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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. The Great Depression was during:
2. The first estimate of National income in India was done by:
3. Cross elasticity of demand in the case of substitutes:
4. Increase in output less than proportional to increase in inputs is called:
5. Most important determinant of demand is :
6. Which of the following is an exception to the law of demand?
7. Those things that possess both utility and scarcity are called:
8. There is ......- relationship between price and quantity supplied
9. .............. cost can never become zero.
10. The solution to diminishing returns to scale is :
11. The horizontal supply curve parallel to quantity axis represents
12. Cost function relates cost to
13. In the Classical system, the role of the government is:
14. According to Classicals, full employment is a:
15. In India, the current base year is:
16. When MC cuts AC, AC is at its ............
17. The variable cost of a firm vary in direct proportion to the
18. The want satisfying power of a commodity:
19. In the case of luxury goods, the income elasticity of demand will be:
20. According to the Classical economists, savings and investments are:
21. According to Keynes, investment is a function of:
22. Net addition to total cost is called:
23. In the case of diminishing returns to scale, a given proportionate increase in all factors causes
24. Under the classical system, the equilibrium will be at:
25. The expected return on investment is called:

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