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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. Net factor income from abroad shows the difference between:
2. In the Classical system, the role of the government is:
3. .............. cost can never become zero.
4. Personal income minus personal taxes is:
5. If the income elasticity of demand is greater than one, then the commodity is:
6. According to Classicals, full employment is a:
7. Which of the following is an exception to the law of demand?
8. Keynes strongly argued for:
9. Under the classical system, the equilibrium will be at:
10. Pick the odd one:
11. Supply curve represents ........ relationship between quantity and price
12. Supply curve represents ........ relationship between quantity and price.
13. The proportion between total income and total saving is called:
14. If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is:
15. Which of the following is the reason for law of demand:
16. In which of the following market, advertisement is absent:
17. According to the Classicals, investment is a function of:
18. Economic Laws are:
19. According to Keynes, wages and prices are:
20. The concept of effective demand is associated with the name of:
21. When Q = f (P), the elasticity coefficient is measured by:
22. The horizontal supply curve parallel to quantity axis represents
23. When the price of the substitute commodity of X falls, the demand for X:
24. “In the long run, we are all dead”. Who said this?
25. If marginal propensity to consume is 0.8, the value of multiplier will be:

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