Economic MCQs with answers Page - 21

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Q. According to _____ one of the important functions of entrepreneur is uncertainly bearing.

  • (A) Alfred Marshall
  • (B) Knight
  • (C) Hawley
  • (D) Schumpeter

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Q. The concept of consumer’s surplus was first mentioned by J.A. Dupuit in the year _____

  • (A) 1776
  • (B) 1844
  • (C) 1894
  • (D) 1924

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Q. Innovation theory of profits was given by _____

  • (A) Knight
  • (B) Clark
  • (C) Schumpeter
  • (D) Taussig

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Q. In _____ period, change in supply in response to change in demand is extremely limited.

  • (A) Very long period
  • (B) Long period
  • (C) Short period
  • (D) Market period

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Q. _____ referred by ‘rent’ to the payment made for the use of agricultural land.

  • (A) Robbins
  • (B) Ricardo
  • (C) Malthus
  • (D) Marshall

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Q. At the point of equilibrium _____

  • (A) At the point of equilibrium
  • (B) Quantity demanded = quantity supplied
  • (C) Only one price prevails
  • (D) All the above

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Q. The changing agent of the society is called _____

  • (A) Woman
  • (B) Man
  • (C) Organizer
  • (D) Labour

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Q. All desires, takes and motives of human begins are called _____ in economics.

  • (A) Wants
  • (B) Utility
  • (C) Demand
  • (D) Consumption

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Q. The shape of the exception to the law of demand is _____

  • (A) Vertical
  • (B) Horizontal
  • (C) Upward sloping
  • (D) Downward sloping

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Q. Co-existence of public and private sector is called _____ economy.

  • (A) Capitalist
  • (B) Traditional
  • (C) Socialist
  • (D) Mixed

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