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Latest WBSSC SLST Higher Secondary Assistant Teacher Economics Exam Question (Objective Questions), MCQ in English

Subjects : Economics

Question Bank WBSSC SLST Higher Secondary Assistant Teacher (Economics) Exam - English
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Economics

Question 1Single Answer
What is the basic economic problem faced by every society?
  1. A
    Unlimited wants and limited resources
  2. B
    Efficient taxation system
  3. C
    Equal distribution of income
  4. D
    Fixed prices of goods
Question 2Single Answer
Which economic system allows free market and minimal government intervention?
  1. A
    Capitalist economy
  2. B
    Socialist economy
  3. C
    Mixed economy
  4. D
    Command economy
Question 3Single Answer
Which of the following is a central problem of an economy?
  1. A
    What to produce?
  2. B
    How to produce?
  3. C
    For whom to produce?
  4. D
    All of the above
Question 4Single Answer
What is the main feature of a socialist economy?
  1. A
    Private ownership
  2. B
    Profit maximization
  3. C
    Central planning authority
  4. D
    Free price mechanism
Question 5Single Answer
What determines the market price in a free economy?
  1. A
    Government policy
  2. B
    Demand and supply
  3. C
    Cost of production
  4. D
    Monopoly power
Question 6Single Answer
What is meant by elasticity of demand?
  1. A
    Change in demand due to price change
  2. B
    Change in price due to supply
  3. C
    Quantity of supply
  4. D
    Demand that never changes
Question 7Single Answer
Which type of demand elasticity occurs when a small price change leads to large change in quantity demanded?
  1. A
    Perfectly inelastic
  2. B
    Unitary elastic
  3. C
    Relatively elastic
  4. D
    Perfectly elastic
Question 8Single Answer
What is the price elasticity of demand when percentage change in quantity equals percentage change in price?
  1. A
    Greater than
  2. B
    Less than
  3. C
    Zero
  4. D
    Equal to
Question 9Single Answer
What is the impact of price ceiling?
  1. A
    Creates surplus
  2. B
    Reduces supply
  3. C
    Creates shortage
  4. D
    Increases demand only
Question 10Single Answer
Rationing is an application of which economic tool?
  1. A
    Elasticity
  2. B
    Demand
  3. C
    Supply
  4. D
    Price control
Question 11Single Answer
The price of agricultural products is generally
  1. A
    Rigid
  2. B
    Fixed
  3. C
    Fluctuating
  4. D
    Subsidized
Question 12Single Answer
Which sector's prices are generally more stable?
  1. A
    Agriculture
  2. B
    Industry
  3. C
    Real estate
  4. D
    Food
Question 13Single Answer
Which utility approach assumes measurability of satisfaction?
  1. A
    Cardinal
  2. B
    Ordinal
  3. C
    Indifference curve
  4. D
    Revealed preference
Question 14Single Answer
According to cardinal utility, utility can be measured in
  1. A
    Dollars
  2. B
    Utils
  3. C
    Quantity
  4. D
    Weight
Question 15Single Answer
The law of diminishing marginal utility implies
  1. A
    More we consume, more we desire
  2. B
    More we consume, less additional satisfaction we get
  3. C
    Less we consume, more we enjoy
  4. D
    Utility is constant
Question 16Single Answer
Indifference curves are
  1. A
    Convex to origin
  2. B
    Concave to origin
  3. C
    Straight lines
  4. D
    Vertical
Question 17Single Answer
Which of the following is a property of an indifference curve?
  1. A
    Upward sloping
  2. B
    Intersecting
  3. C
    Convex to origin
  4. D
    Touching the axes
Question 18Single Answer
What is shown by the marginal rate of substitution (MRS)?
  1. A
    Slope of the budget line
  2. B
    Rate of exchange of one good for another
  3. C
    Consumer income
  4. D
    Total utility
Question 19Single Answer
Which point gives the consumer maximum satisfaction?
  1. A
    Budget line is below indifference curve
  2. B
    Indifference curve touches budget line
  3. C
    Budget line is above indifference curve
  4. D
    Both curves intersect
Question 20Single Answer
In indifference curve analysis, the price effect is the combination of
  1. A
    Income and substitution effect
  2. B
    Income and price
  3. C
    Utility and demand
  4. D
    Budget and consumption
Question 21Single Answer
Which of the following is not an assumption of indifference curve analysis?
  1. A
    Rational consumer
  2. B
    Diminishing MRS
  3. C
    Cardinal measurement of utility
  4. D
    Consistency
Question 22Single Answer
Income effect refers to
  1. A
    Change in quantity demanded due to price change
  2. B
    Change in demand due to income change
  3. C
    Change in demand due to utility
  4. D
    Change in price due to income
Question 23Single Answer
Substitution effect causes a consumer to
  1. A
    Substitute expensive goods with cheaper ones
  2. B
    Buy more goods
  3. C
    Save more
  4. D
    Spend more
Question 24Single Answer
The slope of the budget line is determined by
  1. A
    Consumer income
  2. B
    Prices of goods
  3. C
    Utility
  4. D
    Both a and b
Question 25Single Answer
The revealed preference theory was developed by
