With the shifting demand curve leftward, arrange the following statement in sequential order.

A. At any given price, demand is less.
B. Excess supply will be there.
C. Some producers will decrease the prices of commodity.
D. At new equilibrium, quantity and price will be less.

Choose the correct answer from the options given below:

1. (B), (A), (C), (D)
2. (A), (C), (B), (D)
3. (B), (A), (D), (C)
4. (D), (B), (C), (A)

Currency notes and coins are called:

1. Fiat Money
2. Broad Money
3. Currency Base
4. Narrow Money.

Consider the production function q = f(x1, X2) where the firm produces q amout of output xy amount of factor 1 and x2 amount of factor 2. The firm decides to increase the employment level of both the factors t (t > 1). Identify the equation for decreasing returns to scale from the following:

1. q = f(x1, X2 )
2. f (tx1, tx2) = t.f (x1, X2)
3. f (tx1, tx2) < t.f (x1, X2).
4. f (tx1, tx2) > t.fx1, x2)

The change in total cost per unit of change in output is known as by which name

1. Average Cost
2. Variable Cost
3. Fixed Cost
4. Short Run Marginal Cost

Ex-post is depicted by which of the following .......

1. What actually has happened.
2. What actually will happen?
3. What is actually planned?
4. What should plan be

The index of prices of a given basket of commodities which are bought by the representative consumer is known as :

1. Consumer Price Index
2. Wholesale Price Index.
3. Capital Good Index.
4. Inflation.

In deficit condition of Balance of Payment if the central bank sells foreign exchange then this particular transaction is

known as .......

1. Official reserve sale.
2. Portfolio Investment.
3. Net Invisibles.
4. Net factor income.

Who is the author of "The General Theory of Employment, Interest and Money"?

1. Adam Smith.
2. David Recardo.
3. J.S. Mill.
4. John Maynard Keynes

Budget Set is.

1. Given the prices of the goods and the income of a consumer.

2. Any bundle as long as it costs less than or equal to the income

3. A set of price available to producer.

4. Set of bundles available to the consumer

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) – (II), (B) – (III), (C) – (I), (D) – (IV)
2. (A) – (III), (B) – (II), (C) – (I), (D) – (IV)
3. (A) – (IV), (B) – (II), (C) – (I), (D) – (III)
4. (A) – (III), (B) – (IV), (C) – (I), (D) – (II)

If all the people of the economy increase the proportion of income they save, the total value of savings in the economy will not increase - it will either decline or remain unchanged. This result is known as ......

1. Multiplier Mechanism.
2. Paradox of Thrift.
3. Deficient Demand.
4. Investment.

The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called?

1. Production Possibility Frontier
2. Isoquant Curve
3. Production Possibility Set
4. Isocost Line

Which of the following conditions must hold for a firm to maximise its profit.

A. Price= Short run marginal Cost
B. Short Run marginal cost curve is non-decreasing
C. Price ≤ Marginal Cost
D. Price ≥ Average variable cost

Choose the correct answer from the options given below:

1. (B), (C) and (D) only
2. (A), (B) and (C) only
3. (A), (B), (C) and (D)
4. (A), (B) and (D) only

Find the correct statement/statements.

A. Goods which are consumed together are called complementary goods.
B. The market demand curve can be derived as a vertical summation of the individual demand curves.
C. Price elasticity of demand is a measure of the responsiveness of the demand for a good to changes in its price.
D If the consumer's preferences change in favor of a good, the demand curve for such a good shifts leftward.

Choose the correct answer from the options given below:

1. (A) and (C) only
2. (A), (B) and (C) only
3. (A) and (D) Only
4. (B), (C) and (D) only

When goods and services are evaluated at constant prices, the measured value is known as .......

1. Nominal GDP.

2. Inventory.

3. Inflation.

4. Real GDP.

When an individual buys foreign goods, this spending is known as .....

