are used to produce the quantities of goods and services that would be required to satisfy all its citizen’s wants are
Correct Answer
insufficient
Your Answer
insufficient
Match The Following
Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
scarce
scarce
Commodities
goods and services
goods and services
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes
Multiple Choice Single Answer
Question
The feasibility, which includes the prospects of employment generation, development of backward areas, social groups comprises of
Correct Answer
Economic feasibility
Your Answer
Economic feasibility
Multiple Choice Single Answer
Question
As far as its use is concerned, tuning in of a radio can be categorized as:
Correct Answer
Divisible
Your Answer
Divisible
True/False
Question
In a market system of economy, there is no harmony between individual interests and interests of the community.
Correct Answer
False
Your Answer
False
True/False
Question
Institution of private property is not an essential feature of Capitalism.
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
In case of defense services, all the sections of the society are equally protected and benefited. The defense services in other words is
Correct Answer
indivisible in character , cannot be priced in the market , a public good
Your Answer
indivisible in character , cannot be priced in the market
Select The Blank
Question
On the ________ level, the summation of maximum individual welfare does not automatically lead to maximum social welfare.
Correct Answer
macro
Your Answer
micro
Select The Blank
Question
While discussing the product divisibility of public and private goods, the principle of ________ may be applied in case of only those people who do not agree to pay or who cannot pay the market price
Correct Answer
exclusion
Your Answer
exceptions
Select The Blank
Question
The goods become ________ only when each individual has an access to the entire amount of it and its use by the individual does not reduce its availability to others.
Correct Answer
indivisible
Your Answer
public
Select The Blank
Question
In the context of formulation of an investment project, ________ feasibility means the availability of land, plant, machinery, raw materials and technical know how etc.
Correct Answer
technical
Your Answer
technical
Select The Blank
Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
individual
True/False
Question
Inflation reduces the purchasing power of people's income and savings.
Correct Answer
True
Your Answer
True
True/False
Question
In a free-enterprise economy, the problems of what how and for whom are solved by a planning committee
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
A technical unit of given capacity of output is
Correct Answer
plant
Your Answer
plant
Multiple Choice Multiple Answer
Question
Preference Shares can be classified as
Correct Answer
Simple Shares , Cumulative Shares , Redeemable Shares
Your Answer
Simple Shares , Redeemable Shares
Multiple Choice Multiple Answer
Question
The sole proprietorship type of organization is found in
Correct Answer
Agriculture, , Retail trade, , Hotel,
Your Answer
Agriculture, , Retail trade, , Hotel,
Multiple Choice Multiple Answer
Question
Co-operative organizations is
Correct Answer
voluntary organization , managed by democratic principle , organization, which performs its business within the members
Your Answer
voluntary organization , managed by democratic principle , non profit motive organization
Select The Blank
Question
A private limited company can be formed with 2 to 50 members maximum, excluding ________
Correct Answer
employee shareholders
Your Answer
Directors
Multiple Choice Single Answer
Question
The method of inventory valuation in which , the cost of production is calculated on the assumption that the material which was last to enter the inventory of the company was used first is
Correct Answer
LIFO
Your Answer
LIFO
True/False
Question
Profit should be large enough for a plough – back for business expansion.
Correct Answer
True
Your Answer
True
True/False
Question
Accounting profit takes in to account opportunity cost.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Profit is regarded as
Correct Answer
income accruing to the equity holders , wages accrue to the labour , rent accrue to the owner
Your Answer
income accruing to the equity holders , rent accrue to the owner
Multiple Choice Single Answer
Question
Change in income of a person may result in demand for goods to
Correct Answer
change
Your Answer
change
Multiple Choice Single Answer
Question
With decline in price of a commodity, total expenditure spent on the commodity is less than before, then elasticity of demand for the commodity is
Correct Answer
< 1
Your Answer
>1
Multiple Choice Single Answer
Question
Peas & beas, groundnut oil & til oil, tea & coffee are examples of
Correct Answer
substitutes goods
Your Answer
substitutes goods
True/False
Question
Demand for luxury goods is inelastic
Correct Answer
False
Your Answer
False
Match The Following
Question
Correct Answer
Your Answer
Increase in demand
Upward shift of the demand curve
Upward movement on the demand curve
Extension of demand
Downward movement on the demand curve
Vertical Demand curve
Decrease in Demand
Leftward shift of the demand curve
Downward movement on the demand curve
Contraction of Demand
Upward movement on the demand curve
Leftward shift of the demand curve
Select The Blank
Question
Increase in consumer’s income leads in the demand for inferior goods to ________
Correct Answer
decrease
Your Answer
decrease
Multiple Choice Multiple Answer
Question
Reasons for change in Demand (Increase or Decrease in Demand)
Correct Answer
Change income of consumer , Change in population , Change in fashion and customs
Your Answer
Change income of consumer , Change in population , Change in fashion and customs
Multiple Choice Single Answer
Question
AVC is the per unit variable cost of
Correct Answer
production
Your Answer
fixed variable
True/False
Question
The sum of total fixed costs and total variable costs is the total cost.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
The production function can be explained by
Correct Answer
Law of variable proportions , Laws of returns to scale , Optimum combinations of inputs
Your Answer
Law of variable proportions , Laws of returns to scale
Select The Blank
Question
Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer
decreasing returns to scale
Your Answer
decreasing returns to scale
Select The Blank
Question
The costs which cover the cost of advertising is ________.
Correct Answer
Selling cost
Your Answer
Incremental cost
Select The Blank
Question
The out of pocket costs are ________.
Correct Answer
Explicit costs
Your Answer
Explicit costs
Select The Blank
Question
By ' profits', the accountant means total revenue minus________.
Correct Answer
Explicit costs
Your Answer
Fixed costs
Multiple Choice Single Answer
Question
The supply curve during market period is
Correct Answer
perfectly inelastic
Your Answer
perfectly inelastic
Multiple Choice Single Answer
Question
Under monopoly entry of new firms is
Correct Answer
prohibited
Your Answer
limited
True/False
Question
In case of the co-operative societies supplying cheap inputs or supplying consumer products at fair prices, a system of subsidized pricing is followed.
Correct Answer
True
Your Answer
True
True/False
Question
Market price fluctuates very often.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Macro Economics is the study of
Correct Answer
The aggregate behavior of the economy , The behavior of economic agents , Problems such as the rates of inflation, the balance of payments, etc
Your Answer
The aggregate behavior of the economy , Problems such as the rates of inflation, the balance of payments, etc , Economic welfare
Multiple Choice Multiple Answer
Question
The subject matter of Micro economics includes the study of
Correct Answer
an individual consumer , particular market for a given commodity , operation of a firm
Your Answer
an individual consumer , particular market for a given commodity , major economic issues , problems & policies
Multiple Choice Multiple Answer
Question
16. The phase of recovery denotes
Correct Answer
More employment opportunities , Increase in profitability , Wage rate increase
Your Answer
More employment opportunities , Increase in profitability , Wage rate increase
Multiple Choice Multiple Answer
Question
Quantitative credit control measures are
Correct Answer
open market operations , changes in bank rates , changes in statutory reserve ratio
Your Answer
open market operations , moral suasion
Multiple Choice Single Answer
Question
The government has adopted a system of dual prices in the case of
Correct Answer
essential goods
Your Answer
essential goods
Multiple Choice Multiple Answer
Question
The disinvestments of industries is needed for
Correct Answer
Phased privatization , Reducing deficit , Capital support to plans
Your Answer
Phased privatization , Reducing deficit , Capital support to plans
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