GK - Economics Test

GK - Economics Test - 01

1. Which of the following holders fo a company's issued capital is likely to receive the biggest increase in income if there is a substantial increase in profits ?

a. A 10 percent cumulative preference shareholder

b. An 11 percent preference shareholder

c. A 12 percent debenture holder

d. An ordinary shareholder

2. Which of the following commodity groups is/are considered for working out average index ?
(i) Fuel groups
(ii) Primary articles
(iii) Manufactured products

3. It will pay a monopolist to cut the price of his product if

a. the demand curve facing him is relatively elastic

b. he is making a loss

c. marginal revenue is greater than marginal cost

d. average total cost is falling

4. An upward and leftward movement of an upward-sloping supply curve for a commodity could be caused by all of the following, except

a. the imposition of an excise tax

b. a shift of tastes in favour of the product

c. a fall in productivity

d. a rise in production costs

5. If the elasticity of demand for a good is equal to (-)2 then a 1 percent price rise will

a. raise the quantity demanded by 2 percent

b. raise the total revenue by 1 percent

c. lower the quantity demanded by 2 percent

d. lower the quantity demanded by 1 percent

6. If income is below equilibrium

a. income will tend to rise

b. investment will tend to fall

c. prices will tend to fall

d. stocks of unsold goods will tend to increase

7. Slationalisation or public control of an industry is often supported by economists because

a. if has been making excessive losses

b. it has been making continuous profits

c. it is a natural monopoly

d. similar industries in another country have been nationalised

8. Which Plan recommended ZeroBased Budgeting (ZBB) as a step to control public expenditure ?

9. The elasticity of a straight-line demand curve

a. may have varying values along its length

b. must be equal to zero

c. must be equal to infinity

d. must be equal to one

10. Under perfect competition and liorl run, a firm would continue to produce, provided

a. it is able to recover its variable costs

b. it is able to recover its total cost

c. its loss does not exceed a specified amount

d. it is able to recover its fixed costs

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General Knowledge

Benefits of Papayas

Cardiovascular Health