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Objective Questions

Latest APPSC TGT Economics Exam Question (Objective Questions), MCQ in English

Subjects : Concerned Subject (Economics)

Question Bank APPSC TGT Economics Exam Paper 2 - English
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Concerned Subject (Economics)

Question 1Single Answer
Economics is primarily concerned with?
  1. A
    The study of money
  2. B
    Trade and commerce
  3. C
    Production of goods only
  4. D
    Allocation of scarce resources to satisfy unlimited wants
Question 2Single Answer
Which of the following defines scarcity in economics?
  1. A
    Unlimited resources and limited wants
  2. B
    Limited resources and unlimited wants
  3. C
    Limited wants and limited resources
  4. D
    Unlimited resources and unlimited wants
Question 3Single Answer
Opportunity cost refers to?
  1. A
    The money spent in buying a product
  2. B
    Profits earned by a firm
  3. C
    Total cost of production
  4. D
    The next best alternative forgone
Question 4Single Answer
Microeconomics deals with?
  1. A
    Overall economy
  2. B
    Government policies only
  3. C
    International trade only
  4. D
    Individual units such as firms and households
Question 5Single Answer
Macroeconomics primarily studies?
  1. A
    Behavior of an individual consumer
  2. B
    Aggregate economic variables like GDP, inflation
  3. C
    Production techniques
  4. D
    Supply and demand of a single good
Question 6Single Answer
Positive economics deals with?
  1. A
    What ought to be
  2. B
    Norms and values
  3. C
    Ethical judgments
  4. D
    Objective analysis based on facts
Question 7Single Answer
Normative economics focuses on?
  1. A
    What ought to be or value judgments
  2. B
    Objective facts
  3. C
    Measurement of GDP
  4. D
    Demand and supply of products
Question 8Single Answer
The term “economics as a science” implies?
  1. A
    It is purely theoretical
  2. B
    It is practical only
  3. C
    It focuses on morality
  4. D
    It is based on observation and analysis
Question 9Single Answer
Economics as an art implies?
  1. A
    Applying economic knowledge to solve problems
  2. B
    It is only theoretical
  3. C
    It studies human behavior only
  4. D
    It deals with philosophy
Question 10Single Answer
Consumption in economics refers to?
  1. A
    Production of goods
  2. B
    Using goods and services to satisfy wants
  3. C
    Distribution of resources
  4. D
    Saving money only
Question 11Single Answer
Production in economics is?
  1. A
    Investment in stock markets
  2. B
    Allocation of money
  3. C
    Using resources to create goods and services
  4. D
    Buying and selling of goods
Question 12Single Answer
Distribution in economics refers to?
  1. A
    Creating goods and services
  2. B
    Scarcity of resources
  3. C
    Consumption of products
  4. D
    Allocation of goods, services, and income among people
Question 13Single Answer
Capital formation involves?
  1. A
    Consumption expenditure
  2. B
    Saving and investment in physical assets
  3. C
    Distribution of goods
  4. D
    Government borrowing only
Question 14Single Answer
Economic efficiency is achieved when?
  1. A
    Resources are wasted
  2. B
    Maximum output is produced with given resources
  3. C
    Production is ignored
  4. D
    Scarce resources are unused
Question 15Single Answer
Basic economic problem arises due to?
  1. A
    Scarcity of resources
  2. B
    Unlimited resources
  3. C
    Surplus of goods
  4. D
    Full employment
Question 16Single Answer
The concept of choice in economics means?
  1. A
    Selecting between unlimited alternatives
  2. B
    Spending money freely
  3. C
    Producing as much as possible
  4. D
    Ignoring opportunity cost
Question 17Single Answer
Which of the following is a microeconomic issue?
  1. A
    National unemployment
  2. B
    Inflation rate
  3. C
    Price determination of a particular good
  4. D
    Fiscal policy
Question 18Single Answer
Which of the following is a macroeconomic issue?
  1. A
    Supply of wheat in a village
  2. B
    Cost of a product in a shop
  3. C
    Pricing of a smartphone
  4. D
    Determination of national income
Question 19Single Answer
Scarcity necessitates?
  1. A
    Choice and prioritization
  2. B
    Unlimited production
  3. C
    Free availability of resources
  4. D
    Ignoring demand
Question 20Single Answer
A positive statement in economics is?
  1. A
    “Inflation should be controlled”
  2. B
    “Government should reduce taxes”
  3. C
    “We must increase employment”
  4. D
    “Higher interest rates reduce consumption”
Question 21Single Answer
Normative statements cannot be tested because?
  1. A
    They are measurable
  2. B
    They are factual
  3. C
    They are subjective and value-based
  4. D
    They ignore human behavior
Question 22Single Answer
Which activity is NOT part of basic economic activities?
  1. A
    Speculation in stock markets
  2. B
    Production
  3. C
    Distribution
  4. D
    Consumption
Question 23Single Answer
The production possibility frontier (PPF) shows?
  1. A
    Market equilibrium
  2. B
    Profit maximization
  3. C
    Scarcity and trade-offs in production
  4. D
    Government policy
Question 24Single Answer
Economics as an art involves?
  1. A
    Applying principles to achieve desired results
  2. B
    Only studying theories
  3. C
    Ignoring practical solutions
  4. D
    Focusing on ethical concerns only
Question 25Single Answer
Which of the following best illustrates opportunity cost?
  1. A
