Question for UPESSC Assistant Professor Economics 2026 - Quiz / Questions / MCQ

Objective Questions

Latest UPESSC Assistant Professor Economics Exam Question (Objective Questions), MCQ in English

Subjects : General Knowledge, Optional Subject (Economics)

Question Bank UPESSC Assistant Professor (Economics) Exam - English

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General Knowledge

Question 1Single Answer

Who presented the Union Budget 2026–27 in Parliament?

A
Amit Shah
B
Piyush Goyal
C
Nirmala Sitharaman
D
Rajnath Singh

Question 2Single Answer

The Union Budget 2026–27 was the first Union Budget prepared in which building?

A
Kartavya Bhawan
B
North Block
C
Parliament House
D
Vigyan Bhawan

Question 3Single Answer

The Union Budget 2026–27 was inspired by how many 'Kartavyas'?

A
Three
B
Two
C
Four
D
Five

Question 4Single Answer

Total expenditure estimated in the Union Budget 2026–27 was approximately:

A
Rs 43.5 lakh crore
B
Rs 48.5 lakh crore
C
Rs 53.5 lakh crore
D
Rs 63.5 lakh crore

Question 5Single Answer

The New Income Tax Act, 2025 came into effect from:

A
January 2026
B
April 2026
C
July 2026
D
April 2027

Question 6Single Answer

India celebrated its _____ Republic Day on 26 January 2026.

A
77th
B
76th
C
75th
D
78th

Question 7Single Answer

Who was one of the Chief Guests at India's Republic Day celebrations in 2026?

A
Emmanuel Macron
B
António Costa
C
Keir Starmer
D
Friedrich Merz

Question 8Single Answer

Ursula von der Leyen attended India's Republic Day 2026 as the:

A
President of France
B
President of the European Commission
C
President of European Council
D
UN General Assembly President

Question 9Single Answer

António Costa is the President of the:

A
European Commission
B
European Parliament
C
European Central Bank
D
European Council

Question 10Single Answer

Republic Day 2026 highlighted 150 years of which national song?

A
Vande Mataram
B
Sare Jahan Se Achha
C
Jana Gana Mana
D
Ae Mere Watan Ke Logon

Question 11Single Answer

How many Padma Awards were approved for 2026?

A
121
B
131
C
125
D
139

Question 12Single Answer

How many Padma Vibhushan awards were announced for 2026?

A
5
B
3
C
7
D
10

Question 13Single Answer

How many Padma Bhushan awards were announced for 2026?

A
10
B
11
C
15
D
13

Question 14Single Answer

How many Padma Shri awards were announced for 2026?

A
103
B
113
C
108
D
118

Question 15Single Answer

The Padma Awards are traditionally announced on the occasion of:

A
Independence Day
B
Gandhi Jayanti
C
Republic Day
D
Constitution Day

Question 16Single Answer

The 20th Asian Games 2026 are being hosted by which country?

A
China
B
South Korea
C
India
D
Japan

Question 17Single Answer

The 2026 Asian Games are primarily being organised in which region?

A
Aichi–Nagoya
B
Osaka–Kyoto
C
Tokyo–Yokohama
D
Sapporo–Hakodate

Question 18Single Answer

On which date did the 20th Asian Games officially open?

A
10 September 2026
B
15 September 2026
C
19 September 2026
D
22 September 2026

Question 19Single Answer

The 2026 Asian Games are scheduled to conclude on which date?

A
4 October
B
2 October
C
30 September
D
10 October

Question 20Single Answer

Approximately how many countries and regions are participating in the 2026 Asian Games?

A
35
B
40
C
50
D
45

Question 21Single Answer

How many sports are included in the 2026 Asian Games programme?

A
43
B
40
C
38
D
48

Question 22Single Answer

Which edition of the Asian Games is being held in 2026?

A
18th
B
19th
C
21st
D
20th

Question 23Single Answer

Japan previously hosted the Asian Games in 1958 in which city?

A
Osaka
B
Nagoya
C
Hiroshima
D
Tokyo

Question 24Single Answer

Japan's second hosting of the Asian Games took place in 1994 in which city?

