Economics Topics
Undergraduate level — Economics
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filter_alt Topics
Microeconomics
Macroeconomics
Indian Economy
Bihar Economy
Budget & Fiscal Policy
quiz Questions
Q1
Economics is the study of
Primary deficit
Revenue deficit
Fiscal deficit
Allocation of scarce resources
Explanation
Economics studies choices under scarcity.
Q2
Who is known as the father of modern economics?
Revenue deficit
Adam Smith
Fiscal deficit
Primary deficit
Explanation
Adam Smith wrote The Wealth of Nations in 1776.
Q3
The law of demand states that demand generally
Falls when price rises
Fiscal deficit
Primary deficit
Revenue deficit
Explanation
Other things equal, price and quantity demanded are inversely related.
Q4
The law of supply states that supply generally
Primary deficit
Fiscal deficit
Revenue deficit
Rises when price rises
Explanation
Higher prices incentivize producers to supply more.
Q5
A market situation with single seller is called
Primary deficit
Revenue deficit
Monopoly
Fiscal deficit
Explanation
Monopoly refers to one seller and many buyers.
Q6
A market with many buyers and many sellers is
Perfect competition
Primary deficit
Fiscal deficit
Revenue deficit
Explanation
Perfect competition has numerous buyers and sellers with homogeneous product.
Q7
Price elasticity of demand measures responsiveness of
Demand to price changes
Primary deficit
Revenue deficit
Fiscal deficit
Explanation
PED shows percentage change in quantity demanded due to price change.
Q8
National income in India is measured mainly by
Central Statistics Office
Primary deficit
Fiscal deficit
Revenue deficit
Explanation
MoSPI through National Statistical Office compiles national accounts.
Q9
GDP stands for
Revenue deficit
Gross Domestic Product
Fiscal deficit
Primary deficit
Explanation
GDP is total value of final goods and services produced within a country.
Q10
GNP is GDP plus
Revenue deficit
Primary deficit
Net factor income from abroad
Fiscal deficit
Explanation
GNP includes income residents earn from abroad net of payments out.