Multiple Choice Questions - Economics Essay Example

1 - Multiple Choice Questions introduction. Among the following factors, what are the factors that determine the optimum size of the firm A (i) Technical forces.
B (ii) Managerial factor.
C (iii) Financial factor.
D (IV) Marketing factor.
(v) Factor of fluctuations and risk providing.

A. i and ii B. ii and iv C. iii and v D. All the five

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Ans:D

2. The concept of Representative firm is given by

A. Alfred Marshall B. E.A.G. Robinson C. A.C. Pigou D. A.K. Sen

Ans: A

3. Who has defined the concept of optimum firm?

A. A.C. Pigou B. K.S.Resh C. E.A.G. Robinson D. John Robinson

Ans: C

4. Labour Economics deals with

A. Man Power planning
B. Organisation
C. Labour relations and public policy
D. All the above

Ans: D

5. In Economic sense, what is Labour

A. Any work which is undertaken for monetary purpose.
B. Any work whether manual (or) mental, which is undertaken for monetary purpose. C. Any manual work which is undertaken for monetary purpose. D. None of the above.

Ans:B

6. What is the origin of Industrial Revolution?

A. Wheel B. paper C. Market D. None of these.

Ans: A

7. Labour problems arise when

A. The various factors of production are produced by one and the same person. B. Labour is treated as a separate factor of production.
C. The various factors of production are produced by different people. D. Labour is supplied by agents.

Ans: C

8. Which factor (of production) became a critical factor by industrial revolution?

A. land B. labour c. capital D. organization.

Ans: C

9. Industrial Revolution first took place in

A. Germany B. Japan C. England D. France

Ans: C
10. Industrial Revolution means

A. Technology replaced by manpower
B. Man power replaced by machines
C. Man power replaced by technology
D. None of these.

Ans: C

11. In developed countries, Industries come under

A. Primary sector B. Secondary sector C. Tertiary sector D. None of these

Ans: A

12. Industrial Revolution brought about drastic changes in

A. The working methods
B. Man power management
C. Industrial relations
D. All the above.

Ans: D

13. What are the labour problems in a developing country with reference to India?

A. Absenteeism, Indebtedness
B. Difference in the level of wages.
C. Technology
D. Only (a) and (b)

Ans: D

14. Which is not a social and economic effect of Industrial Revolution?

A. Improved roads and railways
B. Increasing poverty
C. Trade Expansions
D. Construction of canals.

Ans: B

15. Which is the feature of Labour Market?

A. Unlike Commodity Market
B. Mobility Market
C. Perfect Competition
D. All the above.

Ans: A

16. The economic system of any nation is influenced by

A. The philosophy of people
B. Ideals of people
C. Desires and attitudes of people
D. All the above

Ans: D

17. Which economic system is being followed in India

A. Mixed economic system
B. Capitalistic economic system
C. Communist economic system
D. None of these

Ans: A

18. Which country is following Communist economic system

A. Cuba B. U.S.A c. Pakistan d. Germany

Ans: A

19. The determinants of the demand for labour are
A. Product demand
B. Productivity
C. Prices of other inputs
D. All the above
Ans: D
20. According to PHELPS, the essential areas covering all the labour problems are

A. Income B. Security c. Organization D.All the above

Ans: D

21. Economic profits rise with an increase in
A. Prices B.Owner – supplied labour C. Owner – supplied capital D.Interest rates

Ans: A

22. Compensatory profit theory describes above-normal profits due to

A. barriers to entry that limit competition
B. anticompetitive practices
C. efficient operations
D. d)unanticipated changes in product demand

Ans: C

23. Managerial economics

A. is not applicable to the not-for-profit sector
B. helps managers identify choice alternatives
C. helps managers identify organization goals
D. cannot be used to identify the appropriate scale of operation

Ans: B

24. The value of the firm rises with an increase in

A. Wages B. Interest rates C. Prices D. Risk Ans: C

25. Satisfying behavior is most common

A. in vigorously competitive markets
B. when institutional shareholders are vigilant
C. when economic profits are low
D. in markets sheltered from competition

