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1) In case of monopoly: a. Marginal revenue curve always slopes upward b. Total revenue curve always slopes upward c. Marginal revenue is always equal to average revenue d. Marginal revenue is always less than average revenue
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2) In case of perfect competition in the market: a. Marginal revenue curve always slopes upward b. Marginal revenue curve always slopes downward c. Marginal revenue is always equal to average revenue d. Marginal revenue is always less than average revenue
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3) In the business world: a. A firm working under perfect competition wants to become a monopoly b. A firm working under monopoly wants to become a competitive firm c. Monopoly price is always higher than competitive price d. Competitive price is always higher than monopoly price
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4) Which is not true: a. Perfect monopoly does not exist in real world b. Perfect competition does not exist in real world c. Every monopoly is evil d. Every firm wants to reduce competition
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5) The major difference between perfect competition and monopolistic competition is: a. Number of firms b. Differentiated product c. Rate of profit d. Free exist and entry
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6) Marginal revenue is always less than price at all levels of output in: a. Perfect competition b. Monopoly c. Both (a) & (b) d. None of the above
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7) Which of the following is not a characteristic of perfect competition? a. Free entry and exit of the firms b. the demand curve of firm is horizontal c. The marginal revenue curve is horizontal d. An individual firm can influence the price
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8) When marginal revenue is zero, total revenue: a. Maximum b. Minimum c. Zero d. Decreasing
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9) A firm decides to exit the industry when: a. AC strts rising b. MC starts rising c. Price is less than LAC d. TC starts rising
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10) In monopoly and perfect competition the cost curves are: a. Same b. Different c. Opposite d. None of these
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11) Normal profit is called normal because: a. It is neither very high nor very low b. It is minimum acceptable to the producer c. It is minimum which buyer wants to pay d. It is the maximum allowed by govt.
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12) If a firm shuts down temporarily, it will incur loss equal to: a. AFC b. AVC c. TFC d. TVC
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13) Under perfect competition: a. AC = AVC b. AR = AC c. AR = MC d. AR = MR
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14) The necessary condition for equilibrium position of a firm is: a. MR = MC b. MC > Price c. MC = MR d. MC = AC
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15) When a competitive firm achieves long run equilibrium then: a. P = MC b. MR = MC c. P = ATC d. All of the above
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16) The most efficient scale of production of a firm is where: a. LAC is minimum b. SAC is minimum c. LMC is minimum d. SMC is minimum
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17) A firm should shut down in the short run if it is not covering its: a. Variable cost b. Fixed cost c. Total cost d. Explicit cost (money outlays)
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18) Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published? a. 1767 b. 1764 c. 1761 d. 1758
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19) Identify the author of 'The Principles of Political Economy and Taxation': a. Alfred Marshall b. J.S. Mill c. David Ricardo d. A. Turgot
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20) Who is generally regarded as the founder of the 'Classical School'? a. David Ricardo b. Adam Smith c. T.R.Malthus d. J.S.Mill
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21) Identify the economist who had little formal education and started working in the money market at an early age of fourteen. a. David Ricardo b. Adam Smith c. V.F.D. Pareto d. A.A. Cournot
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22) 'The labour of Nature is paid, not because she does much, but because she does little. In proportion as she becomes niggardly in her gifts, whe exacts a greater price for her work.' Who made this observation? a. Adam Smith b. T.R.Malthus c. David Ricardo d. Lauderdale
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23) Who first raised fears of a world food shortage? a. David Ricardo b. T.R.Malthus c. J.S.Mill d. J.B.Say
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24) When was Adam Smith's major work 'An Enquiry into the Nature and Causes of Wealth of Nations' published? a. 1756 b. 1766 c. 1776 d. 1786
