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A#Economics#Blindquiz to introduce the basics of#Micro & Macroeconomics to #grade 11
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Questions
25
Answers
1
A firm is able to sell any quantity of a good at a given price,then marginal revenue of firm is
equal to average revenue
rising
greater than average revenue
less than average revenue
2
If marginal rate of substitution is constant throughout, the indifference curve will be
downward sloping convex
downward sloping straight line
downward sloping concave
parallel to the x-axis
3
If with the rise in price of Goods-Y demand for Goods-X rises,the two goods are
complements
jointly demanded
not related
substitutes
4
Disinvestment by government means:
selling of shares of public enterprises held by it
selling of its fixed capital assets
selling of its buildings
all the above
5
When income of the consumer falls the impact on price-demand curve of an inferior goods is
shifts to the left
there is upward movement along the curve
there is downwards movement along the curve
shifts to the right
6
Which of the following is related to microeconomics?
problem of unemployment
Inflation in the economy
Income from the railways
National Income
7
If marginal rate of substitution is increasing throughout, the indifference curve will be
downward sloping straight line
downward sloping concave
downward sloping convex
upward sloping convex
8
Suppose TR is rising at a constant rate as more & more units of a commodity are sold MR would b
less than average revenue
rising
equal to average revenue
greater than average revenue
9
Measurement of value of all goods & services refers to which of d following functions of money?
standard of deferred payments
medium of exchange
unit of value
store of value
10
Depreciation of fixed capital assets refers to
foreseen obsolescence
none of these
normal wear and tear and foreseen obsolescence
normal wear and tear
11
'A few big sellers' is a characteristics of
perfection competition
oligopoly
none of the above
monopolistic competition
12
What is 'production' in economics
Production of food grains
Creation of services
Manufacturing of goods
Creation/Addition to the value of Output
13
Other things remained unchanged,when in a country the price of foreign currency rises, NI is
likely to rise
likely to rise and fall both
likely to fall
not affected
14
Marginal Revenue of a firm is constant throughout under
perfect competition
oligopoly
all the above
monopolistic competition
15
National Income is the sum of factors incomes accruing to
nationals
residents
both residents and non-residents
economic territory
16
What can be the minimum value of investment multiplier
3
1
0
2
17
Function showing relationship between input and output is known as
investment function
cost function
consumption function
production function
18
The difference between narrow money and broad money is.......
only currency
saving deposits of banks
time deposits with banks
coins and currency
19
Demand Curved of a firm is perfectly elastic under
oligopoly
perfect competition
monopolistic competition
monopoly
20
Money is the most liquid of all assets because.....
it includes shares and equities
it does not have general acceptability
it has many functions
money itself is medium of exchange
21
There is inverse relation between price and demand for the product of a firm under
both under monopoly and monopolistic competition
perfect competition only
monopolistic competition only
monopoly only
22
Money in static sense refers to
standard of deferred payments
store of value
medium of exchange
All of the above
23
If due to fall in the price of Goods-X,demand for Goods -Y rises,the two goods are
competitive
not related
substitutes
complements
24
The study of microeconomics and Macroeconomics
None of the above
Independent of each other
Interrelated to each other
both (a) and (b)
25
A consumer consumes only two goods. If price of one of the goods falls,the indifference curve
does not shift
shifts downwards
shifts upwards
can shift both upwards or downwards
