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Objective Questions

Latest RSSB Teaching Associate Economics Exam Question (Objective Questions), MCQ in English

Subjects : Subject Concerned (Economics)

Question Bank RSSB Teaching Associate (Economics) Exam Paper 2 - English
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Subject Concerned (Economics)

Question 1Single Answer
Utility in economics refers to?
  1. A
    Satisfaction derived from consumption
  2. B
    Cost of production
  3. C
    Market demand
  4. D
    Income earned
Question 2Single Answer
Cardinal utility analysis assumes utility is?
  1. A
    Measurable
  2. B
    Constant
  3. C
    Ordinal
  4. D
    Negative
Question 3Single Answer
The law of diminishing marginal utility states that?
  1. A
    Total utility falls immediately
  2. B
    Marginal utility declines with additional consumption
  3. C
    Marginal utility increases continuously
  4. D
    Utility remains constant
Question 4Single Answer
Marginal utility means?
  1. A
    Total satisfaction
  2. B
    Additional satisfaction from one more unit
  3. C
    Cost of one unit
  4. D
    Average satisfaction
Question 5Single Answer
Total utility is maximum when marginal utility is?
  1. A
    Zero
  2. B
    Negative
  3. C
    Positive
  4. D
    Infinite
Question 6Single Answer
The consumer equilibrium in cardinal utility approach occurs when?
  1. A
    MUx = MUy
  2. B
    Px = Py
  3. C
    Income is zero
  4. D
    MUx/Px = MUy/Py
Question 7Single Answer
The assumption of cardinal utility was mainly used by?
  1. A
    Hicks
  2. B
    Joan Robinson
  3. C
    Samuelson
  4. D
    Marshall
Question 8Single Answer
Demand curve generally slopes downward because of?
  1. A
    Rising prices
  2. B
    Constant income
  3. C
    Law of demand
  4. D
    Fixed supply
Question 9Single Answer
Market demand curve is obtained by?
  1. A
    Horizontal summation of individual demands
  2. B
    Vertical summation of individual demands
  3. C
    Averaging all demands
  4. D
    Subtracting demands
Question 10Single Answer
Elasticity of demand measures?
  1. A
    Responsiveness of demand to price changes
  2. B
    Consumer income
  3. C
    Supply changes
  4. D
    Cost variations
Question 11Single Answer
Perfectly inelastic demand curve is?
  1. A
    Horizontal
  2. B
    Rectangular hyperbola
  3. C
    Upward sloping
  4. D
    Vertical
Question 12Single Answer
Unit elastic demand curve is represented by?
  1. A
    Straight line
  2. B
    Horizontal line
  3. C
    Vertical line
  4. D
    Rectangular hyperbola
Question 13Single Answer
Cross elasticity of demand measures?
  1. A
    Response to price of related goods
  2. B
    Response to income
  3. C
    Response to own price
  4. D
    Response to taxes
Question 14Single Answer
Income elasticity of demand for inferior goods is?
  1. A
    Positive
  2. B
    Negative
  3. C
    Zero
  4. D
    Infinite
Question 15Single Answer
Compensated demand curve shows effect of?
  1. A
    Price change with constant utility
  2. B
    Income change only
  3. C
    Price change only
  4. D
    Supply change
Question 16Single Answer
Ordinary demand curve is also known as?
  1. A
    Hicksian demand curve
  2. B
    Marshallian demand curve
  3. C
    Perfect demand curve
  4. D
    Derived demand curve
Question 17Single Answer
The bandwagon effect refers to?
  1. A
    Demand increasing because others consume it
  2. B
    Demand decreasing due to popularity
  3. C
    Demand unaffected by society
  4. D
    Demand falling with income
Question 18Single Answer
Snob effect implies?
  1. A
    Consumers avoid goods used by others
  2. B
    Consumers buy because everyone buys
  3. C
    Consumers ignore prices
  4. D
    Consumers buy necessities only
Question 19Single Answer
Veblen goods are demanded more when?
  1. A
    Prices fall
  2. B
    Supply increases
  3. C
    Income falls
  4. D
    Prices rise
Question 20Single Answer
Indifference curve represents?
  1. A
    Equal satisfaction combinations
  2. B
    Equal production combinations
  3. C
    Equal cost combinations
  4. D
    Equal income combinations
Question 21Single Answer
Indifference curves are generally?
  1. A
    Upward sloping
  2. B
    Horizontal
  3. C
    Vertical
  4. D
    Downward sloping
Question 22Single Answer
Higher indifference curve indicates?
  1. A
    Higher satisfaction
  2. B
    Same satisfaction
  3. C
    Lower satisfaction
  4. D
    Zero satisfaction
Question 23Single Answer
Indifference curves cannot intersect because?
  1. A
    Goods are scarce
  2. B
    Prices differ
  3. C
    It violates consistency assumption
  4. D
    Utility is measurable
Question 24Single Answer
The slope of indifference curve is called?
  1. A
    Marginal rate of substitution
