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

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

Who has given scarcity definition of economic?

(a)

Adam Smith

(b)

Marshall

(c)

Robbins

(d)

Robertson

______ comes from the Ancient Greek Oikonomikos.

(a)

Politics

(b)

Econometrics

(c)

Economics

(d)

Ethics

What is other name for Economics?

(a)

Political Economy

(b)

Capitalist Economy

(c)

Socialist Economy

(d)

Traditional Economy

Uses of PPC______________.

(a)

the problem of choice

(b)

the notion of scarcity

(c)

solution of central problems

(d)

all of these

When marginal utility reaches zero, the total utility will be

(a)

Minimum

(b)

Maximum

(c)

Zero

(d)

Negative

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

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

If the co-efficient elasticity is equal to zero it represents __ supply.

(a)

Perfectly elastic

(b)

Unitary inelastic

(c)

Relatively elastic

(d)

Perfectly inelastic

A consumer buys two commodities x and y he would be in equilibrium when _____

(a)

\(\frac{MUx}{Px}=\frac{MUy}{Py}\)

(b)

\(\frac{MUx}{MUy}=MUm\)

(c)

\(\frac{MUx}{Px}=\frac{MUy}{Py}\)

(d)

\(\frac{Px}{Py}=MUm\)

The indifference curve apporach was introduced by

(a)

Alfred marshal

(b)

Lional Robbins

(c)

J.R.Hicks and R.G.D Allen

(d)

Adam smith

Demand curve in general cases slopes____________.

(a)

upward towards left

(b)

vertical and parallel to Y axis

(c)

downward from left to right

(d)

horizontal and parallel to X axis

Under marginal utility analysis, utility is assumed to be as_____________.

(a)

cardinal concept

(b)

ordinal concept

(c)

indeterminate concept

(d)

infinite concept

The primary factors of production are:

(a)

Labour and Organisation

(b)

Labour and Capital

(c)

Land and Capital

(d)

Land and Labour

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

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

Which of the following is not a characteristic of land?

(a)

Its limited supply

(b)

Its is mobile

(c)

Heterogeneous

(d)

Gift of Nature

Annual income flows are called _______________

(a)

Annual cost

(b)

Minimum cost

(c)

Annuities

(d)

Annual income

When total product falls, then ________

(a)

Average product is equal to zero

(b)

Marginal product is equal to zero

(c)

Marginal product is negative

(d)

Average product continues to rise

____________ is the active factor of production.

(a)

Labour

(b)

Land

(c)

Capital

(d)

None of these

A successful entrepreneur is one who is ready to accept

(a)

Innovations

(b)

Risk

(c)

Deciding the location of the production unit

(d)

None

Money cost is also known as _____ cost.

(a)

explicit

(b)

implicit

(c)

social

(d)

real

The cost incurred by producing one more unit of output is _____  cost.

(a)

variable

(b)

fixed

(c)

marginal

(d)

total

The cost per unit of output is denoted by _____ cost.

(a)

average

(b)

marginal

(c)

variable

(d)

total

When price remains constant, AR will be _____ MR.

(a)

equal to

(b)

greater than

(c)

less than

(d)

not related to

Find out the Real Cost

(a)

Workers in foregoing leisure

(b)

Land and building

(c)

Payment of wages

(d)

Alternative foregone

When TC_n = Rs. 1600, TC_n+1 = Rs. 1900 then MC=___________

(a)

Rs. 3500

(b)

Rs. 300

(c)

Rs. 1600/1900

(d)

Rs. 600

Cost function are derived function. They are derived form ________.

(a)

demand function

(b)

supply function

(c)

cost analysis

(d)

production function

The cost of one thing in term of the alternative given up is known as ________ cost.

(a)

Production

(b)

Fixed

(c)

Opportunity

(d)

None

Equilibrium condition of a firm is ___________

(a)

MC = MR

(b)

MC > MR

(c)

MC < MR

(d)

MR = Price

Profit of a firm is obtained when __________.

(a)

TR < TC

(b)

TR - MC

(c)

TR > TC

(d)

TR = TC

In which market form, does absence of competition prevail?

(a)

Perfect competition

(b)

Monopoly

(c)

Duopoly

(d)

Oligopoly

An example of selling cost is __________

(a)

Raw material cost

(b)

Transport cost

(c)

Advertisement cost

(d)

Purchasing cost

____________ market in which a single producer faces a single consumer.

(a)

Bilateral Oligopoly

(b)

Bilatral Monopoly

(c)

Monopoly

(d)

Oligopoly

Monopoly power by getting patent rights, trade mark from the government known as

(a)

Legal Monopoly

(b)

State Monopoly

(c)

Natural Monopoly

(d)

All the above

In Economics, distribution of income is among the

(a)

factors of production

(b)

Individual

(c)

firms

(d)

traders

'Original and indestructible power of the soil' is the term used by

(a)

J.S.Mill

(b)

Walker

(c)

Clark

(d)

Ricardo

According to the Loanable Funds Theory, supply of loanable funds is equal to

(a)

S + BC + DH + DI

(b)

I + DS + DH + BM

(c)

S + DS + BM + DI

(d)

S + BM + DH + DS

"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

The marginal productivity theory of Distribution is applicable only in the _______.

