Terminology Online Test With Answers

image
image
image

Terminology Online Test

Sr. # Questions Answers Choice
1 What is a 'Quasi-rents'?
 Are in the nature of free gifts <br> May be applicable to all factors of production <br> comprise of all the returns to firm in excess of the returns of the marginal firm <br> All the above <br>
2 The unproductive expenditure of the rich is Necessary to the employment of the poor:
 An impediment to the growth of an economy <br> Having no bearing on the economy of the rich <br> Having no bearing on the economy <br> having bearing only on the economy of the rich <br>
3 The allocation of scarce resources and nearly all other economic activity stams form ritual habit or custom:
Mixed economy <br> Capitalism <br> Traditional economy <br> communism <br>
4 An increase in cost will:
 Shift aggregate demand <br> Shift aggregate supply <br> Reduce the natural rate of Unemployment <br> Increase the natural rate of unemployment <br>
5 An increase in aggregate demand is more likely to lead to demand id more likely to lead to demand pull inflation if:
 Aggregates supply is perfectly elastic <br> Aggregate supply is perfectly inelastic <br> Aggregates supply is relatively elastic <br> Aggregate supply is relatively elastic <br>
6 Which country is the largest wheat producing country of the world?
 India <br> China <br> America <br> Switzerland <br>
7 If the price elasticity of demand is unit then a fall in price:
 Reduces revenue <br> Leaves revenue unchanged <br> Increases revenue <br> Reduces costs <br>
8 An increase in price all other things unchanged leads to:
 Shift demand out outwards <br> Shift demand inwards <br> A Contraction of demand <br> An extension of demand <br>
9 The concept of premium applies to a person that is:
 Risk loving <br> Risk averse <br> Risk neutral <br> None of them <br>
10 Who wrote ''An inquiry into the Nature and Causes of the Wealth of National''?
 Lionel Robbins <br> Adam Smith <br> Paul Samuelson <br> Enrico Barone <br>
Download This Set
×