MCQOPTIONS
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MCQOPTIONS
This section includes 476 Mcqs, each offering curated multiple-choice questions to sharpen your Economics knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Excise duty on a commodity is payable with reference to its |
| A. | production |
| B. | production and sale |
| C. | production and transportations |
| D. | production, transportation and sale |
| Answer» B. production and sale | |
| 2. |
In India, disguised unemployment is generally observed in |
| A. | the Agricultural sector |
| B. | the Factory sector |
| C. | the Service sector |
| D. | All these sectors |
| Answer» B. the Factory sector | |
| 3. |
Which nationalised bank of India has a shining star as its emblem? |
| A. | Syndicate Bank |
| B. | Indian Bank |
| C. | Bank of India |
| D. | Bank of Baroda |
| Answer» D. Bank of Baroda | |
| 4. |
If total product is at its maximum then:(AP= Average product)(MP= Marginal product) |
| A. | AP = 0 |
| B. | AP < 0 |
| C. | MP = 0 |
| D. | AP = MP = 0 |
| Answer» D. AP = MP = 0 | |
| 5. |
When average product of an input is at its maximum then :(AP= Average product)(MP= Marginal product) |
| A. | AP = 0 |
| B. | AP = MP |
| C. | AP > MP |
| D. | AP < MP |
| Answer» C. AP > MP | |
| 6. |
Liberalism stands for |
| A. | religious orthodoxy |
| B. | a movement and an attitude |
| C. | self-emancipation |
| D. | freedom in social, political and economic aspects |
| Answer» E. | |
| 7. |
Value of out put and value added can be distinguished if we know: |
| A. | the value of intermediate consumption |
| B. | the value of net indirect taxes |
| C. | the value of the sales |
| D. | the value of consumption of fixed capital |
| Answer» B. the value of net indirect taxes | |
| 8. |
National income accounting isthe study of the income and expenditure of the entire |
| A. | family |
| B. | state |
| C. | economy |
| D. | organisation |
| Answer» D. organisation | |
| 9. |
Elasticity (e) expressed by the formula l > e > 0 is |
| A. | Perfectly elastic |
| B. | Relatively elastic |
| C. | Perfectly inelastic |
| D. | Relatively inelastic |
| Answer» E. | |
| 10. |
The equilibrium of a firm under perfect competition will be determined when |
| A. | Marginal Revenue > Average Cost |
| B. | Marginal Revenue > Average Revenue |
| C. | Marginal Revenue = Marginal Cost |
| D. | Marginal Cost > Average Cost |
| Answer» D. Marginal Cost > Average Cost | |
| 11. |
The demand for which of the following commodity will not rise in spite of a fall in its price? |
| A. | Television |
| B. | Refrigerator |
| C. | Salt |
| D. | Meat |
| Answer» D. Meat | |
| 12. |
The situation in which total revenue is equal to total cost, is known as |
| A. | monopolistic competition |
| B. | equilibrium level of output |
| C. | break-even point |
| D. | perfect competition |
| Answer» D. perfect competition | |
| 13. |
The excess of price a person is to pay rather than forego theconsumption of the commodity is called |
| A. | Price |
| B. | Profit |
| C. | Producers surplus |
| D. | Consumer s surplus |
| Answer» D. Consumer s surplus | |
| 14. |
If the fixed costs of a factory producing candles is Rs 20,000, selling price is Rs 30 per dozen candles and variable cost is Rs 1.5 per candle, what is the break-even quantity? |
| A. | 20000 |
| B. | 10000 |
| C. | 15000 |
| D. | 12000 |
| Answer» B. 10000 | |
| 15. |
Founded in the year 1886 by a pharmacist named John Pemberton, this product is the second most widely understood term in the world after OK . What is its name? |
| A. | Aspirin |
| B. | ENO |
| C. | CocaCola |
| D. | Pepsi |
| Answer» D. Pepsi | |
| 16. |