(a)

Long run

(b)

Short run

(c)

Market

(d)

None of these

The Precautionary Motive relates to the people to hold cash ________ expenditure.

(a)

Unexpected

(b)

Future

(c)

Market

(d)

All the above

Gross Profit - Implicit Cost.

(a)

Net Profit

(b)

Gross Profit

(c)

Normal Profit

(d)

Super Normal Profit

A scientific study of the characteristics of population is _____

(a)

Topography

(b)

Demography

(c)

Geography

(d)

Philosophy

Who introduced the National Development Council in India?

(a)

Ambedkar

(b)

Jawaharlal Nehru

(c)

Radhakrishnan

(d)

V.K.R. V. Rao

Who among the following propagated Gandhian Economic thinkings.

(a)

Jawaharlal Nehru

(b)

VKRV Rao

(c)

JC Kumarappa

(d)

A.K.Sen

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

Population growth rate in India is as high as ______

(a)

1.7

(b)

2.7

(c)

3.7

(d)

4.7

Education in India follows the _____ patern.

(a)

10 + 3

(b)

10 + 2

(c)

11 + 2

(d)

9 + 3

Gandhi advocated cent per cent ____________.

(a)

Prohibition

(b)

Industrialization

(c)

Socialism

(d)

Agricultural Economics

The arrival of Vasco da Gama in Calicut, India

(a)

1498

(b)

1948

(c)

1689

(d)

1849

In 1614 Sir Thomas Roe was successful in getting permission from

(a)

Akbar

(b)

Shajakan

(c)

Jahangir

(d)

Noorjakhan

The father of Green Revolution in India was __________

(a)

M.S. Swaminathan 

(b)

Gandhi

(c)

Visweswaraiah

(d)

N.R. Viswanathan

In the first five year plan, the top priority was given to ______ Sector.

(a)

Service

(b)

Industrial

(c)

Agriculture

(d)

Bank

The PQLI was developed by _________

(a)

Planning Commission

(b)

Nehru

(c)

Morris

(d)

Morris D. Biswajeet

The British capitalists who established __ in Bengal.

(a)

Thread Mills

(b)

Cotton Mills

(c)

Rice Mills

(d)

Jute Mills

The aim of Securities and Exchange Board India is__________

(a)

To protect consumers

(b)

To protect people

(c)

To promote weaker sections

(d)

To protect the interest of investors

Sir Thomas Rao was in getting permission from _______________ for setting up factories all parts of India.

(a)

Jahangir

(b)

Babar

(c)

Akbar

(d)

None

Oil and Natural Gas Commission was established at______________________.

(a)

Uttarakhand

(b)

Bihar

(c)

Jharkhand

(d)

West Bengal

The Portuguese had traded as early as 1510 in_________

(a)

Surat

(b)

Goa

(c)

Culcutta

(d)

Bombay

Expansion of FDI____

(a)

Foreign Private Investment

(b)

Foreign Portfolio

(c)

Foreign Direct Investment

(d)

Forex Private Investment

India is the largest producer of _______ in the world.

(a)

fruits

(b)

gold

(c)

petrol

(d)

diesel

Agricultural Produce Market Committee is a _____.

(a)

Advisory body

(b)

Statutory body

(c)

Both a and b

(d)

None of these

The new economic policy is concerned with the following

(a)

Foreign investment

(b)

Foreign technology

(c)

Foreign trade

(d)

All the above

The recommendation of Narashimham Committee Report was submitted in the year ________

(a)

1990

(b)

1991

(c)

1995

(d)

2000

India suffered from the twin problems of ______ and _______.

(a)

Poverty, Unemployment

(b)

Low per capita income lack of technology

(c)

Low productivity, High Cost

(d)

High Population, Poverty

______facilities of 1991 the lending pattern of commercial banks.

(a)

Paucity of Credit

(b)

Factoring

(c)

Over draft

(d)

All the above

In the year 1991 India went through a severe economic crisis in the form of serious ________

(a)

Poor agricultural production

(b)

Poor Industrial production

(c)

Inflation problems

(d)

Balance of payments problems

Under the new industrial policy 1991, system of phased manufacturing programme approved on case-to-case basis_________.

(a)

will not be applicable to new projects

(b)

will be applicable to new projects

(c)

will be applicable to new projects costing more than Rs 10 crores

(d)

None of these

As a part of economic reforms in 1991, financial sector reforms were relate to___________.