    Choosing to invest in machinery instead of new plant
  2. B
    Selling goods in the market
  3. C
    Consuming more goods
  4. D
    Earning profit in business
Question 26Single Answer
Scarcity implies?
  1. A
    Limited resources cannot satisfy unlimited wants
  2. B
    All wants can be satisfied
  3. C
    Resources are infinite
  4. D
    Production is unlimited
Question 27Single Answer
Which of these is a normative economic statement?
  1. A
    “Unemployment is 7%”
  2. B
    “GDP increased by 5%”
  3. C
    “Government should provide free healthcare”
  4. D
    “Interest rate rose by 2%”
Question 28Single Answer
Capital formation is essential for?
  1. A
    Increasing consumption only
  2. B
    Reducing production
  3. C
    Economic growth and development
  4. D
    Distribution of income only
Question 29Single Answer
Production efficiency means?
  1. A
    Minimum consumption
  2. B
    Maximum input to output ratio
  3. C
    Maximum output with given resources
  4. D
    Maximum scarcity
Question 30Single Answer
Economic science is called a social science because?
  1. A
    It studies physical phenomena
  2. B
    It is based on chemistry and physics
  3. C
    It studies human behavior in relation to scarcity
  4. D
    It ignores society
Question 31Single Answer
Which of the following is a basic assumption in economics?
  1. A
    Wants are unlimited
  2. B
    Resources are unlimited
  3. C
    Scarcity does not exist
  4. D
    Choice is irrelevant
Question 32Single Answer
The difference between microeconomics and macroeconomics is?
  1. A
    Micro studies government, macro studies households
  2. B
    Micro is theoretical, macro is practical
  3. C
    Micro ignores scarcity, macro considers scarcity
  4. D
    Micro focuses on individual units, macro on aggregates
Question 33Single Answer
Which of the following illustrates the concept of choice?
  1. A
    Allocating time between work and leisure
  2. B
    Unlimited consumption
  3. C
    Scarcity of resources ignored
  4. D
    Producing only one type of good
Question 34Single Answer
Production in economics involves?
  1. A
    Creating goods and services to satisfy human wants
  2. B
    Only consumption of goods
  3. C
    Saving money
  4. D
    Distributing income only
Question 35Single Answer
Which of the following is a capital good?
  1. A
    Bread
  2. B
    Water for drinking
  3. C
    Machine used in factory
  4. D
    Personal consumption goods
Question 36Single Answer
Which activity directly creates wealth?
  1. A
    Production
  2. B
    Consumption
  3. C
    Distribution
  4. D
    Government taxation
Question 37Single Answer
The basic problem of economics arises due to?
  1. A
    Unlimited resources
  2. B
    Unlimited wants and limited resources
  3. C
    Limited wants
  4. D
    Government interference
Question 38Single Answer
Economic efficiency is concerned with?
  1. A
    Spending government money
  2. B
    Allocating resources to maximize output
  3. C
    Redistributing wealth
  4. D
    Saving resources only
Question 39Single Answer
Microeconomics studies?
  1. A
    Money supply and inflation
  2. B
    Demand for a particular commodity
  3. C
    Aggregate output
  4. D
    National income
Question 40Single Answer
Macroeconomics examines?
  1. A
    Individual firms’ profits
  2. B
    Price of rice in a village
  3. C
    Employment, national income, inflation
  4. D
    Consumer choice for a product
Question 41Single Answer
Positive economics can be tested using?
  1. A
    Observations and empirical evidence
  2. B
    Value judgments
  3. C
    Opinions
  4. D
    Moral reasoning
Question 42Single Answer
Normative economics depends on?
  1. A
    Facts only
  2. B
    Data analysis
  3. C
    Values, opinions, and judgments
  4. D
    Empirical testing
Question 43Single Answer
The concept of scarcity highlights the need for?
  1. A
    Unlimited production
  2. B
    Full employment only
  3. C
    Ignoring wants
  4. D
    Choice and prioritization of resources
Question 44Single Answer
Economic efficiency implies?
  1. A
    Wasting resources to produce more
  2. B
    Producing maximum output with given inputs
  3. C
    Using more inputs than necessary
  4. D
    Ignoring consumer satisfaction
Question 45Single Answer
Opportunity cost is relevant because?
  1. A
    It measures money spent only
  2. B
    It is purely theoretical
  3. C
    It helps in deciding best alternative use of resources
  4. D
    It ignores scarcity
Question 46Single Answer
Microeconomics includes the study of?
  1. A
    National income
  2. B
    Monetary policy
  3. C
    Inflation
  4. D
    Market demand for a product
Question 47Single Answer
Macroeconomics deals with?
  1. A
    Aggregate economic performance
  2. B
    Individual consumption
  3. C
    Pricing of a single good
  4. D
    Household budgeting
Question 48Single Answer
Consumption, production, distribution, and capital formation are?
  1. A
    Microeconomic issues only
  2. B
    Optional economic functions
  3. C
    Government policies only
  4. D
    Basic economic activities
Question 49Single Answer
Which of the following is an example of capital formation?
  1. A
    Investment in machinery
  2. B
    Buying a car for personal use
  3. C
    Consuming food
  4. D
    Selling goods in the market
Question 50Single Answer
Production efficiency occurs when?
  1. A
    Maximum output is achieved with minimum resources
  2. B
    Maximum resources are wasted
  3. C
    Scarce resources are ignored
  4. D
    Consumption exceeds production
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