Economics Quiz Questions

Q1. Which one of the following is correct for a normal distribution
(a) Standard deviation is maximum
(b) Quartire deviation is maximum
(c) Mean deviation is maximum
(d) Quartile deviation, standard deviation and mean deviation are equal

Q2. Which of the following is not a central problem of an economy
(a) What to produce
(b) How to produce
(c) For whom to produce
(d) Where to produce

Q3. Who is known as the father of modern economics
(a) Thomas Robert Malthus
(b) Francois Quesnay
(c) Adam Smith
(d) David Ricardo

Q4. The critical minimum effort theory is associated with the name
(a) W A Lewis
(b) D Ricardo
(c) H Leibenstein
(d) A D Hirschman

Q5. The "Absorption Approach" analysing the effects of devaluation has been developed by
(a) C P Kindleberger
(b) B Soderston
(c) T M Rybezynski
(d) Sidney Alexander

Q6. The Physical Quality of Life Index was calculated for the first time by
(a) A Lewis
(b) P Samuelson
(c) Morris D Morris
(d) E E Hagen

Q7. If nominal GDP is equal to real GDP, then
(a) The GDP deflator is equal to zero
(b) The GDP deflator is equal to one
(c) The GDP deflator is less than one
(d) None of the above

Q8. The National Income is equal to
(a) Net National Product + Taxes
(b) Net National Product – Indirect Taxes + Subsidies
(c) Net National Product – Direct Taxes + Subsidies
(d) Gross National Product — Subsidies + Taxes

Q9. The difference between gross domestic product and net domestic product equals
(a) Transfer payments
(b) Indirect taxes
(c) Subsidies
(d) Depreciation cost

Q10. In macroeconomics disposable income refers to
(a) Income after taxes and transfers
(b) After - tax income
(c) Income spend on consumer durable items
(d) Income over and above cost of necessities

Q11. An emprical study on relationship between the rate of money wage rate increase and rate of unemployment in the economy was given by
(a) A. W. Philips
(b) J. M. Keynes
(c) Adam Smith
(d) Karl Marx

Q12. If the total expenditure on a commodity increases after a price increase the elasticity of demand is
(a) Greater than one
(b) Equal to one
(c) Less than one
(d) Infinite

Q13. In the Cobb-Douglas production function the elasticity of substitution between factors is
(a) Zero
(b) Equal to one
(c) Greater than one
(d) Less than one

Q14. In economic theory the term "ceteris paribus" is used to indicate
(a) Demand and supply are equal
(b) MR = MC
(c) Price are increasing
(d) Other things being equal

Q15. Rational Expectation Theory is associated with
(a) Hicks
(b) Romer
(c) Lucas
(d) None of the above

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