wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics Quiz

Total questions: 120

Worksheet time: 3600secs

Name
Class
Date
1.

„Economics is a study of mankind in the ordinary business of life‟ - It is the statement of ___

a)

Adam Smith

b)

Lionel Robbins

c)

Alfred Marshall

d)

Samuelson

2.

The basic problem studied in Economics is __________.

a)

Unlimited wants

b)

Unlimited means

c)

Scarcity

d)

Strategy to meet all our wants

3.

Micro economics is concerned with __________.

a)

The economy as a whole

b)

Different sectors of an economy

c)

The study of individual economic units behaviour

d)

The interactions within the entire economy

4.

Which of the following is a micro economics statement?

a)

The real domestic output increased by 2.5 percent last year.

b)

Unemployment was 9.8 percent of the labour force last year.

c)

The price of wheat determines its demand

d)

The general price level increased by 4 percent last year.

5.

Find the odd one out:

a)

“An inquiry into the nature and the causes of the Wealth of Nations”

b)

“Principles of Economics”

c)

“Nature and Significance of Economic Science”

d)

“Ceteris paribus”

6.

The equilibrium price is the price at which __________.

a)

Everything is sold

b)

Buyers spend their money

c)

Quantity demanded equals quantity supplied

d)

Excess demand is zero

7.

Author of “An Inquiry into the Nature and Causes of Wealth of Nations” __________.

a)

Alfred Marshall

b)

Adam Smith

c)

Lionel Robbins

d)

Paul A Samuelson

8.

“Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses” is the definition of economics of _________.

a)

Lionel Robbins

b)

Adam Smith

c)

Alfred Marshall

d)

Paul A Samuelson

9.

Who is the Father of Economics?

a)

Max Muller

b)

Adam Smith

c)

Karl Marx

d)

Paul A Samuelson

10.

“Economics is a science”. The basis of this statement is __________.

a)

Relation between cause and effect

b)

Use of deductive method and inductive method for the formations of laws

c)

Experiments

d)

All of the above

11.

Utility means __________.

a)

Equilibrium point at which demand and supply are equal

b)

Want-satisfying capacity of goods and services

c)

Total value of commodity

d)

Desire for goods and services

12.

A market is __________.

a)

Only a place to buy things

b)

Only a place to sell things

c)

Only a place where prices adjust

d)

A system where persons buy and sell goods directly or indirectly

13.

Which one of the following is not a point in the Welfare Definition of Economics?

a)

Study of an ordinary man

b)

Economics does not focus on wealth alone

c)

Economics is the study of material welfare

d)

Economics deals with unlimited wants and limited means

14.

Growth definition takes into account __________.

a)

The problem of choice in the dynamic framework of Economics

b)

The problem of unlimited means in relation to wants

c)

The production and distribution of wealth

d)

The material welfare of human beings

15.

Which theory is generally included under micro economics?

a)

Price Theory

b)

Income Theory

c)

Employment Theory

d)

Trade Theory

16.

_______ have exchange value and their ownership rights can be established and exchanged.

a)

Goods

b)

Services

c)

Markets

d)

Revenue

17.

Identify the correct characteristics of utility __________.

a)

It is equivalent to ‘usefulness’

b)

It has moral significance

c)

It is same as pleasure

d)

It depends upon consumer’s mental attitude

18.

Who has given scarcity definition of economics?

a)

Adam Smith

b)

Marshall

c)

Robbins

d)

Robertson

19.

The process of reasoning from particular to general is __________.

a)

Deductive method

b)

Inductive method

c)

Positive economics

d)

Normative economics

20.

Total revenue is equal to total output sold multiplied by ___________.

a)

Price

b)

Total cost

c)

Marginal revenue

d)

Marginal cost

21.

Pick the odd one out __________.

a)

Luxuries

b)

Comforts

c)

Necessaries

d)

Agricultural goods

22.

Choice is always constrained or limited by the __________ of our resources.

a)

Scarcity

b)

Supply

c)

Demand

d)

Abundance

23.

The chief exponent of the Cardinal utility approach was __________.

a)

J.R.Hicks

b)

R.G.D.Allen

c)

Marshall

d)

Stigler

24.

Marginal Utility is measured by using the formula of __________.

a)

TUn-TUn-1

b)

TUn-TUn+1

c)

TUn+TUn+1

d)

TUn-TUn+1

25.

When marginal utility reaches zero, the total utility will be __________.

a)

Minimum

b)

Maximum

c)

Zero

d)

Negative

26.

Gossen‟s first law is known as __________.

a)

Law of equi-marginal utility

b)

Law of diminishing marginal utility

c)

Law of demand

d)

Law of Diminishing returns

27.

The basis for the law of demand is related to __________.

a)

Law of diminishing marginal utility

b)

Law of supply

c)

Law of equi-marginal utility

d)

Gossen‟s Law

28.

