Economics MCQs For Lectureship CSS PMS And NTS Part I
1 Who is author of ‘‘The Principles of Political Economy and Taxation’’?
2 Who founded the ‘‘Classical School’’ of economics?
3 David Ricardo had started working at money market at what age?
4 Who for the first time raised the fear of world food shortage?
5 When was Adam Smith’s major work, ‘‘An Enquiry into the Nature and Causes of Wealth of Nations’’ published?
6 According to whom, rent is a creation of value, not of wealth?
7 When was the first volume of ‘‘Das Capital be Karl Marx’’ published?
8 Who for the first time explicitly stated the Law of Comparative Costs?
9 Who founded Historical School?
10 Who propounded The Sunspot Theory of trade cycle?
11 Who propounded the Purchasing Power Parity Theory?
12 In economics who initiated and developed the input-output analysis?
13 Who authored ‘‘An Introduction to Positive Economics’’
14 Whose work is ‘‘Mathematical Analysis for Economists’’?
G. D. Alien
15 ‘‘The Strategy of Economics Development’’ was authored by
16 Who is the author of ‘‘Problems of Capital Formation in Underdeveloped Countries’’?
17 Who wrote ‘‘The Making of Index Numbers’’?
18 Who developed the ‘‘Keynesian Theory of Distribution’’?
19 Who propounded the ‘‘Liquidity Preference Theory of Interest’’?
20 Who propounded the ‘‘Time Preference Theory of Interest’’?
21 Who developed the concept of ‘‘Representative Firm’’?
22 Who used the term “quasi-rent” for the first time?
23 The term Consumers Goods which Alfred Marshal used was in place of the term
24 The concept of ‘‘Elasticity of Demand’’ was introduced into Economic Theory by
25 As a Professor of Political Economy at Cambridge, A.C. Pigou succeeded whom?
Prof. Alfred Marshal
26 ‘‘Poverty in India under British Rule’’ is the work of
27 Who authored the ‘‘Choice of Technique’’?
28 Who is the author of ‘‘The Trade Cycle’’?
29 Who is the author of ‘‘Capitalism Yesterday and Today’’?
30 Who wrote ‘‘The Economics of Developing Countries’’?
31 Risk, Uncertainty and Profit is the most influential work of whom?
32 Who wrote the Social Framework?
33 The Political Economy of Growth is the work of
34 The ‘‘Marginal Productivity Theory of Distribution’’ was propounded by
J. B. Clark
35 Who wrote “Economics of Welfare”?
A. C. Pigou
36 The group of economists who came under the influence of Alfred Marshal economic thoughts are called
The Cambridge School
37 The Modern or Neo-Keynesian Theory of Interest was developed by
38 Who authored ‘‘Economics of Imperfect Competition’’?
39 The Law of Comparative Costs stated by David Ricardo for the first time was in the context of
The Theory of International Trade
40 Who is the author of ‘‘The Affluent Society’’?
41 The General Theory of Employment, Interest and Money is the major work of whom?
42 In 1990 how many economists were awarded the Nobel Prize for Economics?
43 When did International Monetary Fund (IMF) began its work?
44 What is the total number of present member states of IMF?
45 Where the headquarter of the International Monetary Fund (IMF) is located?
46 Where the headquarter of International Labor Organization (ILO) is located?
47 When was the International Labor Organization (ILO) awarded Nobel Peace Prize?
48 When World Bank began its work?
49 The other name of World Bank is
The International Bank for Reconstruction and Development (IBRD)
50 At what rate of interest does the World Bank provides loan to the needed countries?
51 The highest percentage of the World Bank’s total loans have been made for the development of which sector?
52 The World Bank normally gives which types of loans?
Medium and long term loans
53 How many countries have contributed to the World Bank assets?
54 When was International Development Association (IDA), an affiliate of the World Bank setup?
55 Where is the headquarter of International Development Association (IDA) located?
56 Where is the headquarter of General Agreement on Tariffs and Trade (GATT) located?
57 Where is the headquarter of World Health Organization located?
58 When was World Health Organization (WHO) established?
59 A mixed economy is characterized by the co-existence of which sectors?
Public and Private sectors
60 Freedom of enterprise is not an essential feature of which economy?
61 What is an economic theory?
A tested hypothesis
62 Equity of tax is the aspect of taxation which is related to which type of economics?
63 Contraction of demand occurs due to
Increase in the price of the concerned commodity
64 Tea and Coffee is a best example of
65 In the case of a straight-line demand curve meeting the two axes, What would be the price elasticity of demand at the mid-point of the line?
66 The Law of Demand assuming other things to remain the same, establishes a relationship between what?
Price of a commodity and the quantity demanded
67 In case of an inferior good, what is the income elasticity of demand?
68 Total utility is maximum at what value of Marginal utility?
69 If the demand for a commodity is inelastic, an increase in its price will cause what effect on the total expenditure of the consumers of the commodity?
70 If regardless of changes in its price, the quantity demanded of a commodity remains unchanged then what will be the shape of the demand curve for the commodity?
71 In case of Giffen goods, what will be the shape of demand curve?
Backward falling to the left
72 Another name of the budget line is
The consumption possibility line
73 What is the elasticity of substitution between two perfect substitutions?
74 A consumer is in equilibrium at a point where the budget line is tangent to which curve?
An indifference curve
75 An indifference curve slopes down towards right when more of one commodity and less of the other results in the same level of
76 How the Revealed Preference Theory deduces the inverse price-quantity relationship?
From observed behavior of the consumer
77 Production is a function of what?
78 How an ISO-Product curve slopes?
Downward to the right
79 What a vertical supply curve parallel to the price axis implies?
Elasticity of supply is zero
80 The supply of a commodity refers to what?
Amount of the commodity offered for sale at a particular price per unit of time
81 Variable cost increases continuously with the increase in
82 The cost of raw materials is a good example of
83 In the short term, when the output of firm increases, what happens to its average fixed cost?
84 A significant property of the Cobb Douglas production function is that the elasticity of substitution between inputs is equal to what?
85 The production techniques are technically efficient above which line?
Upper rigid line
86 The another name of iso-product curve is
Production Indifference curve
87 The another name of Short-run Average Cost (SAC) curve is
88 The shape of the Average Fixed Cost (AFC) curve is
89 Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in what?
90 The cost of one thing in terms of the alternative given up is called
91 According to modern thinking the Law of Diminishing Return can be applied to
All field of production
92 The concept of Marginal Cost is related with which cost?
93 When a monopolist is able to maximize his profit?
When his marginal revenue is equal to marginal cost
94 The shape of demand curve faced by a firm under perfect competition
95 The first order condition for the profit maximization of a firm is
MC = MR
96 The degree of control over the price of its product by a firm is very large in case of
97 The other name of Average Revenue Curve is
98 Under Perfect competition a firm have no control over the
Price of its product
99 What is the condition of equilibrium for a monopolist?
MR = MC
100 The market structure characterized by interdependence in decision making between the different competing firms is called