Important mcq on Economics | Economicstool

Here you will find out the Economics mcq based on macroeconomics, microeconomics and many more. These mcq on economics are facilitated by their answers by which you can have the knowledge of right answers.
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Economics mcq/ mcq for Economics/ mcq on Economics:

01: The task of estimating national income in India lies with:

(A) Finance Ministry
(B) Planning Commission
(C) Central Statistical Organization
(D) None of the above

02: If the national income of any year is divided by that year’s population, we get:

(A) Per Capita Income  (B) Gross Domestic Product
(C) Disposable Income  (D) Net Domestic Product

03: “The supply creates its own demand.” Who stated this?

(A) J.B. Say (B) Marshall
(C) Keynes (D) Pigou

04: Which of the following is a part of the study of macroeconomics?

(A) Product Pricing (B) Factor Pricing
(C) General Price Level (D) Location of an industry

05: Transfer payments refer to payments which are made:

(A) Without any exchange of goods and services
(B) To workers on transfer from one job to another
(C) As compensation to employees
(D) None of the above

06: Micro Economics is also called ………… .

(A) Macro Economics (B) Public Economics
(C) Price theory (D) Labour Economics

07: The term ‘other things being equal’ is used in ……….. .

(A) Government laws  (B) Economic laws
(C) Physical laws  (D) None of the above

08: Utility is a concept:

(A) Subjective concept  (B) Moral concept
(C) Objective concept  (D) Neutral concept

09: The shape of demand curve is:

(A) Sloping downward from left to right
(B) Sloping upward
(C) Horizontal
(D) Vertical

10: The law of demand based on ………. .

(A) the law of diminishing marginal utility
(B) consumer surplus
(C) marginal utility
(D) total utility

11: Phillips curve shows relationship between ………. .

(A) Inflation and employment
(B) Wage rate and unemployment
(C) Rate of tax and tax revenue
(D) Public revenue and expenditure

12: The concept of inflationary gap was given by…………. .

(A) Wicksell  (B) Keynes
(C) Milton Friedman  (D) A.W. Phillips

13: Which of the following is not an essential characteristics of business cycle?

(A) Recurrent in nature
(B) Regular
(C) All pervading in their impact
(D) None of the above

14: Which of the following theories of business cycle has been given by Hawtrey?

(A) Purely Monetary
(B) Monetary over investment
(C) Real over investment
(D) None of the above

15: Which one of the following is a phase of Business Cycle?

(A) Prosperity  (B) Recession
(C) Depression  (D) All of the above

16: In India the computation of National Income becomes difficult because of:

(A) Non-maintenance of accounts
(B) Presence of large non-monetary sector
(C) Non-cooperation of the private sector
(D) All of the above

17: External economies are the benefits of cost reduction due to ………… .

(A) government subsidy  (B) foreign trade
(C) localization  (D) division of labour

18: AR curve under perfect competition is in shape:

(A) Slope upwards  (B) Slope downwards
(C) Horizontal line  (D) Vertical line

19: Perfect competition firms are ………… .

(A) Price searchers
(B) Price maker
(C) Price discriminator
(D) Price taker

20: In imperfect competition the MR curve lies:

(A) above AR curve AR
(B) coincides with AR curve AR
(C) below AR curve AR
(D) horizontal straight line

21: Concept of Mercantilism depends upon:

(A) Agriculture (B) Trade
(C) Land  (D) Labour

22: Which of the following economist come to be known as the Physiocrats economist?

(A) Mill  (B) Karl Marx
(C) Francois Quesnay (D) Sismondi

23: The concept of Water-Diamond Paradox relates with:

(A) Hicks  (B) Marshall
(C) Ricardo (D) Adam Smith

24: The book “Wealth of Nation” was written by …………… .

(A) Sismondi  (B) Adam Smith
(C) Malthus (D) Karl Marx

25: Define ‘Labour’ word as:

(A) Mental Work       (B) Physical Work
(C) Both (A) and (B)  (D) None of the above

26: Who started Ryotwari System in India?

(A) Lord Curzon (B) Tomas Munro
(C) Lord Cornwalis  (D) Warren Hestings

27: Which of the following is not a Khrif Crop?

(A) Rice  (B) Maize  (C) Ragi  (D) Wheat

28: Royal Commission on Agriculture was instituted in year ……….. .

(A) 1919 (B) 1928 (C) 1966 (D) 1959

29: Seasonal unemployment is most prevalent in which sector?

(A) Agriculture (B) Industry
(C) Transport  (D) Finance

30: RIDF stands for:

(A) Rural Infrastructure Development Fund
(B) Rural Irrigation Development Fund
(C) Rural Industrial Development Fund
(D) Rural Institutional Development Fund

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