A
Kyoto
B
Nagoya
C
Hiroshima
D
Kobe

Question 25Single Answer

Which sport made its Asian Games debut in 2026?

A
Hockey
B
Mixed martial arts
C
Badminton
D
Archery

Question 26Single Answer

Which racket sport is among the new additions to the 2026 Asian Games?

A
Racquetball
B
Squash
C
Padel
D
Tennis

Question 27Single Answer

Which sport combining elements of football and table tennis is included as a new sport in the 2026 Asian Games?

A
Footvolley
B
Sepak takraw
C
Futsal
D
Teqball

Question 28Single Answer

Approximately how many medal events are included in the 2026 Asian Games?

A
469
B
419
C
369
D
569

Question 29Single Answer

Which country has traditionally dominated the Asian Games medal table since 1982?

A
Japan
B
China
C
India
D
South Korea

Question 30Single Answer

The 2026 Asian Games also serve as qualifiers for some events at which Olympic Games?

A
Salt Lake City 2034
B
Brisbane 2032
C
Paris 2024
D
Los Angeles 2028

Optional Subject (Economics)

Question 31Single Answer

According to Marshall, demand for a commodity primarily depends upon:

A
Government expenditure
B
Cost of production only
C
Supply only
D
Utility and price

Question 32Single Answer

The Marshallian demand curve is derived under the assumption that:

A
Utility cannot be measured
B
Income changes continuously
C
Prices of all goods change simultaneously
D
Marginal utility of money remains constant

Question 33Single Answer

Marshall’s theory of consumer behaviour is based on:

A
Ordinal utility
B
Revealed preference
C
Cardinal utility
D
Game theory

Question 34Single Answer

According to the law of diminishing marginal utility, as consumption of a commodity increases, its marginal utility tends to:

A
Increase
B
Remain constant
C
Become infinite
D
Decrease

Question 35Single Answer

Consumer equilibrium in Marshallian analysis occurs when:

A
MUₓ = MUᵧ
B
Pₓ = Pᵧ
C
MUₓ/Pₓ = MUᵧ/Pᵧ
D
Total utility is zero

Question 36Single Answer

The demand curve generally slopes downward because of:

A
Increasing marginal utility
B
Diminishing marginal utility
C
Increasing cost
D
Increasing supply

Question 37Single Answer

The Hicksian approach to demand analysis is based on:

A
Cardinal utility
B
Ordinal utility
C
Measurable satisfaction
D
Marginal productivity

Question 38Single Answer

Hicks developed consumer demand theory mainly with the help of:

A
Production functions
B
Isoquants
C
Indifference curves
D
Cost curves

Question 39Single Answer

An indifference curve represents combinations of two goods that provide:

A
Different levels of satisfaction
B
Minimum expenditure only
C
Maximum income
D
Equal levels of satisfaction

Question 40Single Answer

A higher indifference curve represents:

A
Higher satisfaction
B
Lower satisfaction
C
The same satisfaction
D
Negative utility

Question 41Single Answer

Two indifference curves cannot intersect because intersection would violate the assumption of:

A
Transitivity
B
Scarcity
C
Increasing returns
D
Perfect competition

Question 42Single Answer

The slope of an indifference curve is known as:

A
Marginal rate of transformation
B
Marginal productivity
C
Marginal rate of substitution
D
Price elasticity

Question 43Single Answer

The marginal rate of substitution of X for Y indicates:

A
Change in supply
B
Amount of income saved
C
Change in total cost
D
Amount of Y a consumer sacrifices for an additional unit of X

Question 44Single Answer

Convexity of an indifference curve to the origin reflects:

A
Increasing MRS
B
Diminishing MRS
C
Constant MRS
D
Zero MRS

Question 45Single Answer

Consumer equilibrium in indifference curve analysis occurs where:

A
Budget line intersects the vertical axis
B
Income becomes zero
C
Two indifference curves intersect
D
Budget line is tangent to an indifference curve

Question 46Single Answer

At an interior consumer equilibrium:

A
Pₓ = Pᵧ necessarily
B
MRSₓᵧ > Pₓ/Pᵧ always
C
MRSₓᵧ = 0
D
MRSₓᵧ = Pₓ/Pᵧ

Question 47Single Answer

A budget line shows:

