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100 Basic Economics Questions – Economics Quiz

100 Basic Economics Questions – Economics Quiz

100 Basic Economics Questions - Economics Quiz


1) Alfred Marshal, famous economist contributes mainly in the field of ________

Answer: Theory of demand.


2) Who firstly introduced “Liquidity of Preference theory”?

Answer: Lord Keynes.


3) The term water in economics deals with ____________

Answer: Free good.


4) The term “Technology “is defined in economics as _________

Answer: Society’s knowledge of production.


5) In which theory “Marginal Productivity theory “deals with?

Answer: Distribution.


6) Price determination is studied traditionally. What is it called?

Answer: Theory of value.


7) The word ‘Invisible hand ‘in economics is defined as

Answer: Market self-regulating system.


8) To Influence consumers a producer, have to spend money. This is an example of

Answer: Demand creation.


9) Whose opinion is ‘Rent is a creation of value’ not of wealth?

Answer: David Ricardo.


10) The concept” Representative Firm” is introduced by __________

Answer: Alfred Marshal.


11) The book “The social framework” is written by

Answer: J.R.Hicks.


12) “Theory of income determination” is introduced by _______ in its modern form.

Answer: J.M.Keynes.


13) The other name of Marshallian approach is _______

Answer: Cardinal approach.


14) The total utility is _________ when Marginal utility (MU) reaches zero.

Answer: Maximum.


15) In total utility (TU) curve the falling part represents _______

Answer: Negative marginal utility.


16) An IC can be ______ in the economic bad condition.

Answer: Sloping upward.


17) When rate of a commodity decrease  then we bought __________, based on law of Equi-marginal utility

Answer: More units.


18) What changes will occur on the budget line if consumer’s income increases?

Answer: Shift parallel to right.


19) To a capital-intensive business, the most suitable form of business organisation is ____________

Answer: Joint-stock company.


20) When rate of a product A Falls and as a result the demand of another product B rises. Comment the statement.

Answer: A and B are complementary goods.


Basic Economics Questions – Economics Quiz Part 2


21) The other name of budget line is _____________

Answer: Consumption possibility line.


22) A farm land can used to cultivate either corn or soybeans if corn’s demand increases then:

Answer: The supply of soybeans should decrease.


23) Law of diminishing returns is used in ____________ Field, according to Marshal

Answer: Agriculture.


24) The another name of Opportunity cost is_________

Answer: Alternative costs.


25) We can determine the slope of budget line (iso-cost line) by________

Answer: Pricing of two factors.


26) Against fixed factors the firm faced some costs. These costs are called as _________

Answer: Fixed costs.


27) The MC curve’s behavior can be find out by examining the behavior of _________

Answer: TC curve.


28) A firm generally uses _________ according to modern theory of costs

Answer: 2/3 of capacity of its plants.


29) On what idea the model cost curves deals with?

Answer: Reserve capacity.


30) The competition is called as ______ if many firms are producing differentiated and similar products

Answer: Monopolistic competition.


31) In _______consumers will get similar and differentiated goods

Answer: Monopolistic competition.


32) Prices are determined firstly by _______ in a competitive market

Answer: The interplay of demand and supply.


33) The profit can be maximized by a monopolist when ________

Answer: His marginal revenue is equal to marginal cost.


34) Costless production assumption is __________ based on the opinion of critics

Answer: not true.


35) The firms are following ________ in a monopolistic competition

Answer: Myopia behavior.


36) Name the two economists who put forward game theory?

Answer: Neomann and Morgenstern.


37) In which year A.W Tucker presented The Prisoner’s dilemma?

Answer: 1940.


38) A country’s imports give income for ___________

Answer: Foreign producers.


39) Who put forward “The concept of multiplier”?

Answer: Keynes.


40) Who introduced ‘The regressive expectations’ model?

Answer: Tobin.


Basic Economics Questions – Economics Quiz Part 3


41) The other name of ‘The Endogenous growth model (Theory)’

Answer: New growth theory.


42) Average revenue curve is otherwise known as ____________

Answer: Demand curve.


43) What is deficit financing?

Answer: Spending in excess of revenues.


44) A country’s market size can really determine by________

Answer: Income of its population.


45) Who wrote the book ‘Principles of political economy and taxation’?

Answer: David Ricardo.


46) Who is the first person raise   fears on World Food shortage?

Answer: T.R. Malthus.


47) Karl Marx famous book Das capital’s first volume was released on which year?

Answer: 1867.


48) When did ‘The Communist Manifesto’, the book by Marx and Engels was released?

Answer: 1848.


49) Fredrich list nationality is_________

Answer: German.


50) An economist on explaining the concept of money framed a phrase ‘a temporary about off purchasing power’. Mention the economist

Answer: Milton Friedman.


51) Name the economist who proposed the ‘Time preference theory of interest’

Answer: Böhm Bawerk.