1. Injection in the economy.
2. Exchange rate market.
3. Leakages from economy.
4. Direct investment.

Marginal cost curve intersects average cost curve at ..........

1. At maximum point of average cost curve.
2. At minimum point from of average cost curve.
3. Do not intersect.
4. Intersect at mid point at rising average cost curve.

Suppose an individual buy 30 bananas when its price is Rs. 10 per banana. When the price increases to Rs. 14 per banana, she reduces her demand to 24 bananas. In this case, what will be the price elasticity of demand?

1. 0.3

2. 0.2

3. 0.5

4. 0.4

Among the following, which are the functions of money?

A. Medium of exchange.
B Unit of account.
C. Bartering
D. Store of value

Choose the correct answer from the options given below:

1. (A), (B) and (D) only
2. (A), (B) and (C) only
3. (A), (B), (C) and (D)
4. (B), (C) and (D) only

The difference between the value of exports and the value of imports of goods of a country in a given period of time is known as by what name?

1. Balance of Trade
2. Balance of Payment
3. Capital Account Deficit
4. Net Invisibles.

Whether to use more resources in education and health or to use more resources in building military services. Which of the central problems of an economy is accurate for this?

1. How to produce?

2. What to produce?

3. Whom to produced?

4. Where to produced?

Arrange the following conditions from most to least liquid form:

A. Currency + Demand Deposit + Savings deposits with Post Office savings banks.
B. Currency + Demand Deposit + Net time deposits of commercial banks.+ Total deposits with Post Office savings organizations.
C. Currency + Demand Deposit.
D. Currency + Demand Deposit + Net time deposits of commercial banks.

Choose the correct answer from the options given below:

1. (A), (B), (C), (D)
2. (C), (A), (D), (B)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)

The point on the supply curve at which a firm earns only normal profit is called________

1. Break-even point.
2. Average Profit.
3. Long Run Average Cost.
4. Fixed Cost.

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) – (IV), (B) – (I), (C) – (II), (D) – (III)
2. (A) – (I), (B) – (III), (C) – (II), (D) – (IV)
3. (A) – (IV), (B) – (II), (C) – (IV), (D) – (III)
4. (A) – (III), (B) – (IV), (C) – (I), (D) – (II)

Arrange the following steps of calculation of National income in sequence.

A. Deduction of intermediate cost
B. Estimation of value of output
C. Add net factor income from abroad
D. Deduction of depreciation and NIT

Choose the correct answer from the options given below:

1. (A), (B), (C), (D)
2. (A), (C), (B), (D)
3. (B), (A), (D), (C)
4. (C), (D), (A), (B)

________ of an input is defined as the change in output per unit of change in the input when all other inputs are remain constant.

1. Marginal Product.
2. Average Product.
3. Total Product.
4. Returns to Scale.

Which of the following is an example of floor price?

1. Minimum Support Price for Foodgrain
2. Price printed on any article.
3. Price taken by Seller
4. Price asked by buyer to buy.

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) – (I), (B) – (II), (C) – (III), (D) – (IV)
2. (A) – (I), (B) – (III), (C) – (II), (D) – (IV)
3. (A) – (I), (B) – (II), (C) – (IV),(D) – (III)
4. (A) – (III), (B) – (IV), (C) – (I), (D) – (II)

Suppose an Indian manufacturer of steel acquires a steel manufacturing unit in Europe. This type of transactions are recorded in which of the following.

1. Current Account.
2. Capital Account
3. Capital Market
4. Net Invisibles.

In the long run…………

1. At least one of the factor varied.
2. All factors of production can be varied.
3. Factor remains fixed.
4. Only one factor can vary.

Arrange the following steps of estimation of National Income by income method in the proper sequence.

A. Identification and classification of producing firms.
B. Estimation of NDPFc
C. Estimation of NNPFc.
D. Classification of factor Income.