A
Technically efficient combinations
B
Combinations of goods affordable with given income and prices
C
Equal utility combinations
D
Different production possibilities

Question 48Single Answer

The slope of the budget line is:

A
MUₓ/MUᵧ
B
Pₓ + Pᵧ
C
Income/Pₓ
D
−Pₓ/Pᵧ

Question 49Single Answer

An increase in consumer income, with prices unchanged, causes the budget line to:

A
Shift inward parallelly
B
Become vertical
C
Rotate inward
D
Shift outward parallelly

Question 50Single Answer

A fall in the price of good X, with income and price of Y unchanged, causes the budget line to:

A
Become horizontal
B
Shift parallel inward
C
Rotate outward along the X-axis
D
Rotate inward along the X-axis

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Optional Subject (Economics)

Question 51Single Answer

The total effect of a price change can be divided into:

A
Fixed and variable effects
B
Demand and supply effects
C
Income and substitution effects
D
Average and marginal effects

Question 52Single Answer

For a normal good, the income effect of a fall in price is:

A
Negative
B
Zero
C
Positive
D
Infinite

Question 53Single Answer

For an inferior good, the income effect associated with an increase in real income is generally:

A
Positive
B
Always zero
C
Infinite
D
Negative

Question 54Single Answer

A Giffen good is characterized by:

A
Perfectly elastic demand
B
A positive relationship between price and quantity demanded
C
Zero income effect
D
Positive substitution effect of a price rise

Question 55Single Answer

In the case of a Giffen good, the negative income effect is:

A
Smaller than the substitution effect
B
Equal to the substitution effect
C
Stronger than the substitution effect
D
Always zero

Question 56Single Answer

The substitution effect of a fall in the price of a good normally causes quantity demanded of that good to:

A
Fall
B
Become zero
C
Remain unchanged
D
Rise

Question 57Single Answer

Hicksian compensated demand keeps constant:

A
Money income
B
Price
C
Utility
D
Nominal expenditure necessarily

Question 58Single Answer

The Slutsky substitution effect keeps constant:

A
Utility level exactly
B
Price level
C
Marginal utility of money
D
Purchasing power sufficient to buy the original bundle

Question 59Single Answer

Revealed Preference Theory was primarily developed by:

A
J. R. Hicks
B
Léon Walras
C
Alfred Marshall
D
Paul Samuelson

Question 60Single Answer

Revealed Preference Theory attempts to explain consumer behaviour without using:

A
Measurable utility or indifference curves
B
Preferences inferred from choices
C
Observed choices
D
Budget constraints

Question 61Single Answer

The Weak Axiom of Revealed Preference is commonly abbreviated as:

A
WARP
B
SARP
C
GARP
D
LARP

Question 62Single Answer

WARP implies that if bundle A is directly revealed preferred to bundle B, then:

A
B must always be inferior
B
A must cost less than B
C
B cannot simultaneously be directly revealed preferred to A under comparable conditions
D
Both bundles give zero utility

Question 63Single Answer

The Strong Axiom of Revealed Preference is abbreviated as:

A
WARP
B
CAPM
C
SARP
D
MRTS

Question 64Single Answer

Revealed Preference Theory mainly relies on:

A
Introspection
B
Psychological experiments only
C
Cardinal measurement of utility
D
Observed consumer choices

Question 65Single Answer

Price elasticity of demand measures responsiveness of quantity demanded to changes in:

A
Consumer income
B
Price of the commodity
C
Population only
D
Technology

Question 66Single Answer

If price elasticity of demand is greater than one, demand is:

A
Inelastic
B
Perfectly inelastic
C
Unitary elastic
D
Elastic

Question 67Single Answer

If price elasticity of demand equals one, demand is:

A
Perfectly elastic
B
Perfectly inelastic
C
Unitary elastic
D
Income elastic

Question 68Single Answer

A perfectly inelastic demand curve is:

A
Vertical
B
Horizontal
C
Downward-sloping at 45°
D
Upward-sloping

Question 69Single Answer

A perfectly elastic demand curve is:

A
Horizontal
B
Vertical
C
Positively sloped
D
Rectangular hyperbola

Question 70Single Answer

Cross elasticity of demand is positive for:

