Economics GK

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61 Selling cost means:

A
Cost of selling a product
B
Cost incurred in transportation
C
Cost Incurred in advertisement
D
Cost Incurred on factors of production

62 Currency of a European country which was not revalued at the European Economic Summit was :

A
French Franc
B
Dutch Guilder
C
Danish Kroner
D
German Mark

63 Which sector has maximum weightage in the index of industrial production assigned?

A
All equal
B
Electricity
C
Manufacturing
D
Mining and quarrying

64 The measure of a worker’s real wage is :

A
The change in his productivity over a given time
B
His earnings after deduction at source
C
His daily earnings
D
The purchasing power of his earnings

65 Economic rent refers to :

A
Payment made for the use of labour
B
Payment made for the use of capital
C
Payment made for the use of organisation
D
Payment made for the use of land

66 In the law of demand, the statement “Other things remain constant” means

A
income of consumer should not change
B
price of other goods should not change
C
taste of consumer should not change
D
All of the above

67 All of the goods which are scarce and limited in supply are called

A
Luxury goods
B
Expensive goods
C
Capital goods
D
Economic goods

68 Economies of Scale means reduction in :

A
unit cost of production
B
unit cost of distribution
C
total cost of production
D
total cost of distribution

69 An exceptional demand curve is one that moves

A
upward to the right
B
downward to the right
C
horizontally
D
vertically

70 A want becomes a demand only when it is backed by the

A
Ability to purchase
B
Necessity to buy
C
Desire to buy
D
Utility of the product

71 The problem of Economics arises from

A
Plenty
B
Scarcity of goods
C
More wants and less goods
D
All of the above

72 The size of the market for a product refers to :

A
the number of people in the given area
B
the geographical area served by the proudcers
C
the volume of potential sales of the product
D
the number of potential buyers of the product

73 All of the goods which are scarce and limited in supply are called

A
Luxury goods
B
Expensive goods
C
Capital goods
D
Economic goods

74 The relationship between the value of money and the price level in an economy is :

A
Direct
B
Inverse
C
Proportional
D
Stable

75 Bread and butter, car and petrol are examples of goods which have

A
composite demand
B
joint demand
C
derived demand
D
autonomous demand