Economics GK Quiz

Q61. According to the monetarists, the Phillips curve in the long-run is
(a) Horizontal
(b) Vertical
(c) Upward sloping
(d) Downward sloping

Q62. The value of a commodity expressed in terms of money is known as
(a) Price
(b) Utility
(c) Value
(d) Wealth

Q63. The concept of "Vicious Circle of Poverty" is related to
(a) Karl Marx
(b) Nurkse
(c) Adam Smith
(d) None of the above

Q64. The wealth based definition of Economics was put forward by
(a) Lionel Robbins
(b) Alfred Marshall
(c) Adam Smith
(d) David Ricardo

Q65. Total utility becomes maximum, when
(a) marginal utility is zero
(b) marginal utility equals one
(c) marginal utility is negative
(d) marginal utility is more than one

Q66. The decrease in the quantity demanded due to a rise in price is called
(a) contraction of demand
(b) extension of demand
(c) shift of demand
(d) multiplication of demand

Q67. When demand of a commodity depends on the demand of some other commodities, it is called
(a) joint demand
(b) derived demand
(c) autonomous demand
(d) exclusive demand

Q68. The zero price elasticity of demand (ep=0) is also called as
(a) perfectly inelastic demand
(b) perfectly elastic demand
(c) unitary elasticity of demand
(d) point elasticity of demand

Q69. Price effect is a combination of
(a) income effect and consumption effect
(b) consumption effect and substitution effect
(c) income effect and substitution effect
(d) income effect and investment effect

Q70. Engel curve shows the relationship between
(a) two goods, say X and Y
(b) level of income and quantity purchased
(c) level of income and consumption
(d) level of income and the relative prices of the commodities

Q71. Which of the following theories of business cycle was put forward by Hicks
(a) The innovation theory
(b) The monetary theory
(c) The overinvestment theory
(d) The multiplier accelerator theory

Q72. Who among the following put forward the innovation theory of profit
(a) M.S. Douglas
(b) A.C. Pigou
(c) J.S. Mill
(d) Joseph Schumpeter

Q73. "Phillips curve" shows the relationship between
(a) rate of inflation and rate of employment
(b) rate of wage increase and rate of unemployment
(c) rate of wage decrease and rate of unemployment
(d) rate of wage increase and rate of public investment

Q74. The lowering of official exchange rate between one country's currency and those of the rest of the world is known as
(a) devaluation
(b) depreciation
(c) appreciation
(d) overvaluation

Q75. A deflator is a technique of adjustment for change in
(a) consumption level
(b) income level
(c) expenditure level
(d) price level

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