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Economics

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Question: Savings is a function of--

  1. a.
    Income
  2. b.
    Tax
  3. c.
    Investment
  4. d.
    Interest rate
  5. e.
    None of the above
Answer: a

Question: A monopolist’s Principle is—

  1. a.
    When price > Marginal cost(MC)
  2. b.
    Equalize Average revenue(AR) to Marginal revenue(MR)
  3. c.
    Minimize Average revenue(AR)
  4. d.
    Is a price taker
  5. e.
    None of the above
Answer: b

Question: The monetary value of all the final goods and services produced by an economy over a specified period is called--

  1. a.
    Net National Income
  2. b.
    Gross Domestic Product
  3. c.
    National Income
  4. d.
    Gross National Product
  5. e.
    None of the above
Answer: d

Question: Who is the founder of classical economics?

  1. a.
    David Ricardo
  2. b.
    Adam Smith
  3. c.
    Paul Samuelson
  4. d.
    J. M. Keynes
  5. e.
    None of them
Answer: b

Question: Which is the principle of capitalist economy?

  1. a.
    Private ownership of property
  2. b.
    Proper distribution of National income
  3. c.
    Central economic plan
  4. d.
    Social welfare
  5. e.
    None of the above
Answer: a

Question: "Capital is the factor produced by productivity", qoutate by--

  1. a.
    Marshall
  2. b.
    Karl Marx
  3. c.
    Adam Smith
  4. d.
    Bom-work
  5. e.
    None of them
Answer: d

Question: In economics production means--

  1. a.
    Create productivity
  2. b.
    Create capital
  3. c.
    Create goods
  4. d.
    Create utility
  5. e.
    None of the above
Answer: d

Question: The acronym GDP stands for?

  1. a.
    Growth of Domestic Product
  2. b.
    Gross Domestic Product
  3. c.
    Growing Diversified Product
  4. d.
    General Domestic Product
  5. e.
    General Diversified Product
Answer: b

Question: In the perfect competition market a firm faces about—

  1. a.
    Marginal revenue = price
  2. b.
    Average revenue = Marginal cost
  3. c.
    Average cost = Marginal cost
  4. d.
    Average revenue = Average cost
  5. e.
    None of the above
Answer: a

Question: Alternative name of capitalist economy?

  1. a.
    Mixed economy
  2. b.
    Competetive economy
  3. c.
    Command economy
  4. d.
    Traditional economy
  5. e.
    None of the above
Answer: b

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