Question 1

Keynes strongly argued for:

Accepted Answer

A) free trade 
B) non-intervention of government 
C) laissez-faire 
D) governmental intervention 
A) free trade 
B) non-intervention of government 
C) laissez-faire 
D) governmental intervention D

Question 2

Which of the following items does not include in the group?

Accepted Answer

A) consumption 
B) investment 
C) rate of interest 
D) net exports 
A) consumption 
B) investment 
C) rate of interest 
D) net exports C

Question 3

Who is known as the father of Modern Economics?

Accepted Answer

A) adam smith 
B) j.m.keynes 
C) robinson 
D) ricardo 
A) adam smith 
B) j.m.keynes 
C) robinson 
D) ricardo A

Question 4

An important issue of macro economics is the determination of:

Accepted Answer

A) consumption 
B) production 
C) utility 
D) income and employment 
A) consumption 
B) production 
C) utility 
D) income and employment

Question 5

When marginal product reaches its maximum, what can be said of total product?

Accepted Answer

A) total product must be at its maximum 
B) total product starts to decline even if marginal product is positive 
C) total product is increasing if marginal product is still positive 
D) total product levels off 
A) total product must be at its maximum 
B) total product starts to decline even if marginal product is positive 
C) total product is increasing if marginal product is still positive 
D) total product levels off

Question 6

Increase in output less than proportional to increase in inputs is called:

Accepted Answer

A) increasing returns 
B) constant returns 
C) diminishing returns 
D) marginal returns 
A) increasing returns 
B) constant returns 
C) diminishing returns 
D) marginal returns

Question 7

According to Keynes, wages and prices are:

Accepted Answer

A) rigid 
B) flexible 
C) variable 
D) automatic 
A) rigid 
B) flexible 
C) variable 
D) automatic

Question 8

In Economics, 1930s is popularly known as the period of:

Accepted Answer

A) great battle 
B) great depression 
C) industrial revolution 
D) great devide 
A) great battle 
B) great depression 
C) industrial revolution 
D) great devide

Question 9

Pick the odd one:

Accepted Answer

A) aggregate demand 
B) effective demand 
C) j.m. keynes 
D) law of market 
A) aggregate demand 
B) effective demand 
C) j.m. keynes 
D) law of market

Question 10

"In the long run, we are all dead". Who said this?

Accepted Answer

A) keynes 
B) adam smith 
C) karl marx 
D) david ricardo 
A) keynes 
B) adam smith 
C) karl marx 
D) david ricardo

Question 11

Who wrote the article Laws of Returns Under Competitive Conditions?

Accepted Answer

A) joan robinson 
B) e.h. chamberlin 
C) a.c. pigou 
D) p. sraffa 
A) joan robinson 
B) e.h. chamberlin 
C) a.c. pigou 
D) p. sraffa

Question 12

According to Keynes, investment is a function of:

Accepted Answer

A) rate of interest 
B) rate of profit 
C) rate of mei 
D) mei and rate of interest 
A) rate of interest 
B) rate of profit 
C) rate of mei 
D) mei and rate of interest

Question 13

If a worker specializes in the production of a single good, it is called:

Accepted Answer

A) product based division of labour 
B) process based division of labour 
C) worker based division of labour 
D) none of these 
A) product based division of labour 
B) process based division of labour 
C) worker based division of labour 
D) none of these

Question 14

Goods produced for use in future productive process are called:

Accepted Answer

A) intermediate goods 
B) final goods 
C) consumer goods 
D) capital goods 
A) intermediate goods 
B) final goods 
C) consumer goods 
D) capital goods

Question 15

Keynes believed in :

Accepted Answer

A) full employment equilibrium 
B) under employment equilibrium 
C) both 
D) none 
A) full employment equilibrium 
B) under employment equilibrium 
C) both 
D) none

Question 16

The problem of what to produce is a problem of:

Accepted Answer

A) distribution 
B) technological choice 
C) consumption 
D) allocation of resources 
A) distribution 
B) technological choice 
C) consumption 
D) allocation of resources

Question 17

Those things that possess both utility and scarcity are called:

Accepted Answer

A) economic goods 
B) free goods 
C) intermediate goods 
D) luxuries 
A) economic goods 
B) free goods 
C) intermediate goods 
D) luxuries

Question 18

According to Keynes, unemployment is due to:

Accepted Answer

A) deficiency of capital 
B) deficiency of labour 
C) deficiency of education 
D) deficiency in effective demand 
A) deficiency of capital 
B) deficiency of labour 
C) deficiency of education 
D) deficiency in effective demand

Question 19

Goods without which people can not live are called:

Accepted Answer

A) comforts 
B) luxuries 
C) necessaries 
D) none 
A) comforts 
B) luxuries 
C) necessaries 
D) none

Question 20

Consumption expenditure directly varies with:

Accepted Answer

A) savings 
B) investment 
C) disposable income 
D) rate of interest 
A) savings 
B) investment 
C) disposable income 
D) rate of interest

Keynes strongly argued for:

Which of the following items does not include in the group?

Who is known as the father of Modern Economics?

An important issue of macro economics is the determination of:

When marginal product reaches its maximum, what can be said of total product?

Increase in output less than proportional to increase in inputs is called:

According to Keynes, wages and prices are:

In Economics, 1930s is popularly known as the period of:

Pick the odd one:

"In the long run, we are all dead". Who said this?

Who wrote the article Laws of Returns Under Competitive Conditions?

According to Keynes, investment is a function of:

If a worker specializes in the production of a single good, it is called:

Goods produced for use in future productive process are called:

Keynes believed in :

The problem of what to produce is a problem of:

Those things that possess both utility and scarcity are called:

According to Keynes, unemployment is due to:

Goods without which people can not live are called:

Consumption expenditure directly varies with:

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Understanding Economic Concepts and Theories

Filters

Exam 7: Economics and Keynesian Theory

Keynes strongly argued for:

Which of the following items does not include in the group?

Who is known as the father of Modern Economics?

An important issue of macro economics is the determination of:

When marginal product reaches its maximum, what can be said of total product?

Increase in output less than proportional to increase in inputs is called:

According to Keynes, wages and prices are:

In Economics, 1930s is popularly known as the period of:

Pick the odd one:

"In the long run, we are all dead". Who said this?

Who wrote the article Laws of Returns Under Competitive Conditions?

According to Keynes, investment is a function of:

If a worker specializes in the production of a single good, it is called:

Goods produced for use in future productive process are called:

Keynes believed in :

The problem of what to produce is a problem of:

Those things that possess both utility and scarcity are called:

According to Keynes, unemployment is due to:

Goods without which people can not live are called:

Consumption expenditure directly varies with:

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Understanding Economic Concepts and Theories

Filters