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Basics of Economics Practice Test
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Basics of Economics Practice Test
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25 Questions

1. If marginal propensity to consume is 0.8, the value of multiplier will be:
2. An accounting year in India is:
3. If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is:
4. Who is the leader of the Classical school?
5. In Economics, 1930s is popularly known as the period of:
6. Consumption expenditure directly varies with:
7. Consumption of capital good in the process of production is called as:
8. According to Classicals, full employment is a:
9. The first estimate of National income in India was done by:
10. Personal income minus personal taxes is:
11. GDP deflator is given by:
12. The proportion between total income and total saving is called:
13. Rate of interest will increase when the demand for saving is:
14. If the supply curve of the commodity is having a positive slope, a rise in the price of the commodity, results in:
15. The equilibrium price is determined by the forces of:
16. Classical aggregate supply curve is:
17. NNP is equal to:
18. Goods without which people can not live are called:
19. As income increases consumption also increases, but:
20. Which of the following is not a method of national income estimation?
21. Increase in output less than proportional to increase in inputs is called:
22. The Great Depression was during:
23. The core of classical economists is:
24. If a positively sloped linear supply curve passes through the origin, the elasticity of supply is
25. Value of output minus intermediate consumption is:

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