Indian Economy Mcq Questions

Indian Economy Mcq Questions

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Q1. Passive factor of production is—
(a) Only land
(b) Only capital
(c)Neither land nor capital
(d) Both land and capital

Q2. Under law of demand—
(a) Price of commodity is an independent variable
(b) Quantity demanded is a dependent variable
(c) Reciprocal relationship is found between price and quantity demanded
(d) All of the above

Q3. For inferior commodities, income effect is—
(a) Negative
(b)Zero
(c) Infinite
(d) Positive

Q4. When total utility becomes maximum, then marginal utility will be—
(a) Minimum
(b) Average
(c) Zero
(d) Negative

Q5. Utility means—
(a) Harmfulness
(b) Power to satisfy a want
(c) Willingness of a person
(d) Usefulness

Q6. Marginal utility is equal to average utility at that time when average utility is—
(a) Increasing
(b) Maximum
(c) Falling
(d) Minimum

Q7. At point of satiety, marginal utility is—
(a) Zero
(b) Positive
(c) Maximum
(d) Negative

Q8. Which of the following is the second law of Gossen ?
(a)Theory of indifference curve
(b) Law of equi-product
(c) Law of equi-marginal utility
(d) Law of diminishing marginal utility

Q9. Total utility of a commodity is measured by which price of that commodity ?
(a) Value in use
(b) Value in exchange
(c) Both of above
(d) None of above

Q10. According to Marshall, the basis of consumer surplus is—
(a)Law of equi-marginal utility
(b) Law of diminishing marginal utility
(c) Law of proportions
(d) All of the above

ANSWERS:

1. d
2. d
3. a
4. c
5. b
6. b
7. a
8. c
9. a
10. b

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