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Objective Questions

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

Subjects : Concerned Subject (Economics), General Studies

Question Bank UP PGT Economics Exam - English
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Concerned Subject (Economics)

Question 1Single Answer
Utility maximization under budget constraint is achieved when?
  1. A
    MUx + MUy is maximum
  2. B
    Px + Py = Income
  3. C
    MUx/Px = MUy/Py
  4. D
    MUx × MUy = 0
Question 2Single Answer
Indifference curve is convex to origin because of?
  1. A
    Diminishing marginal rate of substitution
  2. B
    Increasing marginal utility
  3. C
    Law of demand
  4. D
    Perfect substitution
Question 3Single Answer
Marginal Rate of Substitution (MRS) is defined as?
  1. A
    Amount of Y sacrificed for one more unit of X
  2. B
    Slope of budget line
  3. C
    Ratio of prices
  4. D
    Total utility ratio
Question 4Single Answer
A Giffen good violates the?
  1. A
    Law of diminishing utility
  2. B
    Law of demand
  3. C
    Law of supply
  4. D
    Law of substitution
Question 5Single Answer
Budget line shifts outward when?
  1. A
    Price of goods increases
  2. B
    Demand decreases
  3. C
    Utility increases
  4. D
    Income increases
Question 6Single Answer
A consumer is in equilibrium when?
  1. A
    Total utility is zero
  2. B
    Marginal utility is maximum
  3. C
    Price is zero
  4. D
    Budget is exhausted with highest satisfaction
Question 7Single Answer
Law of diminishing marginal utility states that?
  1. A
    Total utility falls immediately
  2. B
    Marginal utility increases continuously
  3. C
    Marginal utility declines with consumption
  4. D
    Utility remains constant
Question 8Single Answer
Indifference curve cannot?
  1. A
    Be downward sloping
  2. B
    Be smooth
  3. C
    Be convex
  4. D
    Intersect each other
Question 9Single Answer
Perfect substitutes have indifference curves that are?
  1. A
    L-shaped
  2. B
    Straight lines
  3. C
    Convex
  4. D
    Circular
Question 10Single Answer
Perfect complements are represented by?
  1. A
    Straight lines
  2. B
    Parallel lines
  3. C
    Upward sloping curves
  4. D
    Right angle indifference curves
Question 11Single Answer
Consumer surplus is defined as?
  1. A
    Difference between income and expenditure
  2. B
    Total utility minus marginal utility
  3. C
    Difference between willingness to pay and actual price
  4. D
    Price minus cost
Question 12Single Answer
Engel curve shows relationship between?
  1. A
    Income and quantity demanded
  2. B
    Price and demand
  3. C
    Supply and price
  4. D
    Utility and cost
Question 13Single Answer
When income increases demand for inferior goods?
  1. A
    Increases
  2. B
    Decreases
  3. C
    Remains constant
  4. D
    Becomes zero
Question 14Single Answer
Substitution effect always leads to?
  1. A
    Decrease in demand
  2. B
    Fall in price only
  3. C
    Increase in demand
  4. D
    No change in demand
Question 15Single Answer
Income effect measures change in demand due to?
  1. A
    Price change only
  2. B
    Taste change
  3. C
    Income change only
  4. D
    Substitution effect
Question 16Single Answer
Slutsky equation decomposes price effect into?
  1. A
    Income and demand effect
  2. B
    Supply and demand effect
  3. C
    Income and substitution effect
  4. D
    Cost and revenue effect
Question 17Single Answer
A higher indifference curve indicates?
  1. A
    Lower utility
  2. B
    Same utility
  3. C
    Higher utility
  4. D
    Zero utility
Question 18Single Answer
The slope of budget line depends on?
  1. A
    Income only
  2. B
    Preferences
  3. C
    Utility
  4. D
    Price ratio
Question 19Single Answer
If price of X falls, budget line?
  1. A
    Shifts inward
  2. B
    Rotates outward
  3. C
    Becomes steeper
  4. D
    Disappears
Question 20Single Answer
Utility is best defined as?
  1. A
    Money value
  2. B
    Satisfaction from consumption
  3. C
    Cost of production
  4. D
    Market price
Question 21Single Answer
Cardinal utility approach assumes utility is?
  1. A
    Ordinal only
  2. B
    Constant
  3. C
    Non-comparable
  4. D
    Measurable numerically
Question 22Single Answer
Ordinal utility approach uses?
  1. A
    Ranking of preferences
  2. B
    Exact numbers
  3. C
    Money value
  4. D
    Cost values
Question 23Single Answer
Marginal utility becomes zero when?
  1. A
    Consumption starts
  2. B
    Demand falls
  3. C
    Price increases
  4. D
    Total utility is maximum
Question 24Single Answer
Demand curve derived from price consumption curve shows?
  1. A
    Price-demand relationship
  2. B
    Income effect
  3. C
    Supply relation
  4. D
    Cost relation
Question 25Single Answer
Inferior goods are those for which income elasticity is?