A
Complementary goods
B
Substitute goods
C
Inferior goods only
D
Public goods

Question 71Single Answer

Cross elasticity of demand is generally negative for:

A
Substitutes
B
Luxury goods necessarily
C
Independent goods
D
Complements

Question 72Single Answer

Income elasticity of demand is positive for:

A
Normal goods
B
Inferior goods
C
Giffen goods necessarily
D
Free goods

Question 73Single Answer

The production function represents the relationship between:

A
Price and demand
B
Revenue and profit
C
Inputs and maximum possible output
D
Savings and investment

Question 74Single Answer

In the short run, at least one factor of production is:

A
Variable
B
Absent
C
Free
D
Fixed

Question 75Single Answer

In the long run:

A
All factors are variable
B
All factors are fixed
C
Output is fixed
D
Costs are necessarily zero

Question 76Single Answer

The law of variable proportions applies primarily to:

A
Long-run production
B
Short-run production
C
International trade
D
Public finance

Question 77Single Answer

Total product refers to:

A
Output per unit of variable input
B
Addition to output from one more unit of input
C
Total quantity of output produced
D
Total revenue

Question 78Single Answer

Average product of labour is calculated as:

A
TP × L
B
TC/Q
C
ΔTP/ΔL
D
TP/L

Question 79Single Answer

Marginal product of labour is:

A
Change in output resulting from an additional unit of labour
B
TP/L
C
Total output minus fixed cost
D
Output multiplied by labour

Question 80Single Answer

When marginal product exceeds average product, average product tends to:

A
Rise
B
Fall
C
Remain constant
D
Become negative

Question 81Single Answer

When marginal product is below average product, average product tends to:

A
Fall
B
Rise
C
Stay necessarily unchanged
D
Become infinite

Question 82Single Answer

Marginal product intersects average product when average product is:

A
At its maximum
B
At its minimum
C
Zero
D
Negative

Question 83Single Answer

An isoquant represents combinations of inputs producing:

A
Equal cost
B
Equal output
C
Equal revenue
D
Equal profit

Question 84Single Answer

The slope of an isoquant is measured by:

A
MRS
B
Average cost
C
Price elasticity
D
MRTS

Question 85Single Answer

MRTS refers to:

A
Minimum Revenue Tax Structure
B
Marginal Revenue to Sales
C
Maximum Rate of Total Savings
D
Marginal Rate of Technical Substitution

Question 86Single Answer

A convex isoquant reflects:

A
Increasing MRTS
B
Diminishing MRTS
C
Constant total cost
D
Increasing price

Question 87Single Answer

An isocost line represents combinations of inputs having:

A
Equal total cost
B
Equal output
C
Equal utility
D
Equal revenue

Question 88Single Answer

A producer reaches cost-minimizing equilibrium where:

A
Marginal product is zero
B
Two isoquants intersect
C
Isocost is vertical
D
Isoquant is tangent to an isocost line

Question 89Single Answer

At producer equilibrium:

A
MRTS = zero
B
MRTS = ratio of factor prices
C
Wage = output
D
Price = fixed cost

Question 90Single Answer

Returns to scale refer to the effect on output when:

A
All inputs change proportionately
B
Only one input changes
C
Price changes
D
Demand changes

Question 91Single Answer

Increasing returns to scale occur when output increases:

A
Less than proportionately to inputs
B
In exactly the same proportion
C
More than proportionately to inputs
D
Not at all

Question 92Single Answer

Constant returns to scale occur when output changes:

A
More than proportionately
B
In the same proportion as inputs
C
Less than proportionately
D
Inversely with inputs

Question 93Single Answer

Decreasing returns to scale occur when output increases:

A
Less than proportionately
B
More than proportionately
C
Exactly proportionately
D
Infinitely

Question 94Single Answer

The Cobb-Douglas production function is commonly written as:

A
C = a + bY
B
Q = P × R
C
Q = A LᵅKᵝ
D
M = kPY

Question 95Single Answer

For a Cobb-Douglas production function Q = A LᵅKᵝ, constant returns to scale exist when:

