F.Y B.COM
SEMESTER - 1
ELEMENTS OF ECONOMICS THEORY
(EET)
MCQS - SEPTEMBER 2016
1) Which one of the following is NOT an aspect of the assumption of rationality?
A) Complexity in behavior
B) Consistency in behavior
C) Complete information
D) Clarity of purpose
2) Which of these does not line within the scope of Managerial Economics?
A) Profit management
B) Demand analysis
C) Cost and production analysis
D) Balance of Payments
3) Identify which of these does not satisfy the basic assumptions of economics.
A) A worker cannot work for 24 hours a day
B) Apples cannot grow in dessert region
C) A consumer aims at maximization of satisfaction
D) A businessman may maximize profits by trading in illegal goods.
4) __________ is also known as aggregative economics.
A) Managerial Economics
B) Micro Euonomics
C) Business Economics
D) Macro Economics
5) According to __________ Economics is a study of man's action in the ordinary business of life.
A) Alfred Marshall
B) Paul Samuelson
C) Adam Smith
D) Lionel Robbins
6) Which of these is the reason that makes Marshall's definition oà Economics classificatory in nature?
A) It classifies welfare into material and non material welfare
B) It classifies economics into microeconomics and macroeconomics
C) It classifies resources into scarce and abundant
D) None of the above
7) Economic growth is best depicted by ________.
A) Upward movement on the given PPC
B) Outward shift in PPC
C) Downward movement on the given PPC
D) Inward shift in PPC
8) Price mechanism works efficiently provided there is:
A) Stability in the value of money
B) Existence of perfect competition
C) Reasonable equality in the distribution of wealth
D) All of the above
9) Which of these statements is true?
A) All values can rise or fail together
B) All wealth is money
C) All prices can rise or fall together
D) Only economic goods possess utility
10) Under economic statics
A) All variables refer to different points of time.
B) The concern is only with the final outcome of the relationship between variables
C) The entire process of change is traced
D) Supply in time period t is a function of Price in time period t - 1.
11) Those goods whose supply is limited in relation to their demand is known as
A) Scattered goods
B) Economic goods
C) Abundant goods
D) Free goods
12) When an object after having been disturbed restore its original position, it is a case of
A) Static Equilibrium
B) Stable Equilibrium
C) Unstable Equilibrium
D) Neutral Equilibrium
13) Which of these factors can cause competition to become imperfect?
A) Product is homogeneous
B) Product is heterogeneous
C) Sellers are price makers
D) B and C
14) Economic forces do not get sufficient time to bring about complete adjustment in the case of __________ equilibrium.
A) Short tem
B) Long term
C) Partial
D) General
15) Under perfect competition, the shape of AR and MR curves is __________.
A) Horizontal straight line
B) Vertical straight line
C) Parallel to X-axis
D) Both Aand C
16) The shape of AR and MR curves under imperfect competition is __________.
A) Vertical straight line
B) Hovizontal straight line
C) Upward sloping
D) Downward sloping
17) Match list (a) with list (b)
|
List (a) |
List (b) |
|
i. Raw materials |
1. Non durable good |
|
ii. Air |
2. Free good |
|
iii. Roads |
3. Intermediate good |
|
iv. Toothpaste |
4. Public good |
A) i - 2, ii - 1, iii - 3, iv - 4
B) i - 3, ii - 2, iii - 4, iv - 1
C) i - 4, ii - 3, iii - 1, iv - 2
D) i - 3, ii - 4, iii - 2, iv - 1
18) Match list (a) with list (b)
|
List (a) |
List (b) |
|
i. L. Robbins |
1. Welfare approach |
|
ii. A. Marshall |
2. Wealth approach |
|
iii. A. Smith |
3. Economics is what the economists
do. |
|
iv. J. Viner |
4. Scarcity approach |
A) i - 4, ii - 3, iii - 2, iv - 1
B) i - 1, ii - 2, iii - 3, iv - 4
C) i - 4, ii - 1, iii - 2, iv - 3
D) i - 4, ii - 2, iii - 1, iv - 3
19) The three basic propositions of the 'Scarcity' definition of economics are
A) Ends, Scare Means & Alternative Uses
B) Ends, Wealth and Welfare
C) Wealth, Welfare & Money
D) Utility, Scarcity and Transferability
20) Which one of the following is NOT a fundamental economic problem?
A) How to allocate resources
B) What technique of production of use
C) Population explosion
D) How to distribute National Income
21) Any combination of two goods lying inside the production possibility frontier represents _______ of resources.
A) Growth
B) Scarcity
C) Under utilization
D) Full utilization
22) The underlying assumptions (s) for the Price Mechanism to function efficiently is/are
A) Perfect Competition
B) Stable Monetary System
C) Free Market
D) All of the above
23) Which of the following is NOT an area of Microeconomics?
A) Producer's equilibrium
B) Consumer's equilibrium
C) Theory of factor pricing
D) Inflation
24) Which of these is a limitation of 'Robbins' definition of Economics?
A) It classifies welfare into material and non material welfare
C) It is Universal in nature
C) It covers only microeconomics
D) All of the above
25) Utility means ___________.
A) Satisfaction derived from consumption
B) Usefulness of a good
C) Power of a good to satisfy a want
D) Pleasure derived from consuming a good
26) Luxury is defined as ___________ consumption.
A) Necessary
B) Subsistence
C) Comfort
D) Superfluous
27) Any commodity to have exchange value must possess three attributes:
A) Form, place, time
B) Utility, scarcity, transferability
C) Utility, abundance, marketability
D) Satisfaction, usefulness, pleasure
28) Increase in economic goods is synonymous with increase in __________.
A) Wealth
B) Welfare
C) Utility
D) Desire
29) Which of these statements is true with regard to Capital goods?
A) They are known as goods of the first order
B) They are used for final consumption
C) They are known as goods of he second order
D) They give satisfaction directly
30) Which of these is a characteristic of durable goods?
A) They have single use
B) They are repairable
C) They are purchased repeatedly
D) They are perishable
No comments:
Post a Comment