F.Y B.COM
SEMESTER - 1
ELEMENTS OF ECONOMICS THEORY
(EET)
MCQS = OCTOBER 2013 - 14
OCTOBER - 2013
1. Increase in economic goods is synonymous with increase in
A) Desire
B) Utility
C) Wealth
D) Welfare
2. Value of a commodity refers to its __________.
A) Purchasing power
B) Price
C) Utility
D) Usefulness
3. Producers goods are also known as __________.
A) Goods of the First Order
B) Goods of the Second Order
C) Goods of the Fourth Order
D) Goods of the Third Order
4. When a slight disturbance evokes further disturbance so that the original position is never restored, it is a case of _________ equilibrium.
A) Stable
B) Unstable
C) Partial
D) Neutral
5. Business economics is ________ in nature.
A) Managerial
B) International
C) Descriptive
D) Prescriptive
6. Marshall's definition of Economics has been criticized by
A) Ricardo
B) Ruskin
C) Adam Smith
D) Robbins
7. Another name for Production Possibility Curve is __________ Curve.
A) Transformation
B) Maximum
C) Growth
D) Utilization
8. In economics, we assume that there is _________ stability in the economy.
A) Political
B) Economic
C) Technological
D) Seasonal
9. Which theory is generally included under micro economics?
A) Income theory
B) Employment theory
C) Development theory
D) Price theory
10. The price elasticity of firm's average revenue curve is equal to infinity in case of
A) Perfect Competition
B) Monopoly
C) Monopolistic Competition
D) Oligopoly
T.Y B.COM
SEMESTER - 1
ELEMENTS OF ECONOMICS THEORY
(EET)
MCQS - OCTOBER 2014
1. Which of the following is not an example of transferable goods?
A) Computer
B) Singer's talent
C) Land
D) Building
2. Theory of income and employment is a subject matter of __________.
A) Micro Economics
B) Macro Economics
C) Managerial Economics
D) Business Economics
3. According to Robbins, economics is ________ as regards ends.
A) Normative
B) Positive
C) Neutral
D) Negative
4. Economic forces do not get sufficient time to bring about complete adjustment in case of _________ equilibrium.
A) General
B) Partial
C) Short-term
D) Long-term
5. Any combination of two goods lying inside the production possibility frontier represents ________ of rosources.
A) Under - utilization
B) Un - utilization
C) Fuller utilization
D) Growth
6. Under perfect competition, the shape of AR and MR curves is ________.
A) Horizontal straight line
B) Vertical straight line
C) Parallel to Y-axis
D) Both B and C
7. What among the following is not an economic problem?
A) Unlimited wants
B) Social justice
C) Choice between wants
D) Resources having alternative uses
8. Which of the following group comes under basic needs and necessities?
A) Food, Housing, Luxury
B) Food, Clothing, Shelter
C) Food, Shelter, Education
D) Food, Housing, Medication
9. Carlyle and Ruskin called Economics as a ________ Science.
A) Social
B) Physical
C) Dismal
D) Universal
10. Value-in-exchange of a commodity refers to its __________
A) Longevity
B) Scarcity
C) Purchasing power
D) Utility
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