A
α + β = 1
B
α + β > 1
C
α + β < 1
D
α = β = 0

Question 96Single Answer

Fixed cost is a cost that:

A
Changes with output
B
Does not vary with output in the short run
C
Is always zero
D
Exists only in the long run

Question 97Single Answer

Variable cost changes with:

A
Ownership form alone
B
The firm's name
C
Accounting conventions only
D
Output

Question 98Single Answer

Total cost equals:

A
TFC + TVC
B
AFC + AVC only
C
TR − Profit
D
MC × Price

Question 99Single Answer

Average fixed cost is:

A
TVC/Q
B
TFC/Q
C
TC/Q
D
ΔTC/ΔQ

Question 100Single Answer

Average variable cost equals:

A
TFC/Q
B
ΔTFC/ΔQ
C
TC × Q
D
TVC/Q

Question 101Single Answer

Average total cost is:

A
MC/Q
B
TFC × Q
C
TVC − TFC
D
TC/Q

Question 102Single Answer

Marginal cost is defined as:

A
TC/Q
B
Change in total cost due to an additional unit of output
C
Fixed cost per unit
D
Total revenue per unit

Question 103Single Answer

The marginal cost curve intersects the average variable cost curve at AVC's:

A
Minimum point
B
Maximum point
C
Zero point
D
Highest possible output

Question 104Single Answer

The marginal cost curve intersects the average total cost curve at ATC's:

A
Minimum point
B
Maximum point
C
Vertical intercept
D
Zero-output point

Question 105Single Answer

The short-run average cost curve is generally:

A
Positively sloped throughout
B
Horizontal
C
Vertical
D
U-shaped

Question 106Single Answer

The long-run average cost curve is sometimes called the:

A
Demand curve
B
Engel curve
C
Envelope curve
D
Phillips curve

Question 107Single Answer

Economies of scale cause long-run average cost to:

A
Fall
B
Rise
C
Remain necessarily fixed
D
Become infinite

Question 108Single Answer

Diseconomies of scale cause long-run average cost to:

A
Fall
B
Rise
C
Become zero
D
Remain always constant

Question 109Single Answer

Internal economies of scale arise:

A
Within the firm
B
Only outside the industry
C
From taxation alone
D
From consumer preferences

Question 110Single Answer

External economies arise from:

A
Expansion or development of the industry or external environment
B
Reduction in firm output only
C
Consumer utility
D
Fixed cost alone

Question 111Single Answer

Perfect competition is characterized by:

A
A single seller
B
Product differentiation as a necessary condition
C
Many buyers and sellers
D
Government price fixation

Question 112Single Answer

A perfectly competitive firm is a:

A
Price taker
B
Price maker
C
Wage maker only
D
Monopoly buyer necessarily

Question 113Single Answer

Under perfect competition, the individual firm's demand curve is:

A
Downward sloping
B
Vertical
C
Perfectly elastic
D
Upward sloping

Question 114Single Answer

Under perfect competition:

A
MR = 0
B
AR > MR always
C
AR = MR = Price
D
AR < Price

Question 115Single Answer

A profit-maximizing firm generally produces where:

A
MC = MR
B
AC = AR in every situation
C
TC = TFC
D
MC = 0

Question 116Single Answer

For stable profit-maximizing equilibrium, the MC curve should cut the MR curve:

A
From above
B
At the origin only
C
Horizontally
D
From below

Question 117Single Answer

In the long-run equilibrium of a perfectly competitive industry, firms normally earn:

A
Persistent supernormal profits
B
Monopoly profits
C
Permanent losses
D
Normal profits

Question 118Single Answer

In long-run perfect competitive equilibrium:

A
P < AVC
B
P > MC necessarily
C
P = MR = MC = minimum AC
D
MR = 0

Question 119Single Answer

The short-run shutdown point of a competitive firm occurs at the minimum of:

A
Average variable cost
B
Average fixed cost
C
Average revenue
D
Total fixed cost

Question 120Single Answer

A competitive firm should continue production in the short run if price covers at least:

A
Average fixed cost
B
Total fixed cost
C
Average variable cost
D
Sunk cost only

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Latest UPESSC Assistant Professor Economics Exam Question (Objective Questions), MCQ in English

General Knowledge

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