Business Economics - Questions and Answers for Competitive Exams | GkSeries

1. Sales Maximization Concept is given by ---------

• [A] Adam Smith
• [B] Samuelson
• [C] Marshall
• [D] Baumol

Answer: Option [D]

2. A market demand Schedule for a product indicates that ______________.

• [A] as the product's price falls, consumers buy less of the good
• [B] there is a direct relationship between price and quantity demanded
• [C] as a product's price rises, consumers buy less of other goods
• [D] there is an inverse relationship between price and quantity demanded

Answer: Option [D]

3. Economics is derived from the greek word oikonomikus which means

• [A] Business Management
• [B] Economics
• [C] House Management
• [D] Wealth Management

Answer: Option [C]

4. Who is assumed as father of Economics?

• [A] Adam smith
• [B] Robinson
• [C] Marshall
• [D] George Bernard

Answer: Option [A]

5. Capitalism refers to

• [A] the use of markets
• [B] government ownership of capital goods
• [C] private ownership of capital goods
• [D] private ownership of homes & cars.

Answer: Option [C]

6. The subject matter of economics is

• [A] To ensure economic progress of the people
• [B] To run business
• [C] To satisfy unlimited wants with limited means
• [D] To mobilize resources and to use them

Answer: Option [C]

7. Profits is denoted as,which of the following symbol?

• [A] Sigma
• [B] Summation
• [C] Pie
• [D] Alpha

Answer: Option [C]

8. Utility is measured by

• [A] wealth .
• [B] price
• [C] value or worth
• [D] income.

Answer: Option [C]

9. When the total utility curve reaches its maximum level, marginal utility is

• [A] Positive
• [B] Zero
• [C] Rising
• [D] Negative

Answer: Option [B]

10. Who has given the concept of consumer surplus

• [A] Marshall
• [B] Robbins
• [C] Pigou
• [D] None of these

Answer: Option [A]

11. At point of satiety, marginal utility is

• [A] Zero.
• [B] Positive
• [C] Maximum.
• [D] Negative

Answer: Option [A]

12. According to Marshall, the basis of consumer surplus is

• [A] Law of equi-marginal utility.
• [B] Law of proportions
• [C] Law of diminishing marginal utility
• [D] All of the above

Answer: Option [C]