If the average total cost is Rs. 54, total fixed cost is Rs. 45000 and quantity produced is 2500 units, find the average variable costs (in Rs.) of the firm : |
| A. | 24 |
| B. | 18 |
| C. | 36 |
| D. | 60 |
| Answer» D. 60 | |
| 17. |
Which of the following is done at a Stock Exchange? |
| A. | Commodities are bought and sold at wholesale price |
| B. | Commodities are bought and sold at retail price |
| C. | Securities are bought and sold |
| D. | None of these |
| Answer» D. None of these | |
| 18. |
Consequent upon the recommendations of the Working Group on Rural Banks, 5 Rural Regional Banks were initially set up in the year |
| A. | 1973 |
| B. | 1974 |
| C. | 1975 |
| D. | 1976 |
| Answer» D. 1976 | |
| 19. |
Which of the following sets belongs to Central tax? |
| A. | Excise duty, Sales tax and Customs duty |
| B. | Excise duty, Customs duty and Income tax |
| C. | Income tax, Customs duty and House tax |
| D. | Customs duty, Entertainment tax and Income tax |
| Answer» C. Income tax, Customs duty and House tax | |
| 20. |
Reserve Bank of India was nationalised in |
| A. | 1948 |
| B. | 1947 |
| C. | 1949 |
| D. | 1950 |
| Answer» D. 1950 | |
| 21. |
When was the Minimum Wages Act enacted in India? |
| A. | 1936 |
| B. | 1948 |
| C. | 1951 |
| D. | 1956 |
| Answer» C. 1951 | |
| 22. |
The bank cheques are processed by using |
| A. | OCR |
| B. | MICR |
| C. | OMR |
| D. | PMR |
| Answer» C. OMR | |
| 23. |
Commercialisation of agriculture implies |
| A. | cultivation of timbers |
| B. | plantation |
| C. | production of crops for sale |
| D. | production of crops like wheat or rice |
| Answer» D. production of crops like wheat or rice | |
| 24. |
Distribution of food rains operates under a two-tier system with the introduction of |
| A. | Targetted Public Distribution System |
| B. | The Consumers Cooperatives |
| C. | The Cooperative Marketing Societies |
| D. | The Service Cooperatives |
| Answer» B. The Consumers Cooperatives | |
| 25. |
What was the objective of Command Area Development Programme? |
| A. | To ensure that land is given to the tillers |
| B. | To ensure better utilisation of irrigation potential |
| C. | To develop the areas under the command of Army |
| D. | Poverty alleviation in selected areas |
| Answer» C. To develop the areas under the command of Army | |
| 26. |
Which of the following is a part of tertiary sector? |
| A. | Power and transportation |
| B. | Animal Husbandry |
| C. | Cotton manufacturing |
| D. | Cultivation of crops |
| Answer» B. Animal Husbandry | |
| 27. |
A high Statutory Liquidity Ratio (SLR) |
| A. | restricts lending |
| B. | increases supply of cash |
| C. | provides funds to the state |
| D. | increases the strength of the banks |
| Answer» B. increases supply of cash | |
| 28. |
ISI mark is not given to which of the following products? |
| A. | Electrical goods |
| B. | Hosiery goods |
| C. | Biscuits |
| D. | Cloth |
| Answer» D. Cloth | |
| 29. |
What type of products, does CACP recommend minimum support price for? |
| A. | Industrial products |
| B. | Agricultural products |
| C. | Pharmaceutical products |
| D. | None of the above |
| Answer» C. Pharmaceutical products | |
| 30. |
The sunrise industries imply |
| A. | petrochemicals and electronics industry |
| B. | sunflower oil industry |
| C. | computer industry |
| D. | chemical industry |
| Answer» B. sunflower oil industry | |
| 31. |
The most accessible medium in India is |
| A. | Television |
| B. | Radio |
| C. | Cinema |
| D. | Newspapers |
| Answer» E. | |
| 32. |
Buffer stock operations are conducted by |
| A. | Warehousing Corporation of India |
| B. | State Trading Corporation of India |
| C. | Food Corporation of India |
| D. | Ministry of Agriculture |
| Answer» D. Ministry of Agriculture | |
| 33. |
Mixed economy refers to |
