Part: II Sample Questions
1. The goods which are non-rival in consumption are called :
(A) Private goods (B) Free goods
(C) Public goods (D) Non-economic goods
2. A competitive firm achieves long-run equilibrium in the product market when :
(A) AR = MR (B) MR = AC
(C) MR = MC (D) Price = AR
3. The statement that the compensation principle of welfare economics is capable of givingcontradictory results is associated with the name of :
(A) T.Scitovsky (B) A. Pareto
(C) ABergson (D) P.A Samuelson
4. A rational consumer choosing between uncertain events will make a choice on thebasis of:
(A) expected monetary benefits (B) expected utility
(C) expected prices (D) expected incomes in future
5. Which of the following is not an element of selling cost:
(A) salary of the salesmen (B) expenses incurred in advertising
(C) transportation cost (D) costs incurred on window displays
6. Keynesian economics lays more emphasis on :
(A) monetary policy (B) fiscal policy
(C) interest-rate determination (D) free market mechanism
7. High-powered money is produced by :
(A) Commercial banks (B) Co-operative banks
(C) Ministry of Finance (D) Reserve Bank of India
8. A person who left the job to find another job would be classified as :
(A) fractionally unemployed
(B) structurally unemployed
(C) cyclically unemployed
(D) no longer in the labour force
9. Second Five Year plan was based on a model developed by :
(A) C.H. Hanumantha Rao (B) P.C. Mahalanobis
(C) A.K. Sen (D) K.N. Raj
10. The theory of unlimited supply of labour was proposed by :
(A) J.M. Keynes (B) Robert Solo
(C) A. Lewis (D) Roy Harrod
Answers: 1.c2. c 3. a 4. b 5.c 6.b 7.d 8. a (unemployment due to job dearch) 9.b 10. c
1. The goods which are non-rival in consumption are called :
(A) Private goods (B) Free goods
(C) Public goods (D) Non-economic goods
2. A competitive firm achieves long-run equilibrium in the product market when :
(A) AR = MR (B) MR = AC
(C) MR = MC (D) Price = AR
3. The statement that the compensation principle of welfare economics is capable of givingcontradictory results is associated with the name of :
(A) T.Scitovsky (B) A. Pareto
(C) ABergson (D) P.A Samuelson
4. A rational consumer choosing between uncertain events will make a choice on thebasis of:
(A) expected monetary benefits (B) expected utility
(C) expected prices (D) expected incomes in future
5. Which of the following is not an element of selling cost:
(A) salary of the salesmen (B) expenses incurred in advertising
(C) transportation cost (D) costs incurred on window displays
6. Keynesian economics lays more emphasis on :
(A) monetary policy (B) fiscal policy
(C) interest-rate determination (D) free market mechanism
7. High-powered money is produced by :
(A) Commercial banks (B) Co-operative banks
(C) Ministry of Finance (D) Reserve Bank of India
8. A person who left the job to find another job would be classified as :
(A) fractionally unemployed
(B) structurally unemployed
(C) cyclically unemployed
(D) no longer in the labour force
9. Second Five Year plan was based on a model developed by :
(A) C.H. Hanumantha Rao (B) P.C. Mahalanobis
(C) A.K. Sen (D) K.N. Raj
10. The theory of unlimited supply of labour was proposed by :
(A) J.M. Keynes (B) Robert Solo
(C) A. Lewis (D) Roy Harrod
Answers: 1.c2. c 3. a 4. b 5.c 6.b 7.d 8. a (unemployment due to job dearch) 9.b 10. c
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