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Objective Questions

Latest Punjab Lecturer Economics Exam Question (Objective Questions), MCQ in English

Subjects : Economics

Question Bank Punjab Lecturer Economics (Paper 2) Exam - English
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Economics

Question 1Single Answer
Economics is primarily concerned with the study of?
  1. AUnlimited resources only
  2. BScarce resources and alternative uses
  3. CProduction without consumption
  4. DMoney creation only
Question 2Single Answer
The basic economic problem arises mainly because?
  1. AResources are scarce relative to wants
  2. BResources have no alternative uses
  3. CHuman wants are limited
  4. DProduction is always constant
Question 3Single Answer
Which is a central problem of an economy?
  1. AWhat to produce
  2. BHow to advertise
  3. CHow to issue currency notes
  4. DHow to regulate population only
Question 4Single Answer
The problem “how to produce” is mainly concerned with the choice of?
  1. AConsumers
  2. BTechniques of production
  3. CMarket location
  4. DProduct names
Question 5Single Answer
The problem “for whom to produce” is related primarily to?
  1. AResource discovery
  2. BProduction technique
  3. CDistribution of output
  4. DProduct design
Question 6Single Answer
The Production Possibility Curve represents?
  1. ADifferent combinations of two goods that can be produced with available resources
  2. BDifferent levels of consumer income
  3. CDifferent market prices of one commodity
  4. DDifferent levels of taxation
Question 7Single Answer
A point lying on the Production Possibility Curve indicates?
  1. AUnemployment of resources
  2. BImpossible production
  3. CEfficient utilization of resources
  4. DZero opportunity cost
Question 8Single Answer
A point inside the Production Possibility Curve indicates?
  1. AUnderutilization of resources
  2. BFull and efficient employment
  3. CAn unattainable combination
  4. DMaximum economic growth
Question 9Single Answer
A point outside the existing Production Possibility Curve is generally?
  1. AAttainable with existing resources
  2. BUnattainable with existing resources and technology
  3. CAlways inefficient
  4. DAssociated with unemployment
Question 10Single Answer
The downward slope of a PPC reflects the principle of?
  1. AMarginal revenue
  2. BConsumer surplus
  3. CPrice discrimination
  4. DOpportunity cost
Question 11Single Answer
A rightward shift of the Production Possibility Curve generally indicates?
  1. AEconomic contraction
  2. BEconomic growth
  3. CRising unemployment only
  4. DFalling utility
Question 12Single Answer
Which can shift the PPC outward?
  1. ADestruction of productive resources
  2. BPermanent fall in resources
  3. CImprovement in technology
  4. DInefficient resource use
Question 13Single Answer
In a centrally planned economy, major resource-allocation decisions are primarily taken by?
  1. ACentral planning authority
  2. BPrivate firms alone
  3. CIndividual consumers alone
  4. DForeign producers
Question 14Single Answer
In a capitalist economy, central economic problems are mainly solved through?
  1. ACentral directives only
  2. BPrice mechanism
  3. CRationing alone
  4. DGovernment ownership of every enterprise
Question 15Single Answer
A mixed economy combines features of?
  1. AAgriculture and industry only
  2. BMonopoly and monopsony only
  3. CCapitalism and socialism
  4. DInflation and deflation
Question 16Single Answer
Opportunity cost refers to?
  1. AValue of the next best alternative sacrificed
  2. BAccounting cost only
  3. CHistorical cost of production
  4. DFixed monetary expenditure
Question 17Single Answer
Scarcity implies that?
  1. AEvery good is free
  2. BResources have no alternative uses
  3. CHuman wants are completely satisfied
  4. DResources are insufficient to satisfy all wants
Question 18Single Answer
The fundamental economic problem exists in?
  1. AEvery economy
  2. BCapitalist economies only
  3. CDeveloping economies only
  4. DCentrally planned economies only
Question 19Single Answer
A bowed-out PPC generally reflects?
  1. ANegative opportunity cost
  2. BConstant opportunity cost
  3. CZero opportunity cost
  4. DIncreasing opportunity cost
Question 20Single Answer
A straight-line PPC represents?
  1. AIncreasing marginal utility
  2. BIncreasing opportunity cost
  3. CDecreasing utility
  4. DConstant opportunity cost
Question 21Single Answer
Consumer behaviour theory studies how consumers?
  1. ADetermine national income
  2. BAllocate income among goods and services
  3. CControl monetary policy
  4. DFix tax rates
Question 22Single Answer
Utility refers to the?
  1. ACost of producing a commodity
  2. BMarket supply of a commodity
  3. CWant-satisfying power of a commodity
  4. DIncome of a producer
Question 23Single Answer
Cardinal utility analysis assumes that utility can be?
  1. AIgnored completely
  2. BRanked only
  3. CMeasured numerically
  4. DMeasured only through production
Question 24Single Answer
The imaginary unit traditionally used to measure utility is called?
  1. AUtil
  2. BJoule
  3. CIndex
  4. DUnit cost
Question 25Single Answer
Total utility means?
  1. AUtility from the last unit consumed
  2. BAverage cost of consumption
  3. CTotal satisfaction from all units consumed
  4. DUtility from the first unit only
