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General Economics
QUESTION PAPER 
CPT 
GENERAL ECONOMICS

SECTION – C : GENERAL ECONOMICS (50 MARKS)

Q.1. Who is the main exponent of Marginal utility analysis ?
(a) Paul Samuelson
(b) Hicks
(c) Keynes
(d) Marshall

Q.2. Cardinal measure of utility is required in:
(a) Marginal Utility theory
(b) Indifference curve
(c) Revealed preference
(d) None

Q.3. In case of inferior goods, income elasticity is :
(a) zero
(b) positive
(c) negative
(d) none

Q.4. In case of Giffen goods, demand curve will slope :
(a) upward
(b) downward
(c) horizontal
(d) vertical

Q.5. Cross elasticity of demand between tea and coffee is:
(a) positive
(b) negative
(c) zero
(d) infinity

Q.6. If all inputs are trebled and the resultant output is doubled, this is a case of:
(a) constant returns to scale
(b) increasing returns to scale
(c) diminishing returns to scale
(d) negative returns to scale

Q.7. Indifference curve is downward slopping ___.
(a) always
(b) sometimes
(c) never
(d) none of these

Q.8. Demand curve can be derived from:
(a) MU curve
(b) PCC
(c) Both (a) & (b)
(d) None

Q.9. The exception to law of demand are:
(a) Veblen goods
(b) Giffen goods
(c) Both (a) & (b)
(d) none

Q.10. Under perfect competition price of the product :
(a) Can be controlled by individual firm
(b) Cannot be controlled by individual firm
(c) Can be controlled within certain limit by individual firm
(d) None of the above

Q.11 In the case of monopoly:
(a) MR curve cannot be defined
(b) AR curve cannot be defