Deck 1: Economics: Concepts and Institutions

Question 1

Who is the father of economics

A)Samuelson
B)Robinson
C)Keynes
D)Adam smith

Answer 1

Adam smith

Question 2

Which of the following is not an example of macro economics

A)GDP
B)General price level
C)Salary of a policeman
D)Total savings

Answer 2

Salary of a policeman

Question 3

TR and TC are in Trade off with one another when___________________

A)TR>TC
B)TRC)TR=TC
D)None of these

Answer 3

TR=TC

Question 4

'How to produce ' is a ____________ economic problem

A)Macro
B)Micro
C)Mixed
D)None of these

Question 5

Profit is the difference between total cost and ___________________

A)Total revenue
B)Total expenditure
C)Marginal revenue
D)None of these

Question 6

The law of demand can be illustrated through______________________

A)Supply schedule
B)Demand schedule
C)Price schedule
D)None of these

Question 7

Giffen goods are _____________________

A)Status goods
B)Interior goods
C)Luxury goods
D)None of these

Question 8

Which of the following is not an example for complementary goods

A)Tea and coffee
B)Car and petrol
C)Ink and ink pen
D)Bread and butter

Question 9

Salt is an example for ______________goods

A)Normal
B)Prestige
C)Interior
D)Essential consumer goods

Question 10

Expand PIN

A)Personal intelligence number
B)Private identification number
C)Personal identification
D)Essential consumer goods

Question 11

Who is the Governor of RBI

A)Raghuram Rajah
B)C.K.Patel
C)P.Chidambaram
D)Kapil sibal

Question 12

Commercial banks grant____________________loans

A)Long term
B)Medium
C)Short term
D)None of these

Question 13

Which is known as the central bank of India

A)RBI
B)ICICI
C)IDBI
D)SBI

Question 14

Exchange control department of the RBI was constituted in

A)1937
B)1938
C)1939
D)1940

Question 15

IFCI is a __________________ bank

A)Commercial bank
B)Development bank
C)Foreign bank
D)Rural bank

Question 16

Unit Trust of India was set up in ____________________

A)1964
B)1965
C)1966
D)1967

Question 17

Which bank concentrates on export promotion]

A)EXIM
B)ADB
C)ICICI
D)IFCI

Question 18

Cost theory explains the relationship between cost &_________________

A)Price
B)Output
C)Profit
D)Revenue

Question 19

Alternative cost is also known as a ____________________

A)Book cost
B)Actual cost
C)Opportunity cost
D)Full cost

Question 20

Out of pocket cost are _______________ cost

A)Implicit
B)Explicit
C)Actual
D)Full

Question 21

The contribution is the difference between total revenue and ___________________

A)Fixed cost
B)Variable cost
C)Actual cost
D)Full cost

Question 22

The difference between break even sales and actual sales is known as _________________

A)Margin of safety
B)Volume ratio
C)Profit
D)Contributing

Question 23

Break - even point is the point where________________________

A)TR>TC
B)TR=TC
C)TRD)None of these