The concept of consumer‟s surplus is associated with __________.

a)

Adam Smith

b)

Marshall

c)

Robbins

d)

Ricardo

29.

Given potential price is Rs.250 and the actual price is Rs.200. Find the consumer surplus ___.

a)

375

b)

175

c)

200

d)

50

30.

Indifference curve approach is based on __________.

a)

Ordinal approach

b)

Cardinal approach

c)

Subjective approach

d)

Psychological approach

31.

The concept of elasticity of demand was introduced by __________.

a)

Ferguson

b)

Keynes

c)

Adam Smith

d)

Marshall

32.

Increase in demand is caused by __________.

a)

Increase in tax

b)

Higher subsidy

c)

Increase in interest rate

d)

Decline in population

33.

The movement on or along the given demand curve is known as __________.

a)

Extension and contraction of demand

b)

Shifts in the demand

c)

Increase and decrease in demand

d)

All the above

34.

In case of relatively more elastic demand the shape of the curve is __________.

a)

Horizontal

b)

Vertical

c)

Steeper

d)

Flatter

35.

A consumer is in equilibrium when marginal utilities from two goods are __________.

a)

Minimum

b)

Inverse

c)

Equal

d)

Increasing

36.

Indifference curve was first introduced by __________.

a)

Hicks

b)

Allen

c)

Keynes

d)

Edgeworth

37.

Elasticity of demand is equal to one indicates __________.

a)

Unitary Elastic Demand

b)

Perfectly Elastic Demand

c)

Perfectly Inelastic Demand

d)

Relatively Elastic Demand

38.

The locus of the points which gives same level of satisfaction is associated with __________.

a)

Indifference Curves

b)

Cardinal Analysis

c)

Law of Demand

d)

Law of Supply

39.

Ordinal Utility can be measured by __________.

a)

Ranking

b)

Numbering

c)

Wording

d)

None of these

40.

The indifference curve are __________.

a)

vertical

b)

horizontal

c)

positive sloped

d)

Negatively sloped

41.

The primary factors of production are __________.

a)

Labour and Organisation

b)

Labour and Capital

c)

Land and Capital

d)

Land and Labour

42.

The man-made physical goods used to produce other goods and services are referred to as __________.

a)

Land

b)

Labour

c)

Capital

d)

Organization

43.

Formula for calculating AP is __________.

a)

ΔTP/N

b)

ΔTP/ΔN

c)

TP/MP

d)

TP/N

44.

Which factor is called the changing agent of the Society __________.

a)

Labourer

b)

Land

c)

Organizer

d)

Capital

45.

Who said, that one of the key of an entrepreneur is “uncertainty-bearing” __________.

a)

J.B.Clark

b)

Schumpeter

c)

Knight

d)

Adam Smith

46.

The functional relationship between “inputs” and “outputs” is called as __________.

a)

Consumption Function

b)

Production Function

c)

Savings Function

d)

Investment Function

47.

In a firm 5 units of factors produce 24units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product _____.

a)

30

b)

6

c)

5

d)

24

48.

The short-run production is studied through __________.

a)

The Laws of Returns to Scale

b)

The Law of Variable Proportions

c)

Iso - quants

d)

Law of Demand

49.

The long-run production function is explained by __________.

a)

Law of Demand

b)

Law of Supply

c)

Returns to Scale

d)

Law of Variable Proportions

50.

ained by __________.

a)

Law of Demand

b)

Law of Supply

c)

Returns to Scale

d)

Law of Variable Proportions

51.

An Iso - quant curve is also known as __________.

a)

Inelastic Supply Curve

b)

Inelastic Demand Curve

c)

Equi-marginal Utility

d)

Equal Product Curve

52.

Mention the economies reaped from inside the firm ___________.

a)

financial

b)

technical

c)

managerial

d)

all of the above

53.

Cobb-Douglas production function assumes __________.

a)

Increasing returns to scale

b)

Diminishing returns to scale

c)

Constant returns to scale

d)

All of the above

54.

Name the returns to scale when the output increases by more than 5%, for a 5% increase in the inputs, __________.

a)

Increasing returns to scale

b)

Decreasing returns to scale

c)

Constant returns to scale

d)

All of the above

55.

Which of the following is not a characteristic of land?

a)

Its limited supply

b)

It is mobile

c)

Heterogeneous

d)

Gift of Nature

56.

Product obtained from additional factors of production is termed as __________.

a)

Marginal product

b)

Total product

c)

Average product

d)

Annual product

57.

Modern economists have propounded the law of __________.

a)

Increasing returns

b)

Decreasing returns

c)

Constant returns

d)

Variable proportions

58.

Producer‟s equilibrium is achieved at the point where ___________.

a)

Marginal rate of technical substitution (MRTS) is greater than the price ratio

b)

MRTS is lesser than the price ratio

c)

MRTS and price ratio are equal to each other

d)

The slopes of iso quant and iso cost lines are different

59.

