ACC - ECONOMICS - Quiz

The branch of economics that deals with the allocation of resources.

a) Micro economics b) Macro economics c) Econometrics d) None of these

• a, b and c

• a and b

• only a

• None of these

Concepts studied under Micro economics.

a) National income b) General price level c) Factor pricing d) Product pricing

• b and c

• b, c and d

• a, b and c

• c and d

Types of foreign trade:

i) Import trade ii) Export trade iii) Entrepot trade iv) Internal trade

• i and ii

• i, ii and iii

• i, ii, iii and iv

• None of these

Which of the following is true for demand?

(i) Demand is relative concept (ii) Demand is expressed concept (iii) Demand is an absolute concept

(iv) Demand is expressed w.r.t. time and income

• i, ii and iii

• i and ii

• only i

• all of these

Identify the correct pair:

(i) National income (ii) Financial Year - 1^st April to 31^st March

(iii) Expenditure method - National income = Rent + Wages + Interest + Profit

(iv) Income method - National Income

• i

• ii

• iii

• iv

The following statement are true with respect to stock.

(i) Stock can be increased by increasing production (ii) Stock is potential supply

(iii) Stock is expressed in relation to price, time and quantity. (iv) Without stock, supply is not possible

• i, ii and iv

• i, iii, iv

• only i

• All of these

When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is____________.

• Flatter

• Steeper

• Rectangular

• Horizontal

________is regarded as 'Father of Economics'.

• Prof. Marshall

• Adam Smith

• Ragner frisch

• Robbins

The demand for perishable goods is____________.

• Elastic

• Inelastic

• Unit elastic

• Perfectly inelastic

The e-banking facility provided through ___________.

• Telephone

• Debit card

• Internet

• Bank