Economics quiz part 3

Total Questions : 25

Scoring System:
Correct Answer    : +1 points
Incorrect Answer  : -1 point
Not Answered      :  0 point


The final result will appear at the end. All The Best.
  

1. A Good For Which Demand Decreases With Increase In Income Of Consumer Is Called
Inferior good
Giffen good
Public good
2. The Law Of Demand Implies That The Demand Curve
slopes down
first slopes up and then slopes down
slopes up
3. Which Of The Following Is Not Correct With Respect To Consumer Price Index?
CPI-U is the Consumer Price Index for Rural Consumers.
It measures the average change in prices of a basket of goods
It is the most widely used measure of inflation
4. Which Of The Following Is NOT Related To Microeconomics?
Unemployment
Labor Economics
Demand, Supply, and Equilibrium
5. Which Of The Following Is Measured By The Lorenz Curve?
Inequality of Income
Unemployment
Population growth rate
6. The Condition In Which Market Supply Matches Market Demand Is Called
Equilibrium
Normalisation
Equalisation
7. The Statement "Supply Creates Its Own Demand" Is Given By
J.B. Say
Thomas Jefferson
James Madison
8. Zero Price Elasticity Of Demand Means
whatever the change in price, there is absolutely no change in demand
for a large change in price, there is a small change in demand
for a small change in price, there is a large change in demand
9. The Law Of Demand States That:
as the price rises, the demand falls
as the price rises, the demand rises
as the demand rises, the price rises
10. A Situation Where The Expenditure Of The Government Exceeds Its Revenue Is Called ______.
Budget Deficit
Default Financing
Deficit Revenue
11. Which Of The Following Is A Basic Characteristic Of 'Oligopoly'?
Many sellers, many buyers
Few sellers, many buyers
Few sellers, few buyers
12. What Effect Will A Decrease In Demand And An Increase In Supply Have On Equilibrium Price?
Equilibrium price will rise
Equilibrium price will be constant
Equilibrium price will fall
13. In India, Inflation Measured By The -
Wholesale Price Index Number
National Income Deflator
Consumer Price Index for urban non-manual workers
14. Which Of The Following Statements Is NOT Correct About The Factors That Gave Rise To The Consumer Movement In India?
Adulteration of food
Tax on soft beverages
Frequent food shortages
15. One Of The Essential Conditions Of "Perfect Competition" Is
product differentiation
many sellers and a few buyers
same price for same things at one time
16. Zero Price Elasticity Of Demand Means
whatever the change in price, there is absolutely no change in demand
for a small change in price, there is a large change in demand
for a large change in price, there is a small change in demand
17. Which Of The Following Is The Most Close To The Definition Of Oligopoly?
The cigarette industry
The welding shop
The barber shop
18. Duopoly Is The Special Case Of Which Type Of Market Structure?
Monopoly
Oligopoly
Imperfect Competition
19. Which Of The Following Correctly Describes The Nature Of India’s Economy?
Capitalist Economy
Mixed Economy
Socialist Economy
20. In Economic Terms, Globalization Is The Process Of Rapid ______ Between Countries.
Integration
Competition
Change
21. A Good For Which Demand Decreases With Increase In Income Of Consumer Is Called
Inferior good
Complementry good
Public good
22. The Law Of Demand Implies That The Demand Curve
no regular pattern
slopes up
slopes down
23. Which Of The Following Is Not Correct With Respect To Consumer Price Index?
It measures the average change in prices of a basket of goods
CPI-U is the Consumer Price Index for Rural Consumers.
It cover professionals, self-employed, poor, unemployed and retired people in the country
24. Which Of The Following Is NOT Related To Microeconomics ?
Demand, Supply, and Equilibrium
Unemployment
Behaviour of individual economic units
25. Which Of The Following Is Measured By The Lorenz Curve?
Inequality of Income
Unemployment
Illiteracy