Economics Costs, Production, Consumptions and market Welcome to your Economics Costs, Production, Consumptions and market Name Email 1 . What is the full form of WPI? (a) Wholesale Product Index (b) Wholesale Price Information (c) World Product Index (d) Wholesale Price Index None 2 . Which department of the Government of India declares the minimum support prices ? (a) Department of Economic Affairs (b) Department of Agriculture and Cooperation (c) Department of Disinvestment (d) Department of Expenditure None 3 . The Cabinet Committee on Economic Affairs (CCEA) increased the Minimum Support Prices (MSPs) of cotton (long staple) to ₹______ per quintal for marketing season 2020-21. (a) 7,285 (b) 5,825 (c) 6,855 (d) 8,525 None 4 . Which of the following does NOT have an opportunity cost ? (a) Soap (b) Software (c) Sunlight (d) Stylus None 5 . A higher ______ index represents inequality in income distribution. (a) CPI (b) Gini (c) GDP (d) NDP None 6 . What is Gini coefficient used for ? (a) To measure income equality (b) To measure income inequality (c) To measure distribution of income (d) To measure profit and loss None 7 . Which of the following is NOT a central economic problem, solved by the Production Possibility Curve (PPC) ? (a) Full utilisation of resources (b) Sustainable consumption (c) Economic efficiency (d) Economic growth None 8 . ______ refers to money that has already been spent and which cannot be recovered. (a) Replacement cost (b) Opportunity (c) Imputed cost (d) Sunk cost None 9 . The 'transformation curve' is also known as the: (a) production possibility curve (b) indifference curve (c) supply curve (d) demand curve None 10 . In the context of capital markets , the abbreviation ‘FPO’ stands for: (a) Free Public Offer (b) First Portfolio Operation (c) Follow- on Public Offer (d) First Public of None 11 . The expenses leading to the increment in production capacity are which type of expenses ? (a) Revenue Expenditure (b) Production Expenditure (c) Investment Expenditure (d) Capital Expenditur None 12 . Pricing Policy of Minimum support price follows which approach? (a) Cost plus approach (b) Investment plus approach (c) Land plus approach (d) Loan plus approach None 13 . Which of the following is not included in the factors of production ? (a) Capital (b) Labour (c) Tax (d) Land None 14 . The ______ shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level. (a) Utility line (b) Supply line (c) Demand line (d) Budget line None 15 . In Economics, buying an asset in one market and simultaneously selling an identical asset in another market at a higher price is termed as_____. (a) Depreciation (b) Mortgage (c) Arbitrage (d) Devaluatio None 16 .A market structure which is dominated by only a small number of firms is called: (a) Perfect Competition (b) Monopoly (c) Oligopoly (d) Monopolistic Competition None 17 . A marketplace in which final goods or service is bought and sold is called ____. (a) Equity Market (b) Factor Market (c) Commodity Market (d) Product Market None 18 . What is the value of all tangible resources such as raw materials and labour that are used in the production process called ? (a) Real Coast (b) Variable Cost (c) Opportunity Cost (d) Fixed Cost None 19 . When the output is equal to zero, the variable cost is _______. (a) Constant (b) Zero (c) Minimum (d) Maximum None 20 . Which economist gave the theory of Opportunity cost? (a) Milton Friedman (b) Adam Smith (c) John Keynes (d) Gottfried Haberler None 21 . What is the name given to the graph that shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level in economic terms ? (a) Demand Curve (b) Isocost Line (c) Supply Curve (d) Budget Line None 22 .What does the Lorenz curve indicate ? (a) Relationship between the price of a certain commodity and its demand. (b) Income distribution (c) Rate of employment (d) Taxable income elasticity None 23 .Which amongst the following is NOT one of the four main factors of production? (a) Land (b) Labour (c) Expenditure (d) Entrepreneurship None Time's up
