Elements of Economic Theory
(EET)
MCQs: 2015
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1. Which of these statements is incorrect?
a. Adam Smith defined economics as a study of wealth,
b. Marshall defined economics as a study of welfare,
c. Robbins defined economics as a normative sciences
d. Robbins defined economics as a positive science.
2. Price mechanism functions efficiently under the conditions of.......
a. High income inequality
b. Perfect competition
c. Unstable monetary system
d. Socialist pattern of government
3. ________ is a combination of economic theories and business practice.
a. Price Thtury
b. Business Economics
c. Macroeconomic
d. Microeconomics
4. For whom to produce is a problem of _______.
a. Economic growth
b. Resource a Location
c. Choice of technique of production
d. Distribution of National income
5. ________ represents the maximum output of two goods that can be produced by a country when all its resources are fully utilized.
a. Production Possibility Curve
b. Minimum Production Curve
c. Production Profit Curve
d. Production Cosi Curve
6. Air does not have exchange value because it does not possess the attribute of _______.
a. Scarcity
b. Utility
c. Transferability
d. Scarcity &Transferability
7. Which of the following is NOT a characteristic of free good?
a. It has no exchange value
b. It is plentiful in supply
c. It is man made
d. It is free gift of nature
8. Which of these is a feature of perfect competition?
a. One seller control a significant part of the total supply of the product.
b. Uniform price prevails in the market.
C. The product is heterogeneous.
d. There are restriction on entry of new firms
9. Which of these statements are incorrect?
1. All wealth is money but all money is not wealth
2. All prices can rise or fall together but all values cannot rise or fall together
3. All goods that possess utility does not give pleasure.
4. All variables in a dynamic analysis refer to different points of time.
a. 2, 3 and 4
b. 1 and 2
c. Only 1
d. 2 and 3
10. Which form of utility is created in the process of conversion of raw materials into finished goods?
a. Place utility
b. Time utility
c. Form utility
d. None of the three
MCQs - OCTOBER 2014
1. Which of the following is not an example of transferable goods?
A) Computer
B) Singer's talent
C) Land
D) Building
2. Theory of income and employment is a subject matter of __________.
A) Micro Economics
B) Macro Economics
C) Managerial Economics
D) Business Economics
3. According to Robbins, economics is ________ as regards ends.
A) Normative
B) Positive
C) Neutral
D) Negative
4. Economic forces do not get sufficient time to bring about complete adjustment in case of _________ equilibrium.
A) General
B) Partial
C) Short-term
D) Long-term
5. Any combination of two goods lying inside the production possibility frontier represents ________ of rosources.
A) Under - utilization
B) Un - utilization
C) Fuller utilization
D) Growth
6. Under perfect competition, the shape of AR and MR curves is ________.
A) Horizontal straight line
B) Vertical straight line
C) Parallel to Y-axis
D) Both B and C
7. What among the following is not an economic problem?
A) Unlimited wants
B) Social justice
C) Choice between wants
D) Resources having alternative uses
8. Which of the following group comes under basic needs and necessities?
A) Food, Housing, Luxury
B) Food, Clothing, Shelter
C) Food, Shelter, Education
D) Food, Housing, Medication
9. Carlyle and Ruskin called Economics as a ________ Science.
A) Social
B) Physical
C) Dismal
D) Universal
10. Value-in-exchange of a commodity refers to its __________.
A) Longevity
B) Scarcity
C) Purchasing power
D) Utility
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