LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer

Question
In economics the question related to the selection of methods with which commodities
are produced is a subject matter of
Correct Answer
theory of production
Your Answer
theory of production

Multiple Choice Single Answer

Question
In economics the questions related to the division of society’s output of goods and
services among its members are topics in
Correct Answer
theory of distribution
Your Answer
theory of distribution

Multiple Choice Single Answer

Question
In economics the questions related to the dynamic or static ( otherwise) capacity of the
economy to produce goods and services are topics in the
Correct Answer
theory of economic growth
Your Answer
theory of production

Multiple Choice Single Answer

Question
All the free gifts of nature which are commonly called natural resources are known to
economists as
Correct Answer
Land
Your Answer
capital

Multiple Choice Single Answer

Question
All the man made resources which are used in the process of making other goods and
services are called
Correct Answer
capital
Your Answer
labor
Multiple Choice Single Answer
Question
Managerial economics aims at providing help in the firms is
Correct Answer
decision making
Your Answer
decision making

True/False
Question
Economic problem is faced by poor countrys only.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer

Question
An industry is a group of firms dealing in the same line of
Correct Answer
business
Your Answer
business

True/False
Question
Micro-economics is primarily concerned with the problem of what, how and for whom to
produce
Correct Answer
True
Your Answer
True

True/False
Question
Pure public goods must be in the hands of public sector only.
Correct Answer
True
Your Answer
False

Select The Blank

Question
The goods become ________ only when each individual has an access to the entire
amount of it and its use by the individual does not reduce its availability to others.
Correct Answer
indivisible
Your Answer
public

Select The Blank

Question
The externality which causes an economic gain or an economic loss to other economic
units is also referred to as ________ externality.
Correct Answer
Pecuniary
Your Answer
Economic

Select The Blank

Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
firm

Match The Following

Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
Scarce
Scarce
Commodities
Goods and services
Goods and services
Human wants
Unlimited
Unlimited

Match The Following

Question
Correct Answer
Your Answer
General theory of employment, interest and money
J. M. Keynes
J. M. Keynes
Inflation
Reduction in purchasing power
Reduction in purchasing power
Services
Intangible goods
Intangible goods
Methods of production of commodities
Theory of production
Theory of production

Multiple Choice Multiple Answer

Question
The characteristics of a sole proprietorship firm is
Correct Answer
Unlimited Capital , Ownership by a single person , Easy to form
Your Answer
Ownership by a single person , Easy to form

Multiple Choice Multiple Answer

Question
Different types of business organizations are
Correct Answer
private sector , public sector , joint sector
Your Answer
private sector , public sector , joint sector

Select The Blank

Question
Reasonable profit target as an alternative to the objective of profit maximization was
suggested by ________.
Correct Answer
Joel Dean
Your Answer
Joel Dean

Select The Blank

Question
The form of organization which is best for self employment is ________.
Correct Answer
Sole trader
Your Answer
Sole trader

Multiple Choice Single Answer

Question
Economic Profit takes in to account the
Correct Answer
implicit cost
Your Answer
implicit cost