| A. | the co-existence of heavy, small scale and cottage industries |
| B. | the promotion of agriculture as well as cottage industries |
| C. | the co-existence of rich as well as poor |
| D. | the co-existence of public as well as private sector |
| Answer» E. | |
| 34. |
The upper limit of investment in plant and machinery for smallscale industries has been fixed currently at |
| A. | 35 lakhs |
| B. | 45 lakhs |
| C. | 60 lakhs |
| D. | 1 crore |
| Answer» E. | |
| 35. |
The system of Memorandum of Understanding (MoU) was introduced in |
| A. | 1989 90 |
| B. | 1990 91 |
| C. | 1987 88 |
| D. | 1988 89 |
| Answer» D. 1988 89 | |
| 36. |
Coal mines were Nationalised in the year : |
| A. | 1970 |
| B. | 1971 |
| C. | 1972 |
| D. | 1976 |
| Answer» D. 1976 | |
| 37. |
The Imperial Bank of India, after its nationalisation came to be known as : |
| A. | Reserve Bank of India |
| B. | State Bank of India |
| C. | United Bank of India |
| D. | Indian Overseas Bank |
| Answer» C. United Bank of India | |
| 38. |
Who defined Rent as that portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil? |
| A. | Ricardo |
| B. | Marshall |
| C. | Keynes |
| D. | Pigou |
| Answer» B. Marshall | |
| 39. |
AGMARK is a guarantee of the standard : |
| A. | quality |
| B. | quantity |
| C. | weight |
| D. | size |
| Answer» B. quantity | |
| 40. |
Who is called the Father of Economics ? |
| A. | Max Muller |
| B. | Karl Marx |
| C. | Adam Smith |
| D. | Alfred Marshall |
| Answer» D. Alfred Marshall | |
| 41. |
Prof Milton Fridman was leader of |
| A. | Ohio school |
| B. | Chicago school |
| C. | Cambridge school |
| D. | London school |
| Answer» C. Cambridge school | |
| 42. |
Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? |
| A. | Expenditure Tax and Gift Tax |
| B. | Additional Duties of Excise in lieu of Sales Tax |
| C. | Stamps and Registration |
| D. | Taxes on Advertisement |
| Answer» E. | |
| 43. |
The monetary policy is India is formulated by |
| A. | Central Government |
| B. | Industrial Financial Corporation of India |
| C. | Reserve Bank of India |
| D. | Industrial Development Bank of India |
| Answer» D. Industrial Development Bank of India | |
| 44. |
As per the TRIPS Agreement1994, a good originating from a region with specific character/ quality/reputation is covered/to be protected under the IPR as |
| A. | Patent |
| B. | Trademark |
| C. | Trade secret |
| D. | GI (Geographical Indicator) |
| Answer» E. | |
| 45. |
Economies of a firm are : |
| A. | An increase in its profits |
| B. | A reduction in its selling expenses |
| C. | Its dominance of the market |
| D. | Saving in its production costs |
| Answer» E. | |
| 46. |
Steel sheets used in the production of furniture is an example of |
| A. | an intermediate good |
| B. | a final good |
| C. | an investment good |
| D. | a consumption good |
| Answer» B. a final good | |
| 47. |
Identify the one which is not related to the Agricultural Price Policy. |
| A. | Buffer stock |
| B. | Imports |
| C. | Support price |
| D. | Licensing |
| Answer» E. | |
| 48. |
J. B. Say s Law of Market was not accepted by : |
| A. | Adam Smith |
| B. | Marshall |
| C. | Malthus |
| D. | David Ricardo |
| Answer» C. Malthus | |
| 49. |
The Liquidity Preference Theory of Interest was propounded by : |
| A. | J.M. Keynes |
| B. | David Ricardo |
| C. | Alfred Marshall |
| D. | Adam Smith |
| Answer» B. David Ricardo | |
| 50. |
What is AGMARK ? |
| A. | It is a marketing seal issued on the graded agricultural commodity |
| B. | It stands for agricultural marketing |
| C. | It represents agricultural management and regulation |
| D. | None of these |
| Answer» C. It represents agricultural management and regulation | |