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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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