Economics MCQs For Lectureship CSS PMS And NTS Part I


1 Who is author of ‘‘The Principles of Political Economy and Taxation’’?

David Ricardo

2 Who founded the ‘‘Classical School’’ of economics?

Adam Smith

3 David Ricardo had started working at money market at what age?

Fourteen years

4 Who for the first time raised the fear of world food shortage?

R. Malthus

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?

David Ricardo

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?

David Ricardo

9 Who founded Historical School?

Wilhelm Roscher

10 Who propounded The Sunspot Theory of trade cycle?

S. Jevons

11 Who propounded the Purchasing Power Parity Theory?

Gustav Cassel

12 In economics who initiated and developed the input-output analysis?

W. Leontief

13 Who authored ‘‘An Introduction to Positive Economics’’

G. Lipsey

14 Whose work is ‘‘Mathematical Analysis for Economists’’?

G. D. Alien

15 ‘‘The Strategy of Economics Development’’ was authored by

O. Hirshman

16 Who is the author of ‘‘Problems of Capital Formation in Underdeveloped Countries’’?


17  Who wrote ‘‘The Making of Index Numbers’’?

Irving Fisher

18 Who developed the ‘‘Keynesian Theory of Distribution’’?


19 Who propounded the ‘‘Liquidity Preference Theory of Interest’’?

M. Keynes

20 Who propounded the ‘‘Time Preference Theory of Interest’’?

Bohm Bawerk

21 Who developed the concept of ‘‘Representative Firm’’?

Alfred Marshal

22 Who used the term “quasi-rent” for the first time?

Alfred Marshal

23 The term Consumers Goods which Alfred Marshal used was in place of the term

Consumption capital

24 The concept of ‘‘Elasticity of Demand’’ was introduced into Economic Theory by

Alfred Marshal

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

Dadabhai Naoroji

27 Who authored the ‘‘Choice of Technique’’?

Amartya Sen

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’’?

Amartya Sen

31 Risk, Uncertainty and Profit is the most influential work of whom?

H. Knight

32 Who wrote the Social Framework?

R. Hicks

33 The Political Economy of Growth is the work of

Paul Baran

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’’?

Joan Robinson

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?

Three (3)

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?



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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?

Washington DC

56 Where is the headquarter of General Agreement on Tariffs and Trade (GATT) located?


57 Where is the headquarter of World Health Organization located?

New York

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?

Socialist 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?

Normative 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?

One (1)

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

Variable cost

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

Plant curve

88 The shape of the Average Fixed Cost (AFC) curve is

Rectangular hyperbola

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

Opportunity cost

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?

Variable 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


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

Profit curve

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?


100 The market structure characterized by interdependence in decision making between the different competing firms is called








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