Elements of Economic Theory
(EET)
MCQs
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1. The economist to define 'Economics' as a science of scarcity is _______.
A. Marshall
B. Robbins
C. Samuelson
D. Hicks and Allen
2. "An Inquiry into the Nature and Causes of wealth of Nations"by Adam Smith's was published in _______the year.
A. 1876
B. 1676
C. 1767
D. 1776
3. In order to have value in exchange, a good must possess the attributes _______.
A. Utility only
B. Utility and Scarcity
C. Utility and Transferability
D. Utility, Scarcity and Transferability
4. Price mechanism is a feature of _______.
A. Capitalist economy
B. Mixed economy
C. Socialist economy
D. Collectivist economy
5. Purchasing Power of one commodity in terms of another commodity is known as _______.
A. Value in use
B. Value in Exchange
C. Utility of the good
D. Price of the good
6. Goods that are common to all & are collectively owned by society are called _______.
A. Social goods
B. Intermediary goods
C. Consumer goods
D. Luxury goods
7. Which of the fallowing statements is false for Micro Economics as a discipline?
A. it studies individual firms and industries
B. It looks at the economy through microscope
C. It studies the totality of behavior of all units in an economy
D. Both (a) and (b)
8. In a free enterprise economy the basic economic problems are solved by ______.
A. Planning Commission
B. Price Mechanism
C. The elected representatives of people
D. Government
9. Winch of these is not a basic assumption of economic theory?
A. Prices of goods remain constant
B. Economics takes into account the limitations imposed by nature
C. Human behavior is rational
D. Consumers and producers operate within given social and economic institutions
10. When a disturbance from equilibrium position evokes further disturbance so that the original position is never restored, it is a case of _______.
A. Neutral equilibrium
B. Stable equilibrium
C. Partial equilibrium
D. Unstable equilibrium
11. When Economic variables are studied with reference to time the method of analysis is _______.
A. Economic Static
B. General Equilibrium analysis
C. Comparative Static
D. Economic Dynamics
12. Alternative uses of resources imply _______.
A. Resources can be put to limited uses
B. Resources can be put to many uses
C. Application of resources to one use prevents application to other uses
D. Resources are limited
13. Application of the knowledge of economics to solve the problems of business firms is subject matter of the discipline of _______.
A. Micro economics
B. Macro economics
C. Business economics
D. Price mechanism
14. When human wants are directly satisfied with the contribution of a professional it is the case of _______.
A. Form utility
B. Place utility
C. Service utility
D. Time utility
MCQs: OCTOBER - 2013
1. Increase in economic goods is synonymous with increase in
A) Desire
B) Utility
C) Wealth
D) Welfare
2. Value of a commodity refers to its __________.
A) Purchasing power
B) Price
C) Utility
D) Usefulness
3. Producers goods are also known as __________.
A) Goods of the First Order
B) Goods of the Second Order
C) Goods of the Fourth Order
D) Goods of the Third Order
4. When a slight disturbance evokes further disturbance so that the original position is never restored, it is a case of _________ equilibrium.
A) Stable
B) Unstable
C) Partial
D) Neutral
5. Business economics is ________ in nature.
A) Managerial
B) International
C) Descriptive
D) Prescriptive
6. Marshall's definition of Economics has been criticized by
A) Ricardo
B) Ruskin
C) Adam Smith
D) Robbins
7. Another name for Production Possibility Curve is __________ Curve.
A) Transformation
B) Maximum
C) Growth
D) Utilization
8. In economics, we assume that there is _________ stability in the economy.
A) Political
B) Economic
C) Technological
D) Seasonal
9. Which theory is generally included under micro economics?
A) Income theory
B) Employment theory
C) Development theory
D) Price theory
10. The price elasticity of firm's average revenue curve is equal to infinity in case of
A) Perfect Competition
B) Monopoly
C) Monopolistic Competition
D) Oligopoly
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