GK-Economics MCQ Questions and Answers

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Showing 10 of 33 questions
Q21
Where is Indian Diamond Institute (IDI) established ?
  • A New Delhi
  • B Mumbai
  • C Surat
  • D Jaipur
Answer: Option C
Q22
The index of measuring economic development is-
  • A Increase in productive assets
  • B National income
  • C Per-capita income
  • D Any of the above
Answer: Option D
Q23
Whose opinions have revolutionised the scope of macro economics ?
  • A Adam Smith
  • B J.B. Say
  • C J.M. Keynes
  • D All of the above
Answer: Option C
Q24
Which of the following is an economic activity ?
  • A Teaching of a teacher in the school
  • B To teach son at home
  • C To serve her child by mother
  • D To play football by a student
Answer: Option A
Q25
Passive factor of production is-
  • A Only land
  • B Only capital
  • C Both land and capital
  • D Neither land nor capital
Answer: Option C
Q26
Under law of demand-
  • A Price of commodity is an independent variable
  • B Quantity demanded is a dependent variable
  • C Reciprocal relationship is found between price and quantity demanded
  • D All of the above
Answer: Option D
Q27
For inferior commodities, income effect is-
  • A Zero
  • B Negative
  • C Infinite
  • D Positive
Answer: Option B
Q28
Utility means-
  • A Power to satisfy a want
  • B Usefulness
  • C Willingness of a person
  • D Harmfulness
Answer: Option A
Q29
Marginal utility is equal to average utility at that time when average utility is-
  • A Increasing
  • B Maximum
  • C Falling
  • D Minimum
Answer: Option B
Q30
At point of satiety, marginal utility is-
  • A Zero
  • B Positive
  • C Maximum
  • D Negative
Answer: Option A

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