Question 26Single Answer
Marginal utility is the change in total utility resulting from?
  1. AIncrease in price only
  2. BConsumption of an additional unit
  3. CReduction in income only
  4. DIncrease in production
Question 27Single Answer
According to the law of diminishing marginal utility, marginal utility tends to?
  1. AIncrease continuously
  2. BRemain permanently constant
  3. CDecline as consumption increases
  4. DBecome infinite
Question 28Single Answer
When total utility is maximum, marginal utility is generally?
  1. AInfinite
  2. BMaximum
  3. CZero
  4. DEqual to price necessarily
Question 29Single Answer
When marginal utility becomes negative, total utility generally?
  1. AContinues to rise
  2. BBegins to fall
  3. CRemains unchanged
  4. DBecomes infinite
Question 30Single Answer
The law of equi-marginal utility is also known as the law of?
  1. ASupply
  2. BSubstitution
  3. CReturns to scale
  4. DVariable proportions
Question 31Single Answer
Under cardinal utility analysis, consumer equilibrium requires allocation of expenditure so that?
  1. ATotal utility of every good is zero
  2. BMarginal utility per unit of money is equalized across goods
  3. CPrices of all commodities are equal
  4. DQuantities of all commodities are equal
Question 32Single Answer
The traditional cardinal utility approach assumes marginal utility of money to be?
  1. AConstant
  2. BContinuously increasing
  3. CZero
  4. DNegative
Question 33Single Answer
Consumer surplus is associated prominently with?
  1. ADavid Ricardo only
  2. BJ.M. Keynes
  3. CAlfred Marshall
  4. DJoan Robinson only
Question 34Single Answer
Consumer surplus is broadly the difference between?
  1. AFixed cost and variable cost
  2. BTotal cost and total revenue
  3. CWhat a consumer is willing to pay and what the consumer actually pays
  4. DAverage revenue and marginal revenue
Question 35Single Answer
Ordinal utility analysis assumes that consumers can?
  1. AMeasure utility in rupees
  2. BMeasure satisfaction precisely in utils
  3. CRank preferences
  4. DIgnore preferences
Question 36Single Answer
Indifference curve analysis is based on?
  1. ACardinal utility only
  2. BOrdinal utility
  3. CLabour theory of value
  4. DQuantity theory of money
Question 37Single Answer
An indifference curve shows combinations of two goods yielding?
  1. AEqual costs
  2. BEqual prices
  3. CEqual satisfaction
  4. DEqual quantities
Question 38Single Answer
A higher indifference curve ordinarily represents?
  1. AHigher level of satisfaction
  2. BLower level of satisfaction
  3. CSame satisfaction as every other curve
  4. DZero satisfaction
Question 39Single Answer
Two indifference curves cannot normally intersect because intersection would violate?
  1. AConsistency of consumer preferences
  2. BLaw of supply
  3. CLaw of production
  4. DPrice elasticity of supply
Question 40Single Answer
An indifference curve is normally downward sloping because?
  1. APrices are always declining
  2. BBoth goods are necessarily inferior
  3. CMore of one good must compensate for less of another
  4. DIncome always rises
Question 41Single Answer
Convexity of an indifference curve to the origin reflects?
  1. AConstant price elasticity
  2. BIncreasing marginal utility of money
  3. CIncreasing returns to scale
  4. DDiminishing marginal rate of substitution
Question 42Single Answer
Marginal rate of substitution indicates the amount of one good a consumer is willing to sacrifice for?
  1. AAdditional labour only
  2. BA lower income
  3. CHigher production cost
  4. DAn additional unit of another good
Question 43Single Answer
A budget line shows combinations of two goods that a consumer can purchase with?
  1. AFixed utility only
  2. BUnlimited income
  3. CZero prices
  4. DGiven income and prices
Question 44Single Answer
An increase in consumer income, with prices unchanged, causes the budget line to?
  1. AShift inward parallel to itself
  2. BShift outward parallel to itself
  3. CBecome vertical
  4. DDisappear
Question 45Single Answer
A fall in the price of one good, other things unchanged, generally causes the budget line to?
  1. ABecome a point
  2. BShift parallel inward
  3. CRemain completely unchanged
  4. DRotate
Question 46Single Answer
Under indifference curve analysis, consumer equilibrium is generally achieved where the budget line is?
  1. ATangent to the highest attainable indifference curve
  2. BParallel to the vertical axis
  3. CAbove every indifference curve
  4. DBelow the origin
Question 47Single Answer
At an interior consumer equilibrium, MRS is equal to the?
  1. ADifference between prices
  2. BTotal utility
  3. CConsumer income
  4. DRatio of commodity prices
Question 48Single Answer
The income effect refers to a change in quantity demanded resulting from a change in?
  1. ANumber of firms
  2. BTechnology
  3. CReal purchasing power
  4. DProduction function
Question 49Single Answer
The substitution effect arises because a price change alters?
  1. ATechnology only
  2. BPopulation only
  3. CRelative prices of goods
  4. DTotal resources of the economy
Question 50Single Answer
For a normal good, the income effect of a price fall generally?
  1. AReinforces the substitution effect
  2. BOpposes the substitution effect completely
  3. CIs always zero
  4. DEliminates demand
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