Choose the correct answer from the options given below:

1. (A), (B), (C), (D)
2. (A), (C), (B), (D)
3. (A), (D), (B), (C)
4. (A), (B), (D), (C)

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) – (I), (B) – (II), (C) – (III), (D) – (IV)
2. (A) – (III), (B) – (I), (C) – (II), (D) – (IV)
3. (A) – (I), (B) – (II), (C) – (IV), (D) – (III)
4. (A) – (III), (B) – (IV), (C) – (I), (D) – (II)

The relation between the consumer's optimal choice of the quantity of a good and its price is called ?

1. Supply function
2. Demand Function
3. Cost Function
4. Output function

How does technological progress affect the firms’ supply curve?

1. Shift to the right.
2. Shift to the left.
3. Remain at same place.
4. Shift in vertical shape.

Shape of Average Fixed Cost Curve is:

1. Constant

2. 'U' Shaped.

3. Rectangular Hyperbola

4. Reverse Hyperbola

To measure consumer price index (CPI) which of the following years are taken into consideration?

A. Current Year.
B. Preceeding Year.
C. Base Year.
D. Succeeding Year.

Choose the correct answer from the options given below:

1. (A), (B) and (D) only
2. (A) and (C) only
3. (A), (B) and (C) only
4. (B), (C) and (D) only

When governments intervene in the market to expand or reduce the demand, this course of action is ......

1. Allocative Function
2. Distribution Fuction
3. Stabilization Function
4. Fiscal Function.

With keeping tax rate (T) constant if government purchases(G) increase, then arrange the following statement considering the effect on total income and output.

A. Rise in Plan Aggregate expenditure.
B. Government runs a deficit when G exceeds T.
C. Equilibrium income level increased.
D. Aggregate demand schedule shifts upward.

Choose the correct answer from the options given below:

1. (B), (A), (D), (C)
2. (A), (C), (B), (D)
3. (A), (B), (D), (C)
4. (C), (B), (D), (A)

Money deposited in the banks are considered of the banks.

1. Asset.
2. Net Worth.
3. Liabilities.
4. Statuary Liquid Ratio.

The difference between the revenue and cost is known as.

1. Cost of Production
2. Input cost
3. Marginal Cost
4. Profit

Excess demand is the situation where ......

1. Output level is less than the full employment level.
2. Output level is equal to the full employment level.
3. Demand is more than output level at full employment level.
4. Output level is marginally increasing.

The level of output is determined by the .....

1. Full Employment.
2. Excessive Demand.
3. Marginal Output.
4. Equality of Income (Y) with Aggregate Demand (AD)

Level of employment is determined by which of the following?

1. Output Eqilibrium.
2. Factor of Production
3. Capital Employed.
4. Availability of Raw Material.

Full employment level is the level where .........

1. Everyone in the economy got employment
2. Maximum Capital investment.
3. all the factors of production are fully employed in the production process.
4. Excessive Demand.

If output equilibrium is less than the full employment level, then this condition is known as:

1. Deficient Demand.

2. Constant Demand.

3. Marginal Demand

4. Aggregate Demand.

GST is the amalgamation of which of the following taxes?

1. All Central taxes
2. All State Taxes
3. Large number of central and state indirect taxes
4. Large number of central direct taxes.

From the following which product has been kept out from the GST ambit?

1. Gold

2. Silver

3. Luxury Consumables.

4. Tobacco.

Why GST is considered as unified tax system?

1. Because it is combination of multiple taxes.
2. Because now country have only GST as indirect tax.
3. Because it brought uniformity in tax rate across the country.
4. Because it is a simple tax.

Which of the following feature of GST removes/reduces the cascading effect?

1. Destination Based Tax
2. Unified Tax
3. Input Tax Credit(ITC)
4. Unified Market.

Goods & Services Tax (GST) is which of the following type of tax?

1. Destination Based Tax.

2. Direct Tax.

3. Local Tax

4. Lump Sum Tax.