1-Demand for a commodity refers to:
1. Need for the commodity
2. Desire for the commodity.
3. Amount of the commodity demanded at a particular price and at a particular time
4. Quantity demanded of that commodity
2-Which among the following statement is INCORRECT?
1. On a linear demand curve, all the five forms of elasticity can be depicted’
2. If two demand curves are linear and intersecting each other then coefficient of elasticity would be same on different demand curves at the point of intersection.
3. If two demand curves are linear, and parallel to each other then at a particular price the coefficient of elasticity would be different on different demand curves.
4. The price elasticity of demand is expressed in terms of relative not absolute, changes in Price and quantity demanded’
3-If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
1. Increase
2. Decrease
3. Remain the same
4. Become zero
4-The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:
1. Zero
2. Infinite
3. Equal to one
4. Greater than zero but less than infinity
5-An individual demand curve slopes downward to the right because of the:
1. Working of the law of diminishing marginal utility
2. substitution effect of decrease in price
3. income effect of fall in Price
4. All of the above
6-Income elasticity of demand is defined as the responsiveness of:
1. Quantity demanded to a change in income
2. Quantity demanded to a change in price
3. Price to a change in income
4. Income to a change in quantity demanded
7-The supply of a good refers to:
1. Stock available for sale
2. Total stock in the warehouse
3. Actual Production of the good
4. Quantity of the good offered for sale at a particular price per unit of time
8-In the short run, when the output of a firm increases, its AFC
1. Remains constant
2. Decreases
3. Increases
4. First decreases and then rises
9-The cost of one thing in terms of the alternative given up is
1. Real cost
2. Production cost
3. Physical cost
4. opportunity cost
10-Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:
1. Price will decrease
2. Price will increase
3. Quantity will increase
4. Quantity will decrease
11-The economist’s objections to monopoly rest on which of the following grounds?
1. There is a transfer of income from consumers to the Monopolist
2. There is welfare loss as resources tend to be misallocated under monopoly
3. Only A is correct
4. Both A and B are correct
12-In which of the following market structure is the degree of control over the price of its product by a firm very large?
1. Imperfect competition
2. Perfect competition
3. Monopoly
4. In A and B both
13. Demand for factors of production is:
a. Derived demand
b. Joint demand
c. Composite demand
d. None of the above
14. Number of times a unit of money changes hands in the course of a year is called_______
A. Supply of money
B. Purchasing power of money
C. Velocity of money
D. Value of money
15-The producer’s demand for a factor of production is governed by the ___ of that factor.
a. Price
b. Marginal Productivity
c. Availability
d. Profitability
16-Under conditions of perfect competition in the product market:
a. MRP=VMP
b. MRP > VMP
c. VMP > MRP
d. None of the above
17-Which among the following statements is INCORRECT?
a. Coefficient of correlation can be computed directly from the data without measuring deviation.
b. Measures of Dispersion are also called averages of the second order.
c. Standard deviation can be negative.
d. Mean deviation can never be negative.
18-One of the methods to find out Mode is:
a. Mode = 3 Median + 2 Mean
b. Mode=3 Median – 3 Mean
c. Mode = 2 Median – 3 Mean
d. Mode=3 Median – 2 Mean
19-Which among the following statements is INCORRECT?
a. Index number is a relative measurement.
b. In fact all index numbers are weighted.
c. Theoretically the best average in construction of index numbers is Geometric mean.
d. It is not possible to shift the base if it is the case of fixed base index
20-Mean Deviation can be calculated from:
a. Mean
b. Median
c. Mode
d. Any of the above
21-Scatter diagram is used to study ___ in economic statistics.
a. Variability in the series
b. Nature of Correlation in the two series
c. Regression
d. Secular trend
22-Coefficient of Correlation (r) is significant, if:
a. r > 5 times Probable Error
b. r < 6 times Probable Error
c. r > 6 times Probable Error
d. r = 6 times Probable Error
23-Which statistical measure helps in measuring the purchasing power of money?
a. Arithmetic average
b. Index numbers
c. Harmonic mean
d. Time series
24-Fisher’s ideal index number is:
a. Arithmetic mean of Laspeyre’s and Paasche’s index
b. Harmonic mean of Laspeyre’s and Paasche’s index
c. Geometric mean of Laspeyre’s and Paasche’s index
d. Non of Above
25.Which among the following is NOT correct?
1. During inflation lenders suffer and borrowers benefit out’
2. Rising inflation indicates rising aggregate demand and indicates comparatively lower supply and higher purchasing capacity among the consumers’
3. With rising inflation the currency of the economy depreciates provided it follows the flexible currency regime.
4. Inflation decreases the nominal (face) value of the wages while the real value increases.
26-The capital that is consumed by an economy or a firm in the production process is known as:
1.Capital loss
2. Production cost
3. Dead-weight loss
4. Depreciation
27.-Who propounded the opportunity cost Theory of international trade?
1) Ricardo
2) Marshall
3) Heckscher & Ohlin
4) Haberler
28.-Which among the following is NOT correct?
1) Floating exchange rate system works on the market mechanism
2) Floating exchange rate breeds uncertainties and speculation
3) Economic and political factors and value judgments influence the choice of the exchange rate system
4) The system of floating exchange rate requires comprehensive government intervention
29-Which among below is NOT a correct statement?
1) Bretton Woods conference gave birth to two international organizations
2) Theory of Absolute Advantage in international trade is given by Adam Smith’
3) Pure and perfect competition is the same market structures.
4) Mint par theory of exchange rate determination is applicable in countries under gold standard.
30-Terms of trade that relate to the Real Ratio of international exchange between commodities is called:
1) Real cost terms of trade
2) Commodity terms of trade
3) Income terms of trade
4) Utility terms of trade
31-Who among the following enunciated the concept of single factoral terms of trade?
1) Jacob Viner
2) G.S.Donens
3) Taussing
4) J.S.Mill
32-‘Infant industry argument’ in international trade is given in support of:
1) Granting Protection
2) Free trade
3) Encouragement to export oriented small and tiny industries
4) None of the above
33-Which of the following is also known as International Bank for Reconstruction and Development?
1) Asian Development Bank
2) World Bank
3) Reserve Bank of India
4) International Monetary Fund
34-Which among the following is not a function of International Monetary Fund?
1) It serves a medium term and long term credit institution’
2) It provides a mechanism for improving short term balance of payments position’
3) It provides machinery for international consultations’
4) It provides reservoir of the currencies of the member countries and enables members to borrow one another’s currency
35-The new world Trade organization (WTO), which replaced the GATT came into effect from____
1) 1 January 1991
2) 1 January 1995
3) 1 April 1994
4) 1 May 1995
36-A change in fiscal policy affects the balance of payments through:
1) The current account only
2) The capital account only
3) Both, the current account and capital account
4) Neither current account nor capital account
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