Indian Economy MCQ Set-16
Microeconomics MCQ for competitive examinations in India such as UPSC CSE, State PSC, IBPS PO, SBI PO, IBPS SO, IBPS RRB, IBPS Clerk and various government & public sector undertaking jobs in India.
Q.1 Microeconomy studies behavior of a/an _________________ unit.
A. Individual economic
B. Multilateral economic
C. Both A & B
D. None of these
Answer: A. Individual economic
Q.2 “Rich people should be taxed more” is an example of _____________ economic analysis.
A. Positive
B. Normative
C. Productive
D. None of these
Answer: B. Normative
Note: Normative economics is a part of economics whose objective is fairness or what the outcome of the economy or goals of public policy ought to be.
Q.3 Which Economist divided Economics in two branches of micro and macro on the basis of economic activity?
A. Ragnar Frisch
B. Marshall
C. Ricadro
D. None of these
Answer: A. Ragnar Frisch
Q.4 Which of the following is/are studied under microeconomics?
A. Individual
B. Household
C. Firms
D. All of the above
Answer: D. All of the above
Note: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources.
Q.5 Which of the following statements is/are true?
A. Human needs are infinite
B. Resources are limited
C. Scarcity problem gives birth to choice
D. All of the above
Answer: D. All of the above
Q.6 The primary objective of socialist economy is:
A. Maximum production
B. Minimum Governance in economy
C. Maximum Governance in economy
D. Maximum public welfare
Answer: D. Maximum public welfare
Q.7 In which economy, decisions are taken on the basis of price mechanism?
A. Socialist
B. Capitalist
C. Mixed
D. None of these
Answer: B. Capitalist
Q.8 Which of the following is/are branch of microeconomics
A. Product price determination
B. Factor price determination
C. Economic welfare
D. All of these
Answer: D. All of these
Q.9 Which of the following are the primary concept of microeconomics?
A. Elasticity of demand
B. Marginal utility and demand
C. Elasticity of supply
D. All of these
Answer: D. All of these
Q.10 Consumer behavior is studied in:
A. Microeconomy
B. Macroeconomy
C. Income theory
D. None of these
Answer: A. Microeconomy
List of Indian Economy MCQ sets from GKLead.com
- Economic Terms MCQ Set-1
- Indian Economy MCQ Set-2
- Economic Terms MCQ Set-3
- Indian Economy MCQ Set-4
- Indian Economic History MCQ Set-5
- Indian Economy MCQ Set-6
- Indian Economy MCQ Set-7
- Indian Economy MCQ Set-8
- Taxation System in India MCQ-9
- Commercial Banking MCQ Set-10
- Indian Economy MCQ Set-11
- Indian Economy MCQ Set-12
- International Economic Institutions MCQ-13
- Post Economic Liberalization MCQ Set-14
- Indian Monetary System MCQ Set-15
- Microeconomics MCQ Set-16
- Indian Economy MCQ Set-17
- Indian Economy MCQ Set-18
- Indian Economy MCQ Set-19
- Indian Economy MCQ Set-20
