Economics GK Quiz

Q121. Which law assumes "Other things remaining constant"
(a) Price theory
(b) Demand theory
(c) Supply theory
(d) Cost theory

Q122. Number of types of elasticity demand is
(a) Two
(b) Three
(c) Four
(d) Five

Q123. The concept of functional finance was first stated by
(a) J.M. Keynes
(b) A.P. Lerner
(c) Prof. Hansen
(d) L.G. Reynold

Q124. The concept of consumers surplus was first formulated by
(a) Marshall
(b) Keynes
(c) Robertson
(d) Dupuit

Q125. Who had written the book "The Wealth of Nations"
(a) Irving Fisher
(b) Alfred Marshall
(c) Karl Marx
(d) Adam Smith

Q126. Which of the following is not the merits of direct taxes
(a) Economy
(b) Certainity
(c) Reduce inequality
(d) Unpopular

Q127. "Inflation is always as everywhere a monetary phenomenon" is stated by
(a) Milton Friedman
(b) Hicks
(c) Johnson
(d) Marshall

Q128. The transaction demand for money is also interest elastic like speculative demand for money pointed out by
(a) J.M. Keynes
(b) Friedman
(c) Baumol
(d) Don Patinkin

Q129. Who developed the concept of multiplier first
(a) J.M Keynes
(b) David Ricardo
(c) F.A. Kahn
(d) J.M. Baumol

Q130. After Keynes, Macro Economics came to be known as
(a) Employment analysis
(b) Income analysis
(c) Dynamic analysis
(d) Employment and Income analysis

Q131. According to _______, marginal utility is actually measurable in terms of money
(a) Hicks
(b) Marshall
(c) Samuelson
(d) Adam Smith

Q132. Chamberlin's Monopolistic competition is an excercise in
(a) Economic Dynamics
(b) Macro economics
(c) Economic Statics
(d) Fiscal economics

Q133. The total consumption divided by the total income is known as
(a) Average propensity to consume
(b) Marginal propensity to consume
(c) Marginal propensity to save
(d) Average propensity to save

Q134. Which utility means that an individual can attach specific values or numbers of utils from consuming each quantity of a good or basket of goods
(a) Ordinal
(b) Marginal
(c) Cardinal
(d) Equi-marginal

Q135. Which one refers to the covering of a foreign exchange risk
(a) Arbitrage
(b) Hedging
(c) Mint parity
(d) Purchasing power parity

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