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Business Economics - Questions and Answers for Competitive Exams | GkSeries

Questions
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]

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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]

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