1:   Gresham's law in economics relates to which among the following options?
Options:
  1. distribution of goods and services
  2. circulation of currency
  3. supply and demand
  4. consumption and supply

Answer: Option 2

Explanation:

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2:   Who among the following legendary economists of all time is associated with the theory of 'Laissez-faire'?
Options:
  1. Adam Smith
  2. Alfred Marshall
  3. Karl Marx
  4. John Maynard Keynes

Answer: Option 1

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3:   The term 'Dumping' refers to which among the following options?
Options:
  1. the sale of a sub-standard commodity
  2. sale in a foreign market of a commodity at a price below marginal cost
  3. sale in a foreign market of a commodity just at marginal cost without too much of profit
  4. smuggling of goods without paying any customs duty

Answer: Option 2

Explanation:

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4:   'Ceteris paribus' is a Latin phrase used in economics, which means
Options:
  1. other things being equal
  2. constant demand condition
  3. most efficient resource allocation
  4. other things do not remain the same

Answer: Option 1

Explanation:

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5:   Which of the following definitions can be used for the term 'Consumer's Surplus' in economics?
Options:
  1. total consumer satisfaction
  2. difference between actual price and the potential price
  3. extra units of a commodity bought
  4. surplus commodity left after consumption

Answer: Option 2

Explanation:

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6:   What is meant by the statement that 'economics is positive and not normative'?
Options:
  1. It is a study of needs verses affluence.
  2. Economics tells the policy makers which alternative to choose from among several efficient ones.
  3. The wants of human beings are unlimited.
  4. None of these.

Answer: Option 2

Explanation:

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7:   Which of the following terms is used to describe a temporary tax levied to obtain additional revenue?
Options:
  1. Cess
  2. Rate
  3. Fee
  4. Surcharge

Answer: Option 1

Explanation:

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8:   Which among the following is the basic characteristic of the term 'Oligopoly' in economics?
Options:
  1. A few sellers, a few buyers
  2. A few sellers, many buyers
  3. A few sellers, one buyer
  4. Many sellers, a few buyers

Answer: Option 2

Explanation:

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9:   In terms of economics, what kinds of goods are referred to as 'Capital goods'?
Options:
  1. Goods which serve as a source of raising further capital.
  2. Goods which help in the further production of goods.
  3. Goods which directly go into the satisfaction of human wants.
  4. Goods which find multiple uses.

Answer: Option 2

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10:   Disguised employment is a situation where the number of persons employed on a job as in contrast to what is required is
Options:
  1. less
  2. more
  3. equal
  4. indefinite

Answer: Option 2

Explanation:

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I am stuffing your mouth with your promises and watching you vomit them out upon my face.
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