52) The term ‘Quasi-rent’ was initially used by _________

Answer: Alfred Marshall.


53) Consumers goods are called as consumption capital by

Answer: Alfred Marshall.


54) In economics the concept ‘Elasticity of demand’ was introduced by _________

Answer: Alfred Marshall.


55) AFC (Average Fixed Curve)’s shape is _____________

Answer: Rectangular hyperbola.


56) ‘Choice of technique’ is the book written by __________

Answer: Amartya Sen.


57) Two economists in 1930, who worked independantly put forward monopolistic competition theory simultaneously. E.H Chamberlain was the first person. Mention the other.

Answer: Joan Robinson.


58) Bertil Ohlin, The winner of Nobel prize for economics in 1977. Mention his nationality.

Answer: Swedish.


59) Define Supply of a Commodity?

Answer: Amount of the commodity offered for sale at a particular price per unit of time.


60) ‘Marginal productivity theory of distribution ‘ was first introduced by________

Answer: J. B. Clark.


Basic Economics Questions – Economics Quiz Part 4


61) ‘Economics of imperfect competition’ is the book written by

Answer: Joan Robinson.


62) In 1946 a University appointed W. W. Leontief as the professor of Economics. Name the University

Answer: University of Kiel.


63) Paul A Samuelson won the Nobel prize in economics in which year?

Answer: 1970.


64) In 1990 the number of economists share the Nobel prize for economics are________

Answer: Three.


65) The country with the highest GDP in world is _________

Answer: USA.


66) The country with the lowest GDP per capita in the world is _________

Answer: Mozambique.


67) The country with the largest per capita income is _________

Answer: Switzerland.


68) Define ‘Demand for a Commodity’?

Answer: Quantity of the commodity demanded at a certain price during any particular period of time.


69) In USA how many percentages of GDP have the contribution from agriculture?

Answer: 2.


70) The country having the highest daily calorie intake per capita is _______

Answer: United Arab Emirates.


71) Highest indebted nation in the world is _________

Answer: Brazil.


72) A nation with high income is found to be the highest consumer of per capita energy. Mention the country.

Answer: Canada.


73) Name the nation where the whole population is urban in nature?

Answer: Singapore.


74) The country in which the death rate is very low in the world is ________

Answer: Kuwait.


75) Infant mortality rate is highest in a developed nation. Mention the country

Answer: Sweden.


76) ‘Science which studies human behaviour as a relationship between ends and means which have alternative uses.’ Which economist defined Economics as this?

Answer: L. Robbins.


77) The country having the largest life expectancy of birth in the world is Japan. How much is the life expectancy?

Answer: 76 years.


78) For the third world nations the biggest source of help is _______

Answer: The World Bank.


79) Which country is the highest producer of milk in the world?

Answer: USSR.


80) Most number of German cars are exported to which nation?

Answer: UK.


Basic Economics Questions – Economics Quiz Part 5


81) Approximate percentage value of oil reserves in west Asia compared to the total oil reserves in the world is _______

Answer: 65.


82) In 1990 Aug US dollar became convertible to citizens of the Soviet Union. Other currencies are also become convertible. Name the date when it became authorised?

answer: First.


83) Gorbachev’s market economy plan was approved by the Soviet Union Parliament on which day of Oct 1990?

Answer: Nineteenth.


84) The joining of East and West Germany took place on ___ October 1990

Answer: Third.


85) Which year did China’s first five-year plan end?

Answer: 1957.


86) Industrial revolution first occurred in ____________

Answer: England.


87) IMF (International Monetary Fund) started to function in which year?

Answer: 1947.


88) Head Quarters of IMF is at _________

Answer: Washington, DC.


89) World Bank (IBRD-International Bank for Reconstruction and Development) started to function in

Answer: 1946.


90) ‘Soft Loan Window’ is the other name of a financial institution, in which hard currencies can be borrowed by underdeveloped countries. Name the institution?

Answer: IDA.


91) GATT (General Agreement on Tariff and Trade)’s headquarters is at _________

Answer: Geneva.


92) ASEAN is the group of countries that aims at the progress of the economy, social welfare, and stability in the region. When was ASEAN formed?

Answer: 1967.


93) For development in agriculture the international Fund was inaugurated on ________

Answer: 1977.


94) Council of Europe’s headquarters is at ________

Answer: Strasbourg.


95) OCED (Organization of Economic Cooperation and Development) was formed on which year?

Answer: 1961.


96) European Common Market (ECM) /European Economic Community (EEC) starts on _______

Answer: 1958.


97) COMECON is the group of countries whose objective is to integrate and coordinate the economies of member nations. When was it founded?

Answer: 1949.


98) EFTA (European Free Trade Association)’s headquarters is on __________

Answer: Brussels.


99) OPEC’s biggest oil exporter is which country?

Answer: Saudi Arabia.


100) Which is not an essential condition for an economic problem to arise?

Answer: Use of money.


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