The relationship between the price of a commodity and the supply of commodity is ______.

a)

Negative

b)

Positive

c)

Zero

d)

Increase

60.

Profit is the reward for

a)

land

b)

organization

c)

capital

d)

labour

61.

Innovation Theory of profit was given by

a)

Hawley

b)

Schumpeter

c)

Keynes

d)

Knight

62.

Quasi-rent arises in

a)

Man-made appliances

b)

Homemade items

c)

Imported items

d)

None of these

63.

“Wages as a sum of money are paid under contract by an employer to a worker for services rendered” –Who said this?

a)

Benham

b)

Marshall

c)

Walker

d)

J.S.Mill

64.

Abstinence Theory of Interest was propounded by

a)

Alfred Marshall

b)

N.W Senior

c)

Bohm-Bawerk

d)

Knut Wicksell

65.

Loanable Funds Theory of Interest is called as

a)

Classical Theory

b)

Modern Theory

c)

Traditional Theory

d)

Neo-Classical Theory

66.

The main gold mine region in Karnataka is __________.

a)

Kolar

b)

Ramgiri

c)

Anantpur

d)

Cochin

67.

Economic growth of a country is measured by national income indicated by __________.

a)

GNP

b)

GDP

c)

NNP

d)

Per capita income

68.

Which one of the following is a developed nations?

a)

Mexico

b)

Ghana

c)

France

d)

Sri Lanka

69.

The position of Indian Economy among the other strongest economies in the world is _____.

a)

Fourth

b)

Seventh

c)

Fifth

d)

Tenth

70.

Mixed economy means __________.

a)

Private sectors and banks

b)

Co-existence of Public and Private sectors

c)

Public sectors and banks

d)

Public sectors only

71.

The weakness of Indian Economy is __________.

a)

Economic disparities

b)

Mixed economy

c)

Urbanisation

d)

Adequate employment opportunities

72.

A scientific study of the characteristics of population is __________.

a)

Topography

b)

Demography

c)

Geography

d)

Philosophy

73.

The year 1961 is known as __________.

a)

Year of small divide

b)

Year of Population Explosion

c)

Year of Urbanisation

d)

Year of Great Divide

74.

In which year the population of India crossed one billion mark?

a)

2000

b)

2001

c)

2005

d)

1991

75.

The number of deaths per thousand population is called as __________.

a)

Crude Death Rate

b)

Crude Birth Rate

c)

Crude Infant Rate

d)

Maternal Mortality Rate

76.

The number of births per thousand population is called as __________.

a)

Crude death rate

b)

Mortality rate

c)

Morbidity rate

d)

Crude Birth Rate

77.

Density of population =

a)

Land area / Total Population

b)

Land area / Employment

c)

Total Population / Land area of the region

d)

Total Population / Employment

78.

Who introduced the National Development Council in India?

a)

Ambedkar

b)

Jawaharlal Nehru

c)

Radhakrishanan

d)

V.K.R.V. Rao

79.

Who among the following propagated Gandhian Economic thinkings __________.

a)

Jawaharlar Nehru

b)

VKRV Rao

c)

JC Kumarappa

d)

A.K.Sen

80.

The advocate of democratic socialism was __________.

a)

Jawaharlal Nehru

b)

P.C. Mahalanobis

c)

Dr. Rajendra Prasad

d)

Indira Gandhi

81.

Ambedkar the problem studied by in the context of Indian Economy is __________.

a)

Small land holdings and their remedies

b)

Problem of Indian Currency

c)

Economics of socialism

d)

All of them

82.

Gandhian Economics is based on the Principle __________.

a)

Socialistic idea

b)

Ethical foundation

c)

Gopala Krishna Gokhale

d)

Dadabhai Naoroji

83.

V.K.R.V Rao was a student of __________.

a)

J.M. Keynes

b)

Colin Clark

c)

Adam smith

d)

Alfred Marshal

84.

Amartya Kumara Sen received the Nobel prize in Economics in the year __________.

a)

1998

b)

2000

c)

2008

d)

2010

85.

Thiruvalluvar economic ideas mainly dealt with __________.

a)

Wealth

b)

Poverty is the curse in the society

c)

Agriculture

d)

All of them

86.

The arrival of Vasco da Gama in Calicut, India __________.

a)

1498

b)

1948

c)

1689

d)

1849

87.

In 1614 Sir Thomas Roe was successful in getting permission from __________.

a)

Akbar

b)

Shajakan

c)

Jahangir

d)

Noorjakhan

88.

The power for governance of India was transferred from the East India Company (EIC) to the British crown in __________.

a)

1758

b)

1858

c)

1958

d)

1658

89.

