Bihar Board Economics Guess VVI Important MCQ Objective Question Set 1


Solve the following Objective Questions given below. These questions are meant for Practice Only.

  1. In the following which economy has a co-existence of private and public sector ?
  2. Which of the following is studied under Microeconomics ? A. Individual Unit B.Economic Aggregate C. National Income D. None of these
  3. Economic problem is basically related to which of the following ?
    • A. Choice B. Consumer’s Selection
    • C. Firm’s Selection D. None of these
  4. Which of the following is not a Private good? A. Scooter B. Bicycle C. Rail D. All the above
  5. When Total Utility is maximum, what is Marginal Utility ? A. Positive B. Negative C. Zero D. All of these conditions
  6. For which goods price fall does not cause an increase in demand? A. Necessary goods B. Comfort goods C. Luxury goods D. None of these
  7. If a demand of a good changes by 60% due to 40% change in price, what is the Elasticity of Demand?
  8. Which of the following is slope of the Price or Budget line?
  9. With an increase in income consumer decreases the demand of which goods?
  10. Long Run Production function is related to which of the following ? A. Law of Demand B. Law of Increasing Returns C. Laws of Returns to scale D. Elasticity of Demand
  11. Which of the following is the first law of Gossen? A. Law of Demand B. Law of Diminishing Marginal Utility 7 C. Law of Equi-Marginal Utility D. Consumer’s Surplus
  12. What is the value of the slope of demand curve ? A. Positive B. Negative C. Zero D. None of these
  13. Which of the following laws is explained by short Run Production Function? A. Law of Demand B. Law of Variable Proportions C. Returns to scale D. Elasticity of Demand
  14. When Average Cost is decreasing what status Marginal Cost has as compared to Average Cost? B. MC>AC B. MC=AC C. MC < AC D. MC ≠ AC
  15. Which of the following is Marginal Revenue?
  16. What is the sufficient condition for Profit Maximisation?
  17. In which market Product Differentiation is found ?
  18. Who propounded Food Availability Decline theory? A. Robbins B. Amartya Sen C. Hicks D. None of these
  19. Which of the following is stock variable? A. Income B. Investment C. Consumption D. Wealth
  20. The alternative name of Opportunity cost is A. Economic Cost B. Equilibrium Price C. Marginal Cost D. Average Cost
  21. Which of the following function shows the law of supply?
  22. Which is the feature of Monopolistic Competition? A. Differentiated Product B. Selling Cost C. Imperfect Knowledge of the market D. All of the above
  23. What is the shape of demand curve of a firm in perfect competition?
  24. What is the direction of slope of Indifference curve?
  25. Contraction in demand occurs when?
  26. Which service is included in Tertiary Sector?
  27. What is Net National product at Factor Cost called?
  28. Which term is used for National Income at constant price?
  29. Which is included in National Income?
  30. What is the market value of all final goods and services produced in an economy over a year called?
  31. National Disposable Income is calculated at which of the following?
  32. “Money is what money does” Who statement is this ?
  33. Which of the following is Credit Multiplier ?
  34. Who is the custodian of Indian Banking system ?
  35. From the following which is the component of Budget Receipt ?

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