Economics GK Quiz

Q46. "Money is what money does". Who said this
(a) Adam Smith
(b) Walker
(c) Budgetory deficit
(d) Demand deficit

Q47. Price Effect is a combination of
(a) Income effect and supply effect
(b) Income effect and substitution effect
(c) Income effect and depreciation effect
(d) Appreciation effect

Q48. Price Effect is a combination of
(a) Income effect and supply effect
(b) Income effect and substitution effect
(c) Income effect and depreciation effect
(d) Appreciation effect

Q49. The need of Double Co-incidence of Wants is associated with
(a) Unplanned Economy
(b) Parallel Economy
(c) Barter System
(d) Socialist Economy

Q50. For an Inferior Good having income effectless than substitution effect, the demand curve will be
(a) Slope Downward
(b) Slope Upward
(c) Become a straight line
(d) None of the above

Q51. What would you derive when total expenditure is deducted from total receipt
(a) National Income
(b) Money deficit
(c) Budgetory deficit
(d) Demand deficit

Q52. The cost that a firm incurs on purchasing raw materials for producing a commodity is known as
(a) Total cost
(b) Variable cost
(c) Fixed cost
(d) Implicit cost

Q53. Who has given the theory of "Big Push"
(a) Paul N. Rosentein-Rodan
(b) Arthur Lewis
(c) Harvey Leibenstein
(d) H. Stiglitz

Q54. According to Meadows, the "Limits to growth" should be
(a) Zero percent
(b) Between 5-10 percent
(c) Between 10-25 percent
(d) Between 25-50 percent

Q55. When the economic growth in one region had adverse effect on the other regions, it is called
(a) Backwash effect
(b) Brain drain effect
(c) Trickle down effect
(d) International demonstration effect

Q56. According to Stackelberg, where is the "Cournot Point" situated on the demand line of a firm
(a) When elasticity is unity
(b) When elasticity is less than unity
(c) When elasticity is more than unity
(d) Anywhere on the demand line

Q57. Who among the following economists has not given a model to explain pricing in a duopoly market
(a) Bertrand
(b) Chamberlin
(c) Cournot
(d) Stackelberg

Q58. Who gave the concept of opportunity cost in 1914
(a) Haberler
(b) Marshall
(c) Gossen
(d) Wieser

Q59. Who among the following showed that an import tariff can reduce domestic price
(a) Metzler
(b) Krugman
(c) Machlup
(d) Salvatore

Q60. Who said that "Laws of Economics are like tides"
(a) Adam Smith
(b) David Ricardo
(c) L. Walras
(d) Alfred Marshall

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