(a)

Banking sector

(b)

Capital market sector

(c)

Insurance sector

(d)

 All of these

Which is considered as the basic unit for rural areas?

(a)

Panchayat

(b)

Village

(c)

Town

(d)

Municipality

Identify the feature of rural economy.

(a)

Dependence on agriculture

(b)

High population density

(c)

Low level of population

(d)

Low level of inequality

How do you term people employed in excess over and above the requirements?

(a)

Unemployment

(b)

Underemployment or Disguised Unemployment

(c)

Full employment

(d)

Self-employment

Identify an example for rural industries?

(a)

Sugar factory

(b)

Mat making industry

(c)

Cement industry

(d)

Paper industry

How much share of rural families in India is in debt?

(a)

Half

(b)

One fourth

(c)

Two third

(d)

Three fourth

As per the planning commission estimates, the percentages of people living below poverty in rural areas was __________ during 2009 - 2010.

(a)

65.10

(b)

54.10

(c)

78.20

(d)

34.30

SBLP started in __________

(a)

1992

(b)

1993

(c)

1994

(d)

1995

___________ is the backbone of India.

(a)

Industry

(b)

Agriculture

(c)

Mining

(d)

Manufacturing

_____________provide employment and also change attitude of rural people towards work.

(a)

Green Revolution

(b)

Rural development

(c)

Rural Industrialization

(d)

None

Cyclical unemployment is a __________ phenomenon.

(a)

permanent

(b)

temporary

(c)

long term

(d)

None of these

If four farmers can do a field job which is being done by six farmers there is ____________

(a)

Frictional unemployment

(b)

Disguised unemployment

(c)

Voluntary unemployment

(d)

Seasonal unemployment

In sex ratio, Tamil Nadu ranks

(a)

first

(b)

second

(c)

third

(d)

fifth

Tamil Nadu is rich in

(a)

Forest resource

(b)

Human resource

(c)

Mineral resource

(d)

All the above

TN tops in the production of the following crops except

(a)

Banana

(b)

Coconut

(c)

Plantation crops

(d)

Cardamom

In human development index, TN is ranked

(a)

second

(b)

fourth

(c)

sixth

(d)

seventh

In India's total cement production, Tamil Nadu ranks

(a)

third

(b)

fourth

(c)

first

(d)

second

Tamil Nadu is the 2^nd largest contributor to India's GDP with ________ share

(a)

8.4%

(b)

16.1%

(c)

4.2%

(d)

6%

Tamil Nadu sources some of its power needs from renewable sources with wind power contributing over _____

(a)

1500 MW

(b)

2000 MW

(c)

1000 MW

(d)

1800 MW

Which city is Knitting city?

(a)

Surat

(b)

Karur

(c)

Tiruppur

(d)

Sivakasi

Expansion of "GER"______________.

(a)

Gross Enrollment Ratio

(b)

Government Enterprises Rationing

(c)

Ground net Entrepreneur Recruitment

(d)

Government Economic Ratio

Nuclear Energy Power planet is situated in_____________.

(a)

Kalpakkam

(b)

Coimbatore

(c)

Pollachi

(d)

Thoothukudi

The construction of demand line or supply line is the result of using

(a)

Matrices

(b)

Calculus

(c)

Algebra

(d)

Analytical Geometry

Suppose D = 50 - 5P. When D is zero then

(a)

P is 10

(b)

P is 20

(c)

P is 5

(d)

P is -10

Fixed cost is the _____ term in cost function represented in mathematical form

(a)

Middle

(b)

Price

(c)

Quantity

(d)

Constant

The first differentiation of Total Revenue function gives

(a)

Average Revenue

(b)

Profit

(c)

Marginal Revenue

(d)

Zero

The elasticity of demand is the ratio of

(a)

Marginal demand function and Revenue function

(b)

Marginal demand function to Average demand function

(c)

Fixed and variable revenues

(d)

Marginal Demand function and Total demand function

_______ is an arrangement of same elements of the corresponding matrix into rows and columns by enclosing vertical lines.

(a)

Matrix

(b)

Function

(c)

Determinants

(d)

Cramer's rule

If x + y = 10 and x - y = 6 then, value of x

(a)

4

(b)

3

(c)

16

(d)

8

\(Q_{ d }=100-5p\quad and\quad { Q }_{ s }={ Q }_{ d }\) then P=_________

(a)

5

(b)

-5

(c)

100

(d)

10

The first known Economist to apply mathematical method to economic problems was____________.

(a)

J.M. Keynes

(b)

Adam Smith

(c)

JS.Mill

(d)

Giovanni Ceva

Expansion of ICT _________

(a)

Information and Communication Technology

(b)

Integral Coach Technique

(c)

Inter-nation Computer Technology

(d)

None of these