Economics GK
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31 As output increases, average fixed cost
A
increases
B
falls
C
remains constant
D
first increases, then falls
32 Mixed economy means
A
Promotion of agriculture as well as industries
B
Coexistence of private and public sectors
C
Coexistence of small and large scale industries
D
Coexistence of rich and poor
34 Which of the following most closely approximates our definition of oligopoly ?
A
The cigarette industry.
B
The barber shops
C
The gasoline stations
D
Wheat farmers
35 Enterpreneurial ability is a special kind of labour that
A
is hired out to firms at high
wages
B
organizes the process of
production
C
produces new capital goods
to earn interest
D
manages to avoid losses by
continual innovation
36 A firm is in equilibrium when its
A
marginal cost equals the
marginal revenue
B
total cost is minimum
C
total revenue is maximum
D
average revenue and marginal revenue are equal
37 Seawater, fresh air, etc., are regarded in Economics as
A
Giffen goods
B
inferior goods
C
free goods
D
normal goods
38 Production function expresses
A
technological relationship
between physical inputs
and output
B
financial relationship between physical inputs and
output
C
relationship between finance and technology
D
relationship between factors of production
39 Price theory is also known as
A
Macro Economics
B
Development Economics
C
Public Economics
D
Micro Economics
41 If total utility is maximum at a point, then marginal utility is :
A
positive
B
zero
C
negative
D
positive but decreasing
42 If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is :
A
perfectly inelastic
B
elastic
C
perlectly elastic
D
inelastic
43 Twin balance sheet problem refers to-
A
A malpractice of accounting in MSME sector
B
Over-indebtedness in the corporate and banking sectors
C
Over-indebtedness of State governments and Central government
D
A malpractice of accounting in corporate sector
