Economic MCQs with answers Page - 109

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Q. If utensils worth Rs 1000 are produced with copper worth Rs 500, wages paid are Rs 100, other material purchased is worth Rs 100 and depreciation of machinery is zero, then what is the value added in process?

  • (A) Rs 1000
  • (B) Rs 500
  • (C) Rs 400
  • (D) Rs 300

A

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Q. Devaluation of currency leads to

  • (A) fall in domestic prices
  • (B) increase in domestic prices
  • (C) no impact on domestic prices
  • (D) erratic fluctuations in domestic prices

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Q. J. B. Say’s Law of Market was not accepted by

  • (A) Adam Smith
  • (B) Marshall
  • (C) Malthus
  • (D) David Ricardo

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Q. Which of the following is not an economic activity?

  • (A) A labourer working in a factory.
  • (B) A CRPF jawan guarding country’s borders.
  • (C) A teacher teaching his own son.
  • (D) A farmer tilling his own land.

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Q. The Liquidity Preference Theory of Interest was propounded by

  • (A) J.M. Keynes
  • (B) David Ricardo
  • (C) Alfred Marshall
  • (D) Adam Smith

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Q. Economies of a firm are

  • (A) An increase in its profits
  • (B) A reduction in its selling expenses
  • (C) Its dominance of the market
  • (D) Saving in its production costs

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Q. Who defined ‘Rent’ as that portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil?

  • (A) Ricardo
  • (B) Marshall
  • (C) Keynes
  • (D) Pigou

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Q. Who is called the ‘Father of Economics’?

  • (A) Max Muller
  • (B) Karl Marx
  • (C) Adam Smith
  • (D) Alfred Marshall

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Q. Prof Milton Fridman was leader of

  • (A) Ohio school
  • (B) Chicago school
  • (C) Cambridge school
  • (D) London school

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