  1. A
    Alfred Marshall
  2. B
    J.R. Hicks
  3. C
    Paul Samuelson
  4. D
    Adam Smith
Question 26Single Answer
Revealed preference theory is based on
  1. A
    Indifference curves
  2. B
    Utility
  3. C
    Observed consumer choices
  4. D
    Demand curve
Question 27Single Answer
Which condition is necessary for consumer equilibrium in indifference curve analysis?
  1. A
    MUx = Px
  2. B
    MRS = Price ratio
  3. C
    TU = zero
  4. D
    MU = TU
Question 28Single Answer
In ordinal utility analysis, utility is measured in
  1. A
    Numbers
  2. B
    Ranks
  3. C
    Utils
  4. D
    Value
Question 29Single Answer
In the context of demand, ceteris paribus means
  1. A
    Other things remain constant
  2. B
    All factors change
  3. C
    Income changes
  4. D
    Preferences vary
Question 30Single Answer
What happens when the price of a normal good falls, ceteris paribus?
  1. A
    Demand decreases
  2. B
    Supply increases
  3. C
    Quantity demanded increases
  4. D
    Income effect is negative
Question 31Single Answer
Which factor does not cause a shift in the demand curve?
  1. A
    Income
  2. B
    Price of the good itself
  3. C
    Tastes and preferences
  4. D
    Price of related goods
Question 32Single Answer
Cross elasticity of demand between tea and coffee is likely to be
  1. A
    Zero
  2. B
    Positive
  3. C
    Negative
  4. D
    Infinite
Question 33Single Answer
If income elasticity of demand for a good is negative, it is a
  1. A
    Normal good
  2. B
    Luxury good
  3. C
    Inferior good
  4. D
    Giffen good
Question 34Single Answer
Which of the following is not true about indifference curves?
  1. A
    They intersect each other
  2. B
    Higher curves show higher satisfaction
  3. C
    They are convex to the origin
  4. D
    They slope downward
Question 35Single Answer
What does the slope of the indifference curve represent?
  1. A
    Price of the good
  2. B
    Consumer’s income
  3. C
    Marginal rate of substitution
  4. D
    Total utility
Question 36Single Answer
Budget line shifts right when
  1. A
    Price of both goods rises
  2. B
    Income increases
  3. C
    Income decreases
  4. D
    Price of one good increases
Question 37Single Answer
An inferior good is defined as one
  1. A
    Whose demand rises with income
  2. B
    Which is of poor quality
  3. C
    Whose demand falls with income
  4. D
    Which has high price
Question 38Single Answer
Which method is not used to measure price elasticity of demand?
  1. A
    Point method
  2. B
    Total expenditure method
  3. C
    Arc elasticity method
  4. D
    Production possibility method
Question 39Single Answer
The point where the budget line is tangent to an indifference curve represents
  1. A
    Consumer’s dissatisfaction
  2. B
    Consumer’s equilibrium
  3. C
    Maximum income
  4. D
    Zero consumption
Question 40Single Answer
When a consumer moves along an indifference curve
  1. A
    Marginal rate of substitution remains constant
  2. B
    Utility remains constant
  3. C
    Quantity consumed remains unchanged
  4. D
    Income changes
Question 41Single Answer
The concept of marginal utility is based on the assumption of
  1. A
    Rising satisfaction
  2. B
    Constant satisfaction
  3. C
    Diminishing satisfaction
  4. D
    Increasing price
Question 42Single Answer
Which of the following is not included in basic problems of the economy?
  1. A
    What to produce
  2. B
    How to produce
  3. C
    Where to store
  4. D
    For whom to produce
Question 43Single Answer
Who introduced the concept of cardinal utility?
  1. A
    Marshall
  2. B
    Keynes
  3. C
    Adam Smith
  4. D
    Hicks
Question 44Single Answer
The demand for a commodity is inelastic when
  1. A
    Total expenditure remains constant with price change
  2. B
    Quantity demanded changes by more than price
  3. C
    Demand changes by less than price
  4. D
    Price remains unchanged
Question 45Single Answer
When price of substitute good increases, the demand for a given good will
  1. A
    Increase
  2. B
    Decrease
  3. C
    Remain same
  4. D
    Become zero
Question 46Single Answer
A movement along the demand curve is caused by
  1. A
    Change in income
  2. B
    Change in price of the commodity
  3. C
    Change in taste
  4. D
    Change in price of substitute
Question 47Single Answer
What does the slope of the budget line indicate?
  1. A
    Income level
  2. B
    Marginal rate of substitution
  3. C
    Price ratio
  4. D
    Marginal utility
Question 48Single Answer
The substitution effect always
  1. A
    Increases quantity demanded
  2. B
    Moves consumption toward relatively cheaper good
  3. C
    Leads to equilibrium
  4. D
    Leads to utility maximization
Question 49Single Answer
In cardinal utility, total utility is maximized when
  1. A
    MU = 12
  2. B
    MU = E
  3. C
    MU = TU
  4. D
    MU = Price
Question 50Single Answer
The law of demand states that
  1. A
    Price and demand are directly related
  2. B
    Price and demand are inversely related
  3. C
    Price has no effect on demand
  4. D
    Demand causes supply
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