Economics GK Questions Answers


Economics GK Questions Answers

Here Economics GK Questions Answers is the Questions includes the major economics facts in questions form and there respective answers. Read all these economics gk and increase your knowledge about economics subject today.

These questions are highly recommended for you to read each questions answers below, before goes any examinations. So Now Learn all these Economics GK Questions Answers.


Q-1 In the long-run, perfect competitive firm gets-
(A) Only normal profit,
(B) Abnormal profit,
(C) Loss,
(D) Any of the above
Ans- A

Q-2 In perfect competition average revenue curve is-
(A) Parallel to x-axis,
(B) Parallel to y-axis,
(C) Slopes down from left to right,
(D) Slopes upward from left to right
Ans- A

Q-3 Which commodity can be called as Giffen commodity-
(A) Inferior commodity,
(B) Superior commodity,
(C) Any of above,
(D) None of the above
Ans- A

Q-4 Marshall’s representative firm is a long-run average firm while optimum firm is a-
(A) Maximum cost firm,
(B) Minimum cost firm,
(C) Marginal cost firm,
(D) Average cost firm
Ans- B

Q-5 Which is the main reason of demand pull inflation-
(A) Increase in money supply,
(B) Increase in commercial expenditure,
(C) Increase in foreign demand for goods,
(D) All of the above
Ans- D

Q-6 Marshall’s representative firm is a long-run average firm while optimum firm is a-
(A) Maximum cost firm,
(B) Minimum cost firm,
(C) Marginal cost firm,
(D) Average cost firm
Ans- B

Q-7 In which market, a firm cannot determine price-
(A) Perfect competition,
(B) Monopoly,
(C) Monopolistic competition,
(D) Oligopoly
Ans- A

Q-8 Opportunity cast of a factor is known as-
(A) Transfer earning,
(B) Money cost,
(C) Present earning,
(D) None of the above
Ans- A

Q-9 According to Marshall, the basis of consumer surplus is-
(A) Law of diminishing marginal utility,
(B) Law of equi-marginal utility,
(C) Law of proportions,
(D) All of the above
Ans- A

Q-10 “Human Welfare is the subject of Economics.” This statement is associated with the name of which of the economists-
(A) Marshall,
(B) Pigou,
(C) Penson,
(D) All of the above
Ans- D

Q-11 “Economics is a science” the basis of this statement is-
(A) Relation between cause and effect,
(B) Use of deductive method and inductive method for the formations of laws,
(C) Experiments,
(D) All of the above
Ans- D

Q-12 Under law of demand-
(A) Price of commodity is an independent variable,
(B) Quantity demanded is a dependent variable,
(C) Reciprocal relationship is found between price and quantity demanded,
(D) All of the above
Ans- D

Q-13 “Human Welfare is the subject of Economics.” This statement is associated with the name of which of the economists-
(A) Marshall,
(B) Pigou,
(C) Penson,
(D) All of the above
Ans- D

Q-14 Who has given scarcity definition of economics-
(A) Adam Smith,
(B) Marshall,
(C) Robbins,
(D) Robertson
Ans- C

Q-15 Which theory is generally included under micro economics-
(A) Price Theory,
(B) Income Theory,
(C) Employment Theory,
(D) None of the above
Ans- A





Q-16 Passive factor of production is-
(A) Only land,
(B) Only capital,
(C) Both land and capital,
(D) Neither land nor capital
Ans- C

Q-17 Utility means-
(A) Power to satisfy a want,
(B) Usefulness,
(C) Willingness of a person,
(D) Harmfulness
Ans- A

Q-18 If interest payment is deducted from the fiscal deficit, then the balance is-
(A) Primary deficit,
(B) Budgetary deficit,
(C) Revenue deficit,
(D) Monetary deficit
Ans- A

Q-19 Where is Indian Diamond Institute (IDI) established-
(A) New Delhi,
(B) Mumbai,
(C) Surat,
(D) Jaipur
Ans- C

Q-20 Process of economic development means-
(A) Economic change,
(B) Social change,
(C) Ethical, institutional and cultural change,
(D) All of the above
Ans- D

Q-21 “Economics is what economists do.” It has been supported by-
(A) Richard Jones,
(B) Comte,
(C) Gunnar Myrdal,
(D) All of the above
Ans- D

Q-22 What is the main characteristic of a capitalist or free market economy-
(A) Individuals are the owners of factors of production,
(B) Profit is the main motive of carrying out various activities,
(C) Consumer freedom,
(D) All of the above
Ans- D

Q-23 The main feature of mixed economy is-
(A) Combination of free market economy and centrally planned economy,
(B) Production is carried out by private individuals and government,
(C) Both of the above,
(D) None of the above
Ans- C

Q-24 Which of the following is an active factor of production-
(A) Land,
(B) Labour,
(C) Capital,
(D) Organization
Ans- B

Q-25 Who has given scarcity definition of economics-
(A) Adam Smith,
(B) Marshall,
(C) Robbins,
(D) Robertson
Ans- C


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