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Latest SSB Odisha Lecturer Economics Exam Question (Objective Questions), MCQ in English
Subjects : Economics
Question Bank SSB Odisha Lecturer Economics Exam - English
Economics
Q 1 :
An indifference curve represents combinations of two goods that provide the consumer with:
A.Equal utility
B.Equal income
C.Equal expenditure
D.Equal prices
Q 2 :
A typical indifference curve is:
A.Downward sloping
B.Horizontal
C.Upward sloping
D.Vertical
Q 3 :
The convexity of an indifference curve to the origin reflects:
A.Increasing marginal utility
B.Constant marginal utility
C.Diminishing marginal rate of substitution
D.Increasing marginal rate of substitution
Q 4 :
The slope of an indifference curve measures the:
A.Marginal utility of income
B.Marginal rate of substitution
C.Price ratio
D.Income elasticity
Q 5 :
Two indifference curves cannot intersect because intersection would violate the assumption of:
A.Completeness
B.Non-satiation
C.Transitivity
D.Divisibility
Q 6 :
A higher indifference curve normally represents:
A.Lower satisfaction
B.Equal satisfaction
C.Zero satisfaction
D.Higher satisfaction
Q 7 :
For perfect substitutes, indifference curves are generally:
A.L-shaped
B.Vertical
C.Circular
D.Straight lines
Q 8 :
For perfect complements, indifference curves are:
A.Linear
B.Concave
C.Horizontal
D.L-shaped
Q 9 :
Consumer equilibrium under indifference curve analysis occurs where:
A.MRS > Px/Py
B.MRS = Px/Py
C.MRS < Px/Py
D.MUx = MUy = 0
Q 10 :
The budget line shows combinations of goods that:
A.Yield equal utility
B.Have equal marginal utilities
C.Have equal prices
D.Cost the consumer exactly the available income
Q 11 :
The slope of the budget line is:
A.โPy/Px
B.โPx/Py
C.Px/Py
D.I/Px
Q 12 :
An increase in money income with prices unchanged causes the budget line to:
A.Rotate inward
B.Shift parallel outward
C.Become steeper
D.Become flatter
Q 13 :
A fall in the price of good X, other things constant, causes the budget line to:
A.Shift parallel inward
B.Rotate outward along the X-axis
C.Rotate inward along the X-axis
D.Remain unchanged
Q 14 :
The Income Consumption Curve traces consumer equilibrium as:
A.Price changes
B.Income changes
C.Technology changes
D.Preferences remain irrelevant
Q 15 :
An Engel curve relates quantity demanded of a commodity to:
A.Its price
B.Interest rate
C.Price of substitutes
D.Consumer income
Q 16 :
For a normal good, the Engel curve generally has a:
A.Zero slope
B.Negative slope
C.Positive slope
D.Vertical slope
Q 17 :
For an inferior good over the relevant range, the Engel curve may have a:
A.Positive slope only
B.Zero slope necessarily
C.Negative slope
D.Vertical slope
Q 18 :
The Price Consumption Curve traces equilibrium as:
A.Income changes
B.Preferences change
C.Both commodity prices change proportionately
D.Price of one commodity changes
Q 19 :
The substitution effect of a fall in a commodityโs own price is normally:
A.Negative
B.Positive for demand of that commodity
C.Zero
D.Indeterminate in every case
Q 20 :
For a normal good, the income effect of a fall in price is:
A.Opposite to substitution effect
B.Always zero
C.In the same direction as substitution effect
D.Unrelated to demand
Q 21 :
In the case of an inferior good, the income effect of a price fall is:
A.Positive
B.Always zero
C.Always larger than substitution effect
D.Opposite to the substitution effect
Q 22 :
A Giffen good is characterized by:
A.Positive substitution effect larger than income effect
B.A negative price-demand relationship
C.A positive price-demand relationship
D.Perfectly elastic demand
Q 23 :
For a Giffen good, the negative income effect is:
A.Smaller than substitution effect
B.Greater than substitution effect
C.Equal to substitution effect
D.Zero
Q 24 :
Hicks decomposed the price effect into:
A.Scale and substitution effects
