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Latest HPRCA PGT Teacher Economics Exam Question (Objective Questions), MCQ in English

Subjects : Economics, General Knowledge, Everyday Science, Logical Reasoning, Social Science, General English & General Hindi of Matric Standard

Question Bank HPRCA PGT Teacher (Economics) Exam - English
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Economics

Question 1Single Answer
Marginal Revenue of a Monopoly firm is less than the price, Because :
  1. A
    Demand curve has a positive slope
  2. B
    Demand curve has a negative slope
  3. C
    Monopolist is in equilibrium
  4. D
    Monopolist incurs losses
Question 2Single Answer
For an inferior goods , income consumption curve and Engles curves are :
  1. A
    Positively sloped
  2. B
    Negative sloped
  3. C
    Are the same 
  4. D
    Income consumption curve positively sloped and the Engles curve is negative sloped
Question 3Single Answer
The classical economists focused on the role of money as :
  1. A
    Medium of exchange 
  2. B
    medium of distribution
  3. C
    wealth
  4. D
    link between present and future
Question 4Single Answer
If the demand for money is perfectly interest inelastic , the LM schedule will be :
  1. A
    Upward sloping  
  2. B
    Downward sloping
  3. C
    Horizontal line 
  4. D
    vertical line
Question 5Single Answer
Harrod –Domer model of economic growth is based on the equilibrium between
  1. A
    Income generation and productive capacity creation
  2. B
    Equilibrium between income and consumption
  3. C
    Equilibrium between income and consumption
  4. D
    None of the above
Question 6Single Answer
For downward movement along the isoquants , MRTS of labour per unit of capital (MRTSL,K) is given by: 
  1. A
    –dK/dL    
  2. B
    dK/dL
  3. C
    dL/dK  
  4. D
    -dL/dK
Question 7Single Answer
Which of the following is not instructional material ?
  1. A
    Over Head Projector
  2. B
    Audio Casset
  3. C
    Printed Material
  4. D
    Transparency
Question 8Single Answer
Which of the following is the most significant in stabilization policy ?
  1. A
    Private investment 
  2. B
    Inventory investment
  3. C
    Autonomous investment
  4. D
    Public investment
Question 9Single Answer
The concept of vicious circle of poverty is associated with :
  1. A
    Kindleberger
  2. B
    Schumpeter
  3. C
    Ragnar Frish
  4. D
    Gunnar Myrdal
Question 10Single Answer
Solow built his model as an alternative to :
  1. A
    Kaldor’s model of growth
  2. B
    Ranis-Fei  model of growth
  3. C
    Harrod-Domar model of growth
  4. D
    Meade’s model of growth
Question 11Single Answer
Under Cournot Model of Duopoly, each duopolist will produce :
  1. A
    half the output
  2. B
    one-fourth of the output
  3. C
    one-six of the output
  4. D
    one-third of the total output
Question 12Single Answer
As long as the substitution effect dominates the income effect, the labour supply curve is :
  1. A
    negatively sloped
  2. B
    positively sloped
  3. C
    bend backward
  4. D
    shifting towards left 
Question 13Single Answer
Assertion (A)     :  Monopoly is Pareto inefficient .
Reason (R)         :  It would be possible to change the allocation of resources to make the amount of Income he would be prepared to pay in exchange of the reduction in price
  1. A
    Codes:
    Both (A) and (R) are correct and (R) is the correct explanation of (A)
  2. B
    (A) is correct, but (R) is not correct
  3. C
    Both (A) and (R) are correct, but (R) is incorrect explanation of (A)
  4. D
    (R) is correct, but (A) is incorrect 
Question 14Single Answer
If MPk/MPk does not change with any proportionate change in labour and capital then the production function  is :
  1. A
    Linear
  2. B
    Non-Linear
  3. C
    Homogeneous
  4. D
    Homothetic
Question 15Single Answer
Match the items in the List-I with items in List-II select the correct answer from the code given below :
  List-I                                      List-II
I. Agency Theory of        1. O.E. Williamson 
   Firm
II. X-inefficiency              2. M.C. Jenson and W. J. Meckling
III. The Utility                 3. Wilfredo Pareto
    Maximisation
     Model
IV. Edgeworth box         4. Harvey Leibenstein
      Diagram first
      Used by
  1. A
    Codes:
    I               II             III            IV
    3              2              1              4
  2. B
    2              4              1              3      
  3. C
    2              3              4              1
  4. D
    3              4              1              2
Question 16Single Answer
Fiscal deficit less interest payments is called
  1. A
    Net fiscal deficit
  2. B
    Monetised deficit
  3. C
    Primary deficit
  4. D
    Budgetary deficit
Question 17Single Answer
How many countries are the members of European Union ?