  2. B
    Marginal cost
  3. C
    Average utility
  4. D
    Elasticity coefficient
Question 25Single Answer
Diminishing MRS means indifference curve is?
  1. A
    Vertical
  2. B
    Concave to origin
  3. C
    Horizontal
  4. D
    Convex to origin
Question 26Single Answer
Goods which provide positive utility are called?
  1. A
    Bads
  2. B
    Neutrals
  3. C
    Inferior goods
  4. D
    Goods
Question 27Single Answer
A bad is something that?
  1. A
    Gives satisfaction
  2. B
    Has zero utility
  3. C
    Gives disutility
  4. D
    Is free of cost
Question 28Single Answer
Neutral goods are those which?
  1. A
    Provide positive utility
  2. B
    Provide zero utility
  3. C
    Provide negative utility
  4. D
    Are luxury items
Question 29Single Answer
Normal goods have?
  1. A
    Negative income elasticity
  2. B
    Positive income elasticity
  3. C
    Zero income elasticity
  4. D
    Infinite elasticity
Question 30Single Answer
Giffen goods violate?
  1. A
    Law of utility
  2. B
    Law of returns
  3. C
    Law of demand
  4. D
    Law of supply
Question 31Single Answer
Price effect is the combined effect of?
  1. A
    Tax and subsidy effects
  2. B
    Utility and cost effects
  3. C
    Demand and supply effects
  4. D
    Income and substitution effects
Question 32Single Answer
Substitution effect occurs because?
  1. A
    Real income changes
  2. B
    Supply changes
  3. C
    Relative prices change
  4. D
    Tastes change
Question 33Single Answer
Income effect refers to change in demand due to?
  1. A
    Relative price change
  2. B
    Change in purchasing power
  3. C
    Technology change
  4. D
    Taxation change
Question 34Single Answer
Slutsky theorem separates?
  1. A
    Total cost and marginal cost
  2. B
    Income and substitution effects
  3. C
    Demand and supply
  4. D
    Fixed and variable costs
Question 35Single Answer
Under risk, consumers maximize?
  1. A
    Marginal cost
  2. B
    Supply
  3. C
    Expected utility
  4. D
    Profit only
Question 36Single Answer
Asymmetric information means?
  1. A
    Unequal information among parties
  2. B
    No market information
  3. C
    Equal information to all parties
  4. D
    Perfect competition
Question 37Single Answer
Adverse selection is associated with?
  1. A
    Perfect information
  2. B
    Asymmetric information before transaction
  3. C
    Symmetric information
  4. D
    Public goods
Question 38Single Answer
Moral hazard arises after?
  1. A
    Market closure
  2. B
    Government intervention
  3. C
    Transaction takes place
  4. D
    Production stops
Question 39Single Answer
Behavioral economics studies?
  1. A
    Only mathematical models
  2. B
    Government expenditure
  3. C
    Agricultural markets only
  4. D
    Irrational behavior in decision-making
Question 40Single Answer
Prospect theory was developed by?
  1. A
    Kahneman and Tversky
  2. B
    Marshall and Pigou
  3. C
    Hicks and Allen
  4. D
    Samuelson and Friedman
Question 41Single Answer
Law of variable proportions operates in?
  1. A
    Long run only
  2. B
    International market
  3. C
    Short run only
  4. D
    Monopoly only
Question 42Single Answer
In the first stage of production?
  1. A
    Total product declines
  2. B
    Marginal product rises
  3. C
    Marginal product is negative
  4. D
    Average product falls
Question 43Single Answer
Rational producer operates in?
  1. A
    Stage I
  2. B
    None of these
  3. C
    Stage III
  4. D
    Stage II
Question 44Single Answer
Stage III begins when?
  1. A
    MP becomes zero
  2. B
    TP is maximum
  3. C
    MP becomes negative
  4. D
    AP is maximum
Question 45Single Answer
Isoquant shows?
  1. A
    Equal output combinations
  2. B
    Equal cost combinations
  3. C
    Equal utility combinations
  4. D
    Equal revenue combinations
Question 46Single Answer
Isoquants are generally?
  1. A
    Upward sloping
  2. B
    Vertical
  3. C
    Horizontal
  4. D
    Downward sloping
Question 47Single Answer
Ridge lines indicate?
  1. A
    Monopoly equilibrium
  2. B
    Region of economic production
  3. C
    Consumer equilibrium
  4. D
    Welfare maximization
Question 48Single Answer
Producer equilibrium occurs where?
  1. A
    Isoquant touches isocost
  2. B
    Isoquant cuts isocost
  3. C
    Isoquant is vertical
  4. D
    Isocost is horizontal
Question 49Single Answer
Expansion path shows?
  1. A
    Consumer equilibrium path
  2. B
    Price effect
  3. C
    Least-cost combinations for different outputs
  4. D
    Supply curve
Question 50Single Answer
Short run production function assumes?
  1. A
    All factors variable
  2. B
    All factors fixed
  3. C
    No factors fixed
  4. D
    Some factors fixed
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