Question 1

A fall in the market demand, supply remaining the same results in

Accepted Answer

A) increase in equilibrium price 
B) increase in equilibrium quantity 
C) increase in equilibrium price and decrease in equilibrium quantity 
D) both equilibrium price and quantity falls 
A) increase in equilibrium price 
B) increase in equilibrium quantity 
C) increase in equilibrium price and decrease in equilibrium quantity 
D) both equilibrium price and quantity falls D

Question 2

An accounting year in India is:

Accepted Answer

A) calendar year 
B) academic year 
C) fiscal year 
D) none of these 
A) calendar year 
B) academic year 
C) fiscal year 
D) none of these C

Question 3

The difference between GDP and NDP equals:

Accepted Answer

A) transfer payments 
B) net indirect taxes 
C) net factor income from abroad 
D) depreciation 
A) transfer payments 
B) net indirect taxes 
C) net factor income from abroad 
D) depreciation D

Question 4

Increase in real National Income (NI) means increase in:

Accepted Answer

A) ni at current prices 
B) ni at constant prices 
C) both 
D) none of these 
A) ni at current prices 
B) ni at constant prices 
C) both 
D) none of these

Question 5

National income in India is estimated by:

Accepted Answer

A) rbi 
B) nsso 
C) cso 
D) world bank 
A) rbi 
B) nsso 
C) cso 
D) world bank

Question 6

The cost of next best alternative is called

Accepted Answer

A) marginal cost 
B) average cost 
C) opportunity cost 
D) direct cost 
A) marginal cost 
B) average cost 
C) opportunity cost 
D) direct cost

Question 7

An increase in market demand, supply remaining the same results in

Accepted Answer

A) decrease in equilibrium price 
B) decrease in equilibrium quantity 
C) decrease in equilibrium price and increase in equilibrium quantity 
D) both equilibrium price and quantity rises 
A) decrease in equilibrium price 
B) decrease in equilibrium quantity 
C) decrease in equilibrium price and increase in equilibrium quantity 
D) both equilibrium price and quantity rises

Question 8

There is no distinction between firm and industry in

Accepted Answer

A) perfect competition 
B) monopoly 
C) monopolistic competition 
D) oligopoly 
A) perfect competition 
B) monopoly 
C) monopolistic competition 
D) oligopoly

Question 9

National Income means:

Accepted Answer

A) gnp at factor cost 
B) gnp at market price 
C) nnp at factor cost 
D) nnp at market price 
A) gnp at factor cost 
B) gnp at market price 
C) nnp at factor cost 
D) nnp at market price

Question 10

Per capita income is equal to:

Accepted Answer

A) population/national income 
B) national income/population 
C) national income/gdp 
D) nnp/gnp 
A) population/national income 
B) national income/population 
C) national income/gdp 
D) nnp/gnp

Question 11

The first estimate of National income in India was done by:

Accepted Answer

A) k.n. raj 
B) v.k.r.v. rao 
C) dadabai naoroji 
D) p.c. mahalanobis 
A) k.n. raj 
B) v.k.r.v. rao 
C) dadabai naoroji 
D) p.c. mahalanobis

Question 12

At prices above the equilibrium price

Accepted Answer

A) quantity supplied exceeds quantity demanded 
B) quantity demanded exceeds quantity supplied 
C) there is shortage 
D) all of the above is possible 
A) quantity supplied exceeds quantity demanded 
B) quantity demanded exceeds quantity supplied 
C) there is shortage 
D) all of the above is possible

Question 13

When MC cuts AC, AC is at its ------------

Accepted Answer

A) maximum 
B) minimum 
C) zero 
D) negative 
A) maximum 
B) minimum 
C) zero 
D) negative

Question 14

Cost function relates cost to

Accepted Answer

A) input 
B) output 
C) raw material 
D) machines 
A) input 
B) output 
C) raw material 
D) machines

Question 15

When output is zero, variable cost is --------

Accepted Answer

A) maximum 
B) minimum 
C) infinity 
D) zero 
A) maximum 
B) minimum 
C) infinity 
D) zero

Question 16

The horizontal supply curve parallel to quantity axis represents

Accepted Answer

A) elastic supply 
B) inelastic supply 
C) perfectly elastic supply 
D) perfectly inelastic supply 
A) elastic supply 
B) inelastic supply 
C) perfectly elastic supply 
D) perfectly inelastic supply

Question 17

Supply curve represents -------- relationship between quantity and price

Accepted Answer

A) direct 
B) inverse 
C) either direct or inverse 
D) none of the above 
A) direct 
B) inverse 
C) either direct or inverse 
D) none of the above

Question 18

Change in quantity supplied of a product can result from

Accepted Answer

A) changes in own price 
B) changes in cost of production 
C) change in technology 
D) change in price of related products 
A) changes in own price 
B) changes in cost of production 
C) change in technology 
D) change in price of related products

Question 19

Which of the following is true?

Accepted Answer

A) gnp + depreciation = nnp 
B) gnp = gdp + net factor income from abroad 
C) ndp = gnp minus net indirect taxes 
D) nnp = dgp minus depreciation 
A) gnp + depreciation = nnp 
B) gnp = gdp + net factor income from abroad 
C) ndp = gnp minus net indirect taxes 
D) nnp = dgp minus depreciation

Question 20

Which of the following is not a method of national income estimation?

Accepted Answer

A) matrix method 
B) income method 
C) expenditure method 
D) product method 
A) matrix method 
B) income method 
C) expenditure method 
D) product method

A fall in the market demand, supply remaining the same results in

An accounting year in India is:

The difference between GDP and NDP equals:

Increase in real National Income (NI) means increase in:

National income in India is estimated by:

The cost of next best alternative is called

An increase in market demand, supply remaining the same results in

There is no distinction between firm and industry in

National Income means:

Per capita income is equal to:

The first estimate of National income in India was done by:

At prices above the equilibrium price

When MC cuts AC, AC is at its ------------

Cost function relates cost to

When output is zero, variable cost is --------

The horizontal supply curve parallel to quantity axis represents

Supply curve represents -------- relationship between quantity and price

Change in quantity supplied of a product can result from

Which of the following is true?

Which of the following is not a method of national income estimation?

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

Understanding Economic Concepts and Theories

Filters

Exam 4: Economics and National Income Estimation

A fall in the market demand, supply remaining the same results in

An accounting year in India is:

The difference between GDP and NDP equals:

Increase in real National Income (NI) means increase in:

National income in India is estimated by:

The cost of next best alternative is called

An increase in market demand, supply remaining the same results in

There is no distinction between firm and industry in

National Income means:

Per capita income is equal to:

The first estimate of National income in India was done by:

At prices above the equilibrium price

When MC cuts AC, AC is at its ------------

Cost function relates cost to

When output is zero, variable cost is --------

The horizontal supply curve parallel to quantity axis represents

Supply curve represents -------- relationship between quantity and price

Change in quantity supplied of a product can result from

Which of the following is true?

Which of the following is not a method of national income estimation?

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

Understanding Economic Concepts and Theories

Filters