  1. A
    25 
  2. B
    28
  3. C
    26   
  4. D
    15
Question 18Single Answer
If the mean and variance of a given distribution is 8 and 0.25, then the coefficient of variation will be
  1. A
    4 percent
  2. B
    8 percent
  3. C
    12 percent
  4. D
    16 percent
Question 19Single Answer
The doctrine of unbalanced growth was propounded by
I. Hirschman
II. Robert Solow
III. Singer
IV. Ragnar Nurkse
Codes :
  1. A
    I and II are correct
  2. B
    II and III are correct
  3. C
    III and IV are correct
  4. D
    I and III are correct
Question 20Single Answer
Match List-I with List-II and show the relation between trade cycle and profit by selecting correct codes given below
         List-I                      List-II
a. Recession                   I. Low
b. Boom                           II. Positive
c. Recovery                     III. Highest level
d. Depression                IV. Negative
  1. A
    Codes :
    a              b             c              d
    III            IV            I               II
  2. B
    I               III            II             IV
  3. C
    IV            III            II             I
  4. D
    I               II             III            IV
Question 21Single Answer
The cost incurred by the firm in hiring labour is called as :
  1. A
    Explicit cost   
  2. B
    Implicit Cost
  3. C
    Marginal Cost
  4. D
    Total Cost
Question 22Single Answer
The locus of Pareto optimality in production and consumption is given by :
  1. A
    The social Welfare Function
  2. B
    The Utility Possibility Curve
  3. C
    The Transformation Curve
  4. D
    The Grand Utility possibility Curve 
Question 23Single Answer
Match items given in List-1 with those in List-II :
    List-I                                      List_II
a. Tea and coffee           1. Veblen goods
b. Car and petrol            2. Substitutes
c. Gold and               3. Giffen goods
    Diamonds              
d. Ragi and Bajra       4. Complementary
  1. A
    Codes  :
    a              b             c              d
    2              1              3              4
  2. B
    2              4              1              3
  3. C
    4              1              2              3
  4. D
    4              3              1              2
Question 24Single Answer
Assertion (A)  : In the short run under perfect competition, given the market demand and market supply the industry is in equilibrium at that price which clears the market.
Reason (R)        : In the long run all the firms in the industry earn profit .
  1. A
    Codes :
    Both (A) and (R) are true and (R) is the correct explanations of (A)
  2. B
    Both (A) and (R) are true , but (R) is not correct explanation of (A)
  3. C
    (A) is true , but (R) is false
  4. D
    (A) is false , but (R) is true 
Question 25Single Answer
Put the following in chronological order on the basis of development :
I. Law of demand
II.Revealed Preference Analysis
III. IIndifference Curve Analysis
IV. Law of Diminishing Marginal Utility
  1. A
    I, II, III, IV 
  2. B
    I, IV, III, II
  3. C
    I, II, IV,III  
  4. D
    I, III, IV, II
Question 26Single Answer
Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water ?
  1. A
    Adam smith 
  2. B
    David Ricardo
  3. C
    Alfred Marshall
  4. D
    Karl Marx
Question 27Single Answer
When income effect becomes stronger than substitution effect, the labour supply curve will :
  1. A
    Slope positively 
  2. B
    Negatively sloped
  3. C
    Bend backward 
  4. D
    Slope upwards
Question 28Single Answer
Assertion (A)   : The concept  of supply curve is meaningless for the monopolist.
Reason   (R)   : Monopolists are price setters ; it does not make reuse to ask what output they will produce at various prices.
  1. A
    Codes :
    Both (A) and (R) are correct and (R) is the correct explanation of (A)
  2. B
    (A) is correct , but (R)  is not correct 
  3. C
    Both (A) and (R) are correct , but (R) is not correct explanation of (A)
  4. D
    (R) is correct, but (A) is incorrect 
Question 29Single Answer
Predatory pricing policy is designed to :
  1. A
    drive competitors out of business
  2. B
    maximum profits
  3. C
    encourage entrants into the market
  4. D
    atain least cost output
Question 30Single Answer
Match items in List-I with items in List-II and select the correct answer from the code given below :
            List-I                                               List-II
a. The screening Hypothesis             1. George  A. Akerlof
b. Job Market signaling                     2. K. J  Arrow
c. The problem of moral                    3. M. Spencer
 hazard in the case  
 of medical insura
d. The market for lemons                4. Paul W. Miller and Paul A.
                                                       Vplcker 
  1. A
    Codes :
    (a)           (b)          (c)           (d)
    3              2              4              1
  2. B
    2              3              4              1
  3. C
    4              3              2              1
  4. D
    2              4              3              1
Question 31Single Answer
Which is called Gossen’s second Law ?
  1. A
    Law of equi-marginal utility
  2. B
    Law of Diminishing marginal utility
  3. C
    Revealed Preference Theory
  4. D
    Indifference Curav approach                         
Question 32Single Answer
Which of the condition support long run equilibrium in monopolistic competition  ?
