Q.         Microeconomics deals with the: A.           Allocation of resources of the economy as between production of different goods and services                ...

Q.         Which is not an essential feature of a socialist economy? A.           Social ownership of the means of production         B.            ...

Q.         A mixed economy is characterised by the co-existence of: A.           Modern and traditional industries B.            Public and private sectors ...

Q.          Which is not an essential condition for an economic problem to arise? A.           Unlimited wants        B.            Use of money ...

Q.         Who defined Economics as a 'Science which studies human behaviour as a relationship between ends and means which have alternative uses? A.           L. Robbins       ...

Q.         Which is not a central problem of an economy? A.           What to produce        B.            How to produce ...

Q.         Economic problems arise because: A.           Wants are unlimited B.            Resources are scarce C.            ...

Q.         What best explains a shift in market supply curve to the right? A.           An advertising campaign is successful in promoting the good   B.            A new ...

Q. In May 2013, firm was supplying 500kg of sugar of market price of Rs. 30/- per kg. During June 2013, firm's supply of sugar had decreased to 450kg at price Rs. 20/- per kg. These changes show that supply of sugar is: A.           Perfectly ...

Q.         When supply of a commodity increases without change in price it is called: A.           Fall in supply B.            Expansion in supply ...

Q.         If elasticity of supply is greater than one. Supply curve will be: A.           Horizontal      B.            Vertical ...

Q. During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to: A.           Rightward       ...