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25) The real price of every thing, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement? a. Karl Marx b. Adam Smith c. David Ricardo d. J.S.Mill
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26) 'Rent is a creation of value, not of wealth.' Who made this observation? a. Adam Smith b. David c. Alfred Marshall d. A.C.Pigou
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27) In which year was the first volume of Das Capital be Karl Marx published? a. 1848 b. 1859 c. 1867 d. 1873
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28) The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at the British Museum, appeared in: a. 1859 b. 1857 c. 1855 d. 1853
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29) The Communist Manifesto, written jointly by Marx and Engel's, was published in: a. 1843 b. 1848 c. 1853 d. 1859
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30) Who stated explicitly for the first tirr the law of comparative costs? a. David Ricardo b. Adam Smith c. James Mill d. Thomas Mun
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31) Identify the school founded by Wilhelm Roscher: a. Austrian School b. Historical School c. Ccmbridge School d. Mathematical School
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32) One of the following economists do not belong to the Austrian School. Identify him: a. J.S. Mill b. Karl Monger c. F. Von Wieser d. E. von Bohm-Bawerk
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33) Which one of the following theories of trade cycle was propounded by W.S. Jevons? a. Sunspot Theory b. Monetary Theory c. Saving-Investment Theory d. Innovation Theory
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34) What was the nationality of Frederic List? a. American b. German c. British d. Finnish
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35) 'The Purchasing Power Parity Theory' came into prominence in 1916 through the writings of: a. J.M. Keynes b. L.E.von Miser c. Gustav Cassel d. F.A. von Hayek
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36) The input-output analysis owes its origin and development to: a. W.W.Leontief b. R.F.Harrod c. E.D.Domar d. Alfred Marshall
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37) Who wrote 'An Introduction to Positive Economics'? a. R.G.Lipsey b. Paul A. Samuelson c. G.B.Richardson d. W.J.Baumol
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38) Identify the author of 'Mathematical Analysis for Economists:' a. J.P.Lewis b. R.G.D.Alien c. Russell Mathews d. B.J.Cohen
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39) Which of the following is not correctly matched? a. Lionel Robbins: The Great Depression b. D.H. Robertson: Essays in Monetary Theory c. A.C. Pigou: Principles and Methods of Industrial Peace d. R.F. Harrod: Income and Money
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40) Who among the following well-known economists graduated from the London School of Economics? a. J.M. Keynes b. N.Kaldor c. Alfred Marshall d. F.A.Hayek
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41) 'The Strategy of Economic Development' is the work of: a. S. Kuznets b. H.Liebenstein c. H.Myint d. A.O.Hirshman
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42) Who is the author of 'Problems of Capital Formation in Underdeveloped Countries'? a. R. Nurkse b. N.Kaldor c. S.Kuznets d. J.N. Bhagwati
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43) Identify the work of Irving Fisher a. A Treatese on Money b. Policy Against Inflation c. The Making of Index Numbers d. Monetary Theory
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44) Who wrote 'There are no longer any believers in laissez-faire except on the lunatic fringe the truth is that we are all planners now'? a. E.F.Durbin b. H.R.Dickenson c. W.A.Lewis d. J.Tinbergen
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45) Who coined the phrase a temporary abode of purchasing power' while explaining the concept of money? a. Francis Walker b. Milton Friedman c. D.H.Robertson d. J.M.Keynes
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46) Who developed the 'Keynesian Theory of Distribution'? a. J.M.Keynes b. N.Kaldor c. C.P. Kindleberger d. Joan Robinson
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47) Identify the economist who propounded the 'Liquidity Preference Theory of Interest': a. K.Wicksell b. Nassau Senior c. D.H.Robertson d. J.M.Keynes
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48) Which one among the following does not match? a. Amartya Sen - Harvard b. Jagdish Bhagwati - Princeton c. T.N.Srinivasan - Yale d. P.S.Dasgupta - Cambridge
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49) Which of the following is not the work of J.B. Clark? a. Philosophy of Wealth b. The Control of Trusts c. Economics of Overhead Costs d. The Problem of Monopoly
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50) Identify the economist who propounded the 'Time Preference Theory of Interest': a. Nassau Senior b. Bohm Bawerk c. J.M.Keynes d. K.Wicksell
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