  1. A
    MR = MC, AR = AC
  2. B
    P = MC, AR = AC
  3. C
    MR = MC = AR = AC
  4. D
    AR = MC = AC
Question 33Single Answer
Who explained importance of time element in price determination, for the first time ?
  1. A
    Chamberlin
  2. B
    Stigler
  3. C
    Mrs. Joan Robinson
  4. D
    Marshall
Question 34Single Answer
Law of diminishing returns begins to operate when :
  1. A
    Total product begins to rise
  2. B
    Total product begins to fall
  3. C
    Marginal Product begins to rise
  4. D
    Marginal product begins to fall
Question 35Single Answer
Consider the following statements regarding Edgeworth Duopoly model :
I.      It takes as given output decision of rival.
II.    It takes as given price decision of rival
III.   It is an explanation of price rigidity of thease , the correct answer is :
  1. A
    Only Statement I is true
  2. B
    Both I & II are true
  3. C
    Both II & III  are true
  4. D
    Only III is true
Question 36Single Answer
In case of indifference curve of two goods X and Y, as consumption of X increases :
  1. A
    MRSXY increases
  2. B
    MRSXY decreases
  3. C
    MRSXY remains the same
  4. D
    MRSXY increases but later on MRSXY decreases
Question 37Single Answer
General Economic equilibrium is NOT related to which one of the following problems ?
  1. A
    Uniqueness problem
  2. B
    Existence problem
  3. C
    Stability problem
  4. D
    Moral hazard problem
Question 38Single Answer
In the shoft-run production function, which on eof the following is CORRECT ?
  1. A
    Technology is assumed to change as labour input changes
  2. B
    Technology is assumed to change as capital stock changes
  3. C
    Technology is assumed to change positively until diminishing returns set in
  4. D
    Technology is assumedto be constant for a given production function relationship
Question 39Single Answer
As output expands, LAC curve falls. This is due to :
  1. A
    Law of variable proportions
  2. B
    Law of diminishing returns
  3. C
    Economies of scale
  4. D
    Diseconomies of scale
Question 40Single Answer
In a situtation of decision under uncertainty, if a consumer faces equal expected income from two alternatives, then she will take decision on the basis of :
  1. A
    Expected utility of both the alternatives
  2. B
    Probability of risk attached with each alternatives
  3. C
    Variation of risk attached with each alternatives
  4. D
    Mean of risk of each alternatives
Question 41Single Answer
What type of relationship the Phillips curve postulates between the rae of unemployment and the rate of increase of money wages ?
  1. A
    Inverse
  2. B
    Direct
  3. C
    Direct and proportional
  4. D
    Inverse and proportional
Question 42Single Answer
The concept of 'money illusion' was first given by whom ?
  1. A
    Milton Friedman
  2. B
    Irving Fisher
  3. C
    Robertson
  4. D
    J. M. Keynes
Question 43Single Answer
Which one of the following correctly describes the concept of 'Super Multiplier' ?
  1. A
    Investment multiplier
  2. B
    Money multiplier
  3. C
    Interaction between multiplier and accelerator
  4. D
    Employment multiplier
Question 44Single Answer
Given
I = 50 + 0.2Y
S = –150 + 0.4Y
G = 50
Where, I = Investment, S = Savings
G = Government Expenditure
Y = National Income
What is the equilibrium level of national income
  1. A
    2500
  2. B
    1250
  3. C
    250
  4. D
    1500
Question 45Single Answer
The independence of real variables from changes in money supply and nominal variables is called :
  1. A
    Keynesian dichotomy
  2. B
    Classical dichotomy
  3. C
    Money illusion
  4. D
    Money multiplier
Question 46Single Answer
Assuming the probability of a male birth as 0.5, find the chances that a family of 3 children will have two boys and one girl :
  1. A
  2. B
  3. C
  4. D
Question 47Single Answer
Which one of the following measures of central tendency will be the most appropriate to use if the data relates to rates, proportions and ratios ?
  1. A
    Arithmetic mean
  2. B
    M edian
  3. C
    Harmonic Mean
  4. D
    Geometric mean
Question 48Single Answer
The sampling distribution of mean based on a sample of 13 units selected without replacement shows a variance of 5 units. If the population consists of 49 units, estimate the variance of the population
  1. A
    80.67
  2. B
    84.87
  3. C
    86.67
  4. D
    86.87
Question 49Single Answer
In the classical linear regression model, Xi and Ui are assumed to be :
  1. A
    highly correlated
  2. B
    not correlated
  3. C
    positively correlated
  4. D
    negatively correlated
Question 50Single Answer
Identify which one of the following statements is INCORRECT ?
  1. A
    Intersection of two disjoint sets is a null set
  2. B
    Complement of a Universal set is a null set
  3. C
    If X ∩ Y =ϕ, then X-Y ≠X
  4. D
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