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 _________

READ  Trivia of the Day Questions and Answers

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

READ  100 Pub Quizzes - Pub Trivia Questions and Answers

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?

READ  100 Chemistry Questions and Answers - Basic Chemistry

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) To arise an economic problem ________ is never an issue.

Answer: Use of money.

Leave a comment