B.Income and substitution effects
C.Income and output effects
D.Price and cost effects
Q 25 :
Slutskyโs substitution effect keeps constant the consumerโs:
A.Utility level exactly
B.Purchasing power sufficient to buy the original bundle
C.Money income
D.Marginal utility of money
Q 26 :
Hicksian substitution effect keeps constant:
A.Nominal income
B.Utility
C.Real income measured by original bundle
D.Price ratio
Q 27 :
Revealed Preference Theory is mainly associated with:
A.Samuelson
B.Hicks
C.Marshall
D.Pigou
Q 28 :
Revealed Preference Theory derives preferences from:
A.Psychological introspection
B.Production decisions
C.Utility measurement in cardinal units
D.Observed consumer choices
Q 29 :
The Weak Axiom of Revealed Preference is abbreviated as:
A.SARP
B.WARP
C.GARP only
D.WTP
Q 30 :
Marshallian consumer surplus is the difference between:
A.Total utility and marginal utility
B.Willingness to pay and actual expenditure
C.Price and marginal cost
D.Income and saving
Q 31 :
Consumer surplus is graphically represented under a downward-sloping demand curve as the area:
A.Above market price and below demand curve
B.Below price and above supply
C.Above supply and below marginal cost
D.Below demand and below price
Q 32 :
Producer surplus is generally measured as the area:
A.Below average cost only
B.Below demand curve and above market price
C.Above demand curve
D.Above the supply curve and below market price
Q 33 :
Producer surplus is closely related to:
A.Total utility minus expenditure
B.Total revenue minus total fixed cost only
C.Total revenue minus total variable cost
D.Profit plus variable cost
Q 34 :
If preferences are strictly convex, the consumer normally prefers:
A.Averages or diversified bundles
B.Extreme bundles
C.No consumption
D.Only one commodity
Q 35 :
The marginal rate of substitution of X for Y equals:
A.MUy/MUx
B.I/Px
C.Px ร Py
D.MUx/MUy
Q 36 :
At an interior consumer equilibrium:
A.Px = Py necessarily
B.MUx = Px
C.MUy = Py
D.MUx/Px = MUy/Py
Q 37 :
A corner solution occurs when:
A.The optimum involves zero consumption of at least one good
B.Both goods are consumed in positive quantities
C.Income is zero
D.Both prices are zero
Q 38 :
If all prices and income double, the consumerโs budget set:
A.Remains unchanged
B.Contracts
C.Expands
D.Becomes vertical
Q 39 :
Homothetic preferences imply that income expansion paths are generally:
A.Vertical lines
B.Horizontal lines
C.Straight rays from the origin
D.Rectangular hyperbolas necessarily
Q 40 :
A commodity whose demand rises more than proportionately with income is generally called a:
A.Luxury
B.Necessity
C.Giffen good
D.Public good
Q 41 :
The law of variable proportions applies primarily to:
A.Long-run production
B.Short-run production
C.International trade
D.Consumption
Q 42 :
In the short run, at least one input is:
A.Variable
B.Infinite
C.Free
D.Fixed
Q 43 :
Marginal product of labour is the change in:
A.Total cost from one more unit of labour
B.Average product divided by labour
C.Total product from one more unit of labour
D.Price caused by labour
Q 44 :
Average product of labour equals:
A.MP/L
B.TP/L
C.L/TP
D.TP ร L
Q 45 :
When marginal product exceeds average product, average product is:
A.Falling
B.Rising
C.Constant necessarily
D.Negative
Q 46 :
Average product is maximum when:
A.MP = 0
B.MP = AP
C.TP = 0
D.AP = 0
Q 47 :
Total product reaches its maximum when marginal product is:
A.Zero
B.Maximum
C.Equal to AP
D.Infinite
Q 48 :
Stage II of production begins where:
A.MP becomes negative
B.AP is maximum
C.TP is zero
D.Fixed cost is maximum
Q 49 :
A rational producer normally operates in:
A.Stage II
B.Stage I only
C.Stage III only
D.Outside all stages
Q 50 :
Returns to scale refer to the response of output when:
A.One input changes
B.Demand changes
C.Price changes
D.All inputs change proportionately
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