Ryotwari system was initially introduced in __________.

a)

Kerala

b)

Bengal

c)

Tamil Nadu

d)

Maharastra

90.

First World War started in the year __________.

a)

1914

b)

1814

c)

1941

d)

1841

91.

When did the Government of India declare its first Industrial Policy?

a)

1956

b)

1991

c)

1948

d)

2000

92.

The objective of the Industrial Policy 1956 was __________.

a)

Develop heavy industries

b)

Develop agricultural sector only

c)

Develop private sector only

d)

Develop cottage industries only

93.

The industry which was de-reserved in 1993?

a)

Railways

b)

Mining of copper and zinc

c)

Atomic energy

d)

Atomic minerals

94.

The father of Green Revolution in India was __________.

a)

M.S. Swaminathan

b)

Gandhi

c)

Visweswaraiah

d)

N.R. Viswanathan

95.

How many commercial banks were nationalised in 1969?

a)

10

b)

12

c)

14

d)

16

96.

The main objective of nationalisation of banks was __________.

a)

Private social welfare

b)

Social welfare

c)

To earn

d)

Industries monopoly

97.

The Planning Commission was setup in the year __________.

a)

1950

b)

1955

c)

1960

d)

1952

98.

In the first five year plan, The top priority was given to __________ sector.

a)

Service

b)

Industrial

c)

Agriculture

d)

Bank

99.

Tenth Five year plan period was __________.

a)

1992-1997

b)

2002-2007

c)

2007-2012

d)

1997-2002

100.

According to HDR (2016), India ranked __________ out of 188 countries.

a)

130

b)

131

c)

135

d)

145

101.

Annual Plans formed in the year __________.

a)

1989-1991

b)

1990-1992

c)

2000-2001

d)

1981-1983

102.

The Oldest large scale industry in India __________.

a)

cotton

b)

jute

c)

steel

d)

cement

103.

Human development index (HDI) was developed by __________.

a)

Jawaharlal Nehru

b)

M.K. Gandhi

c)

Amartiya Sen

d)

Tagore

104.

The main theme of the Twelth Five Year Plan __________.

a)

faster and more inclusive growth

b)

growth with social Justice

c)

socialistic pattern of society

d)

faster, more inclusive and sustainable growth

105.

The PQLI was developed by __________.

a)

Planning Commission

b)

Nehru

c)

Morris

d)

Morrisd.Biswajeet

106.

Which of the following is the way of Privatisation?

a)

Disinvestment

b)

Denationalization

c)

Franchising

d)

All the above

107.

Countries today are to be __________ for their growth.

a)

Dependent

b)

Interdependent

c)

Free trade

d)

Capitalist

108.

The Arguments against LPG is __________.

a)

Economic growth

b)

More investment

c)

Disparities among people and regions

d)

Modernization

109.

Expansion of FDI __________.

a)

Foreign Private Investment

b)

Foreign Portfolio

c)

Foreign Direct Investment

d)

Forex Private Investment

110.

India is the largest producer of __________ in the world.

a)

fruits

b)

gold

c)

petrol

d)

diesel

111.

Foreign investment includes __________.

a)

FDI only

b)

FPI and FFI

c)

FDI and FPI

d)

FDI and FFI

112.

The Special Economic Zones policy was announced in __________.

a)

April 2000

b)

July 1990

c)

April 1980

d)

July 1970

113.

Agricultural Produce Market Committee is a __________.

a)

Advisory body

b)

Statutory body

c)

Both a and b

d)

none of these above

114.

Goods and Services Tax is __________.

a)

a multi point tax

b)

having cascading effects

c)

like Value Added Tax

d)

a single point tax with no cascading effects

115.

The New Foreign Trade Policy was announced in the year __________.

a)

2000

b)

2002

c)

2010

d)

2015

116.

Financial Sector reforms mainly related to __________.

a)

Insurance Sector

b)

Banking Sector

c)

Both a and b

d)

Transport Sector

117.

The Goods and Services Tax Act came in to effect on __________.

a)

1st July 2017

b)

1st July 2016

c)

1st January 2017

d)

1st January 2016

118.

The new economic policy is concerned with the following __________.

a)

foreign investment

b)

foreign technology

c)

foreign trade

d)

all the above

119.

The recommendation of Narashimham Committee Report was submitted in the year __________.

a)

1990

b)

1991

c)

1995

d)

2000

120.

The farmers have access to credit under Kisan credit card scheme through the following except __________.

a)

Co-operative banks

b)

RRBs

c)

Public sector banks

d)

All the above

Similar Resources on Wayground

Spanish literature AP review

122 questions

Spanish literature AP review

quiz

Worksheet

•

10th - 12th Grade

Theatre I Exam

115 questions

Theatre I Exam

quiz

Worksheet

•

9th - 12th Grade

Math Quiz

123 questions

Math Quiz

quiz

Worksheet

•

9th - 12th Grade