economics objective question bank

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ECONOMICS - OBJECTIVE QUESTION BANK

DR. T.K. JAINAFTERSCHOOL centre for social entrepreneurship sivakamu veterinary hospital roadbikaner 334001 rajasthan, indiaFor : Faculty Development Programme Participants at Engineering college Bikaner [email protected] : 91+9414430763

My words.....

My purpose here is to give a few questions on economics. I welcome your suggestions. I also request you to help me in spreading social entrepreneurship across the globe for which I need support of you people not of any VIP. With your help, I can spread the ideas for which we stand....

Which of these is not a determinant of price elasticity of demand ?

Time period price expectationsnumber of user substitute goodsnature of commodity income of the consumer answer : income of consumer it is studied separately in income elasticity of demand

Can two indifference curve intersect ?

No

%change in demand of X / %change in price of Y
what is this formula for ?

1. price elasticity 2. income elasticity 3. cross elasticityanswer : 3

%change in demand of X / %change in income of consumer


%change in demand of X / %change in price of x


What is the slope of demand curve ?

1. downward from left to right 2. upward from left to right 3. horizontal straight line4. vertical straight line answer : 1.

What is the slope of supply curve ?


What is the slope of perfectly inelastic demand curve ?

1. downward from left to right 2. upward from left to right 3. horizontal straight line4. vertical straight line answer : 4

What is the slope of perfectly elastic demand curve ?


What is the slope of AR (average revenue) curve in monopoly?


What is the slope of AR (average revenue) curve in perfect market?


What is the slope of AR (average revenue ) curve in monopolistic competition ?


DEMAND CURVE SHIFTS RIGHTWARDS WHEN ?

1. there is increase in price2. there is increase in income 3. there is decrease in price of substitute goods 4. there is increase in price of complementary goods answer : 2

SUPPLY CURVE SHIFTS RIGHTWARDS WHEN ?

1. there is decrease in price2. there is reduction in cost of inputs3. there is decrease in price of substitute goods 4. there is increase in price of complementary goods answer :2

What is the slope of budget line ?


In what type of products is elasticity lowest ?

1. day to day use products 2. luxury goods3. giffin goods 4. medicines 5. perishables answer : 4

In what type of products is elasticity highest ?

1. day to day use products 2. luxury goods3. giffin goods 4. medicines 5. perishables answer : 2

Selling Sweets and Namkeens at higher price in Punjab and at lower price in Bikaner and other parts of Rajasthan is an example of ?

Options : Price sensitisationprice discrimination price reductionprice harmonisationanswer : price discrimination

When does a firm reach equilibrium point ?

When revenue = cost when there is abnormal profit when marginal revenue = marginal cost answer :when marginal revenue = marginal cost

In a perfect market, a firm which is at equilibrium point earns ?

Normal profit economic profit supernormal profit accounting profit answer :normal profit

Price discrimination is possible in ?

Perfect market monopolymonopolistic competitionoligopoly answer : monopoly

Brand differentiation is possible in ?

Perfect market monopolymonopolistic competitionoligopoly answer : monopolistic competiton

What is price elasticity for an individual firm in a perfect market?

1 zerohighly elasticinelastic answer : infinite

How will you measure development of people ?

CPIWPIHRIHDISCBAanswer : HDI = Human Development Index

What is the full form of CDS ?

Current daily status

What is the full form of GDP?

Gross Domestic product

What is the full form of NNP?

NET NATIONAL PRODUCT

What is the full form of UNDP?

United Nations Development Programme

What is the full form of SEPUP?

Self employment Programme for urban poor

What is the full form of JRY ?

Jawahar Rojgar Yojana

What is the full form of DWACRA?

Development of women and children in rural areas

What is the full form of IRDP ?

Integrated rural development programme

What is the full form of TRYSEM?

Training of Rural Youth for Self employment (national Scheme)

What is the full form of EAS ?

Employment assistance scheme

What is the full form of PMRY?

Prime minister rozgar yojana

What is the full form of JGSY ?

Jawahar Gram Samridhi Yojana

What is deficit financing ?

When public expenditure is more than public revenue

What are the characteristics of fiscal policy of India ?

1. welfare state 2. refressive taxation 3. managemetn of public debt answer : 1

Money is a measure of 4 things = what are those ?

Valuestandard store exchange

What is legal tender money ?

As per government order, a person is bound to accept this as money. It is of 2 types : limited legal tender (upto 25 paise coins are acceptable only upto Rs. 21)unlimited legal tender (50 paise and above are all unlimited legal tender)

What is the formula of credit creation ?

= TOTAL DEPOSIT - PRIMARY DEPOSIT TOTAL DEPOSIT = =PRIMARY DEPOSIT / % OF CRR

Some misconceptions about entrepreneurship ....

Some people think ....entrepreneurship is for those with moneyentrepreneurship requirs high risk taking entrepreneurship is based on luckentrepreneurs are bornentrepreneurs are crooks honest person cant be an entrepreneur .....do think this way ???? check it out

Differences between entrepreneur and manager ?

Michael E Gerber in his book : The E-Myth : why Most Businesses Dont work and What to do about it' writes about differences between entrepreneurship, management and other related concepts entrepreneurs create a vision for business, managers really implement the things and bring the results

How to teach entrepreneurship ?

Can entrepreneurship be taught ? Do we have resources to train entrepreneurs ? Is the candidate really willing to pick up entrepreneurship as career ? Is there motivation and understanding about entrepreneurship ?

What should be the curriculum and pedagogy ?

Business Planning Interaction with Entrepreneurs Guided projects entrepreneurship clubsincubation centres (see MSME website for govt. Funding)

Entrepreneurship resources & networking

Join hands with :the indus entrepreneursnational entrepreneurship networkediiniesbud afterschoool centre for social entrepreneurship

Research in entrepreneurship

Casse studies qualitative studies opportunities in entrepreneurship tools for entrepreneurship assessment

Available tools ...

Entrepreneurship potential assessment toolkits FIRO-B,MBTI, and other tools

How to promote research, teaching networking ???

Need of interaction, monitoring and support need of an academic industry joint venture for promotion of entrepreneurshipneed of academic industry mentors

THANKS....

GIVE YOUR SUGGESTIONS AND JOIN AFTERSCHOOOL NETWORK / START AFTERSCHOOOL SOCIAL ENTREPRENEURSHIP NETWORK IN YOUR CITY / CONDUCT WORKSHOP ON SOCIAL ENTREPRENEURSHIP IN YOUR COLLEGE / SCHOOL / CITY [email protected] OUR NETWORK TO PROMOTE SOCIAL ENTREPRENEURSHIP

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3/5/2010

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