Gk Questions interview questions

In _____ period, change in supply in response to change in demand is extremely limited.

1. Very long period
2. Long period
3. Short period
4. Market period

At the point of equilibrium _____

1. At the point of equilibrium
2. Quantity demanded = quantity supplied
3. Only one price prevails
4. All the above

The changing agent of the society is called _____

1. Woman
2. Man
3. Organizer
4. Labour

All desires, takes and motives of human begins are called _____ in economics.

1. Wants
2. Utility
3. Demand
4. Consumption

The shape of the exception to the law of demand is _____

1. Vertical
2. Horizontal
3. Upward sloping
4. Downward sloping

Co-existence of public and private sector is called _____ economy.

1. Capitalist
2. Traditional
3. Socialist
4. Mixed

If total outlay falls for a fall in price such elasticity is called _____

1. Perfectly inelastic demand
2. Elastic demand
3. Inelastic demand
4. Unitary elastic

_____ refers to all those natural resources or gifts of nature which are provided free to man.

1. Organization
2. Capital
3. Labour
4. Land

According Ricardo rent is the payment made for the use of land for its _____ powers.

1. Material
2. Perishable
3. Destructible
4. Original

The factors used in production have to be rewarded on the basis for their _____

1. Cost of production
2. Productivity
3. Supply
4. Demand

In a _____ economy there is no central coordinator guiding its operation.

1. Traditional
2. Socialist
3. Mixed
4. Capitalist

Without use of _____ factor no goods can be produced.

1. Additional
2. Derived
3. Primary
4. Secondary

When demand curve is shifted, the price _____

1. Rises
2. Falls
3. Remains constant
4. Changes

A successful entrepreneur is one who is ready to accept

1. Deciding the location of the production unit
2. Risks
3. Innovations
4. None of these

Reward paid to capital is _____

1. Rent
2. Wages
3. Profit
4. Interest

When marginal product is positive, the total product _____

1. Remains constant
2. Is not affected
3. Increases
4. Decreases

When total utility increases, marginal utility _____

1. Is maximum
2. Is one
3. Is zero
4. Declines

Indifference curve assumes, the consumer has a _____ amount of money to spend on the two goods.

1. Maximum
2. Less
3. More
4. Fixed

In economics, we make use of _____

1. Deductive method
2. Inductive method
3. Both
4. None of these

The short run production function is called

1. The law of variable proportions
2. The law of return to sale
3. Iso- quants
4. All the above

According to _____ one of the important functions of entrepreneur is uncertainly bearing.

1. Alfred Marshall
2. Knight
3. Hawley
4. Schumpeter

Innovation theory of profits was given by _____

1. Knight
2. Clark
3. Schumpeter
4. Taussig

Choice are made due to _____

1. Over production
2. Growth
3. Scarcity
4. Development

_____ is the major determinant of supply.

1. Production
2. Consumption
3. Price
4. Demand

_____ wages depend mainly on the purchasing power of money.

1. Nominal
2. Scarcity
3. Money
4. Real

The supply is _____ in the market period.

1. Variable
2. Less
3. Changed
4. Fixed

Increase in demand is partially met by the increase in supply in _____ period

1. Long period
2. Short period
3. Very long period
4. Market period

_____ utility is created due to transfer of ownership from one person to another person.

1. Form
2. Place
3. Time
4. Possession

There are _____ kinds of internal economics.

1. 2
2. 3
3. 4
4. 5

Indifference curve approach is based on _____ ranking

1. Subjective
2. Psychological
3. Cardinal
4. Ordinal