Ans: D

26. Sales revenue divided by total assets is the

A. total asset turnover ratio
B. return on assets.
C. return on stockholders’ equity.
D. profit margin

Ans: A

27. Holding all else equal, the return on stockholders’ equity will rise with a decline in A. the book value of stockholders’ equity
B. economic profits
C. accounting net income
D. prices
Ans: A

28. Unconstrained value-maximizing behaviour does not include consideration of

A. the costs of owner-supplied inputs
B. externalities
C. information costs
D. explicit costs

Ans: B

29. Interest payments are an
A. explicit cost B. economic rent C. entrepreneurial profit D. implicit cost

Ans: A

30. Regulation of business has the potential to yield economic benefits to society by

A. increasing positive and negative externalities
B. increasing the availability of substitutes
C. restricting entry
D. mandating economies of scale

Ans: B

31. In economics, demand means

A. Desire of the society to purchase all that is on the market at a given period of time B. The desire and willingness of the individual for all the goods and services for his standard of living C. At a given price per unit of time the desire, ability and willingness of an individual to purchase goods and services D. The willingness of the individual for all the goods and services for his necessaries

Ans: C

32. The law of demand refers to

A. price-supply relationship
B. price-cost relationship
C. price-demand relationship
D. price-income relationship

Ans: C

33. The Law of demand

A. Has numerous assumptions and is therefore not useful B.
Cannot be verified and is, therefore, unrealistic C. Is of fundamental importance in economics and leads to broad conclusion D. Can be completely discarded

Ans: C

34. Consumer’s surplus is the difference between

A. price demanded and price paid
B. price quoted and price actually paid
C. price that a consumer willing to pay and the price actually paid D. None of these

Ans: C

35. Consumer’s surplus is measured with the help of

A. TU curve B. MU curve C. Supply curve D. None of these

Ans: B

36. The term ‘Mixed Economy’ implies the co-existence of

A. Large-scale and small-scale industries
B. Domestic industry along with multinationals
C. Agriculture and industry
D. Private and public sectors
Ans: D

37. An individual consumer’s demand is determined by

A. price of the commodity
B. price of its substitute goods
C. His household income
D. All of the above

Ans: D

38. Normally when price per unit of time falls

A. Varies directly with price
B. Varies proportionately with price
C. Varies inversely with price
D. Is independent of price
Ans: A

39. A typical demand curve cannot be

A. Convex to the origin
B. concave to the origin
C. A straight line
D. Rising upward to the right

Ans: D

40. Market demand for any good is a function of the

A. Price per unit of the good
B. Price per unit of other goods
C. Income of consumers
D. All of the above

Ans: D

41. The demand curve for a commodity is generally drawn on the assumption that

A. the commodity has no substitutes
B. Tastes, Income and all other prices remain constant C. The average household consists of two persons
D. Purchases of the commodity are made by a free market

Ans: B

42. When the law of demand operates the demand curve

A. Slopes downward from left to right
B. Slopes upward from left to right
C. Slopes upward from right to left
D. Parallel to horizontal axis

Ans: A

43. The General Theory of Full Employment was defined by

A. A.C.Pigon B. MarshalC.KeynesD. A.K.sen

Ans: C

44. Labour participation of Women in India is

A. 20% B. 15% C. 32% D. 9%

Ans: A

45. According to the Human Development Report 2005 India’s position on the basis of Human Development indicators (HDI) is

A. 127 B. 135 C. 138 D. 76

Ans: A

46. The only two areas reserved for the public sector in New Economic Policy 1991 after recent amendments are

A. Atomic energy and railway transport
B. Coal and petroleum
C. Steel and petroleum
D. Aircrafts and defence

Ans: A

47. The most important small-scale Industry in India is the

A. Khandasari Industry
B. Handloom Industry
C. Machines and tools Industry
D. Chamical Industry

Ans: B

48. The biggest large-scale Industry in India is the

A. Sugar Industry
B. Textile Industry
C. Jute Industry
D. Iron and steel Industry

Ans: D

49. Development is not possible without

A. extended size of market
B. Incentive to profit
C. Inflation
D. Foreign Aid

Ans: C

50. The Second Plan accorded top priority to

A. the programmes of Industrialisation
B. export promotion
C. the programmes of agriculture
D. None of these

Ans: A

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