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Which of the following statements is correct ?
Posted on: 30, November 2021

Q1181. Which of the following statements is correct ?
(a) Most workers will work for less than their reservation wage.
(b) The reservation wage is the maximum amount any firm will pay for a worker.
(c) Economic rent is the difference between the market wage and the reservation wage.
(d) Economic rent is the amount one must pay to enter a desirable labour market.
Ans: (c)
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Q1182. Subsidies are payment by government to
(a) Consuming units
(b) Producing units
(c) Banking units
(d) Retired persons
Ans: (b)
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Q1183. Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases?
(a) Say’s Law
(b) Griffin’s Law
(c) Gresham’s Law
(d) Engel’s Law
Ans: (d)
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Q1184. From the national point of view, which of the following indicates micro approach?
(a) Study of sales of mobile phones by BSNL
(b) Unemployement among Women
(c) Per capita income in India
(d) Inflation in India
Ans: (a)
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Q1185. The demand curve facing a perfectly competitive firm is
(a) downward sloping
(b) perfectly inelastic
(c) a concave curve
(d) perfectly elastic
Ans: (d)
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Q1186. Who said ‘Supply creates its own demand’?
(a) Adam Smith (b) J.B.Saw
(c) Marshall (d) Ricardo
Ans: (b)
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Q1187. The standard of living in a country is represented by its:
(a) poverty ratio
(b) per capita income
(c) national income
(d) unemployment rate
Ans: (b)
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Q1188. Which of the following concepts are most closely associated with J.M. Keynes ?
(a) Control of money supply
(b) Marginal utility theory
(c) Indifference curve analysis
(d) Marginal efficiency of captial
Ans: (d)
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Q1189. In a business, raw materials, components, work in progress and finished goods are jointly regarded as
(a) capital stock (b) inventory
(c) investment (d) net worth
Ans: (b)
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Q1190. The sum total of incomes received for the services of labour, land or capital in a country is called :
(a) Gross domestic product
(b) National income
(c) Gross domestic income
(d) Gross national income
Ans: (c)
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Q1191. In a Laissez-faire economy
(a) the customers take all the decisions regarding production of all the commodities
(b) the Government does not interfere in the free functioning of demand and supply forces in the market
(c) the private-sector takes all the decisions for price-determination of various commodities produced
(d) the Government controls the allocation of all the factors of production
Ans: (b)
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Q1192. “The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money.”–– Who says this ?
(a) Samuelson (b) Kuznets
(c) Hicks (d) Pigou
Ans: (c)
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Q1193. Imputed gross rent of owneroccupied buildings is a part of
(a) capital formation
(b) final consumption
(c) intermediate consumption
(d) consumer durable
Ans: (b)
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Q1194. Personal disposable income is
(a) always equal to personal income
(b) always more than personal income
(c) equal to personal income minus indirect taxes
(d) equal to personal income minus direct taxes
Ans: (d)
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Q1195. Which one of the following would not constitute an economic activity ?
(a) A teacher teaching students in his class
(b) A teacher teaching students under Sarva Shiksha Abhiyan
(c) A teacher teaching his own daughter at home
(d) A teacher providing consultancy services from his residence
Ans: (c)
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Q1196. The terms “Micro Economics” and “Macro Economics” were coined by
(a) Alfred Marshall
(b) Ragner Nurkse
(c) Ragner Frisch
(d) J.M. Keynes
Ans: (c)
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Q1197. The total value of goods and services produced in a country during a given period is
(a) Disposable income
(b) National income
(c) Per capita income
(d) Net national income
Ans: (b)
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Q1198. Which one of the following items is included in the national income account?
(a) Services of housewives
(b) Income of smugglers
(c) Services of Sadhus
(d) Services of night-watchmen
Ans: (d)
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Q1199. In a highly developed country the relative contribution of agriculture to GDP is
(a) relatively high
(b) relatively low
(c) the same as that of other sectors
(d) zero
Ans: (b)
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Q1200. Speculative demand for cash is determined by
(a) The rate of interest
(b) the level of income
(c) the general price level
(d) the market conditions
Ans: (a)
Q1201. Gross National Product means
(a) gross value of finished goods
(b) money values of the total national production for any given period
(c) gross value of raw materials and semi-finished products
(d) money value of inputs and outputs
Ans: (b)
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Q1202. An increase in per capital income is not an indication of an increase in the economic welfare of the people
(a) When such increase is the result of an increased production of comforts
(b) When such increase is the result of an increase in agricultural production
(c) When it is the result of an increase in the production of industrial goods
(d) When such increase is the result of increased production of intoxicants
Ans: (d)
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Q1203. Depreciation is equal to —
(a) Gross national product — Net national product
(b) Net national product — Gross national product
(c) Gross national product — Personal income
(d) Personal income — Personal taxes
Ans: (a)
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Q1204. Transfer payments include :
(a) Gifts received from a friend
(b) rent free accommodation by the employer
(c) net factor income from abroad
(d) Employee’s contribution to social security
Ans: (d)
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Q1205. ‘Hire and Fire’ is the policy of
(a) Capitalism
(b) Socialism
(c) Mixed Economy
(d) Traditional Economy
Ans: (c)
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Q1206. Income and consumption are :
(a) inversely related
(b) directly related
(c) partially related
(d) unrelated.
Ans: (b)
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Q1207. A ‘Transfer Income’ is an
(a) Income which is not produced by any production process
(b) Income taken away from one person and given over to another
(c) Unearned income
(d) Earned income
Ans: (a)
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Q1208. Economic progress of a country is determined by
(a) Increase in per capita income of people of country
(b) Increase in the price of produced capital goods during the year
(c) Increased numbers of Trade Unions
(d) Fall in the general price level of a country
Ans: (a)
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Q1209. The difference between GNP and NNP equals
(a) corporate profits
(b) personal taxes
(c) transfer payments
(d) depreciation
Ans: (d)
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Q1210. The incomes of Indians working abroad are a part of
(a) domestic income of India
(b) income earned from Abroad
(c) net domestic product of India
(d) gross domestic product of India
Ans: (c)


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