  1. A
    Positive
  2. B
    Zero
  3. C
    Infinite
  4. D
    Negative
Question 26Single Answer
A normal good has income elasticity?
  1. A
    Negative
  2. B
    Undefined
  3. C
    Zero
  4. D
    Positive
Question 27Single Answer
Consumer equilibrium under indifference curve theory requires?
  1. A
    MUx = MUy
  2. B
    MRS = price ratio
  3. C
    Income = cost
  4. D
    Demand = supply
Question 28Single Answer
Giffen goods are typically?
  1. A
    Luxury goods
  2. B
    Substitute goods
  3. C
    Normal goods
  4. D
    Inferior goods
Question 29Single Answer
Price effect is combination of?
  1. A
    Supply and cost
  2. B
    Income and substitution effects
  3. C
    Demand and utility
  4. D
    Revenue and profit
Question 30Single Answer
If two goods are independent, cross elasticity is?
  1. A
    Positive
  2. B
    Zero
  3. C
    Negative
  4. D
    Infinite
Question 31Single Answer
Complementary goods have cross elasticity?
  1. A
    Positive
  2. B
    Zero
  3. C
    Negative
  4. D
    One
Question 32Single Answer
Substitutes have cross elasticity?
  1. A
    Negative
  2. B
    Positive
  3. C
    Zero
  4. D
    Undefined
Question 33Single Answer
The point where indifference curve touches budget line is?
  1. A
    Inequality point
  2. B
    Maximum cost point
  3. C
    Disequilibrium
  4. D
    Equilibrium point
Question 34Single Answer
A higher income shifts budget line?
  1. A
    Leftward
  2. B
    Becomes steeper
  3. C
    Rightward parallel
  4. D
    Horizontal
Question 35Single Answer
Consumer prefers combinations on?
  1. A
    Higher IC
  2. B
    Lower IC
  3. C
    Budget line only
  4. D
    Origin
Question 36Single Answer
Total utility is sum of?
  1. A
    Income utilities
  2. B
    Average utilities
  3. C
    Price utilities
  4. D
    Marginal utilities
Question 37Single Answer
Marginal utility curve is typically?
  1. A
    Upward sloping
  2. B
    Vertical
  3. C
    Downward sloping
  4. D
    Horizontal
Question 38Single Answer
Indifference curve analysis assumes utility is?
  1. A
    Measurable
  2. B
    Ordinal
  3. C
    Observable
  4. D
    Fixed
Question 39Single Answer
Demand curve is derived from?
  1. A
    Supply curve
  2. B
    Cost curve
  3. C
    Utility maximization
  4. D
    Production function
Question 40Single Answer
Consumer equilibrium condition fails when?
  1. A
    MRS equals price ratio
  2. B
    MRS does not equal price ratio
  3. C
    Budget is fully spent
  4. D
    Utility is maximized
Question 41Single Answer
Production function shows relationship between?
  1. A
    Price and output
  2. B
    Cost and revenue
  3. C
    Inputs and output
  4. D
    Demand and supply
Question 42Single Answer
Short run is a period when?
  1. A
    All inputs are variable
  2. B
    All inputs are fixed
  3. C
    No production occurs
  4. D
    At least one input is fixed
Question 43Single Answer
Long run production is characterized by?
  1. A
    Fixed inputs
  2. B
    Variable inputs
  3. C
    At least one fixed input
  4. D
    No input change
Question 44Single Answer
Law of variable proportions operates in?
  1. A
    Long run
  2. B
    Very long run
  3. C
    Static period
  4. D
    Short run
Question 45Single Answer
Marginal product is defined as?
  1. A
    Total output per unit cost
  2. B
    Total revenue
  3. C
    Change in total product due to one more unit of input
  4. D
    Average output
Question 46Single Answer
According to the completeness axiom of consumer preferences, a consumer must be able to?
  1. A
    Purchase every affordable bundle
  2. B
    Rank any two consumption bundles
  3. C
    Obtain positive utility from every good
  4. D
    Consume all available goods
Question 47Single Answer
Transitivity of preferences implies that if bundle X is preferred to Y and Y is preferred to Z, then?
  1. A
    Z must be preferred to X
  2. B
    X must be preferred to Z
  3. C
    X and Z must be indifferent
  4. D
    Y must be preferred to X
Question 48Single Answer
Strictly convex preferences imply that the consumer generally prefers?
  1. A
    Extreme bundles to averages
  2. B
    Goods in fixed proportions
  3. C
    Only corner solutions
  4. D
    Weighted averages to extreme bundles
Question 49Single Answer
If a utility function is subjected to a strictly increasing transformation, the consumer's?
  1. A
    Demand necessarily changes
  2. B
    Preference ordering remains unchanged
  3. C
    Budget constraint shifts
  4. D
    Marginal utility remains numerically unchanged
Question 50Single Answer
At an interior consumer equilibrium with differentiable preferences, which condition generally holds?
  1. A
    MRS = ratio of prices
  2. B
    MRS = income
  3. C
    MRS = total expenditure
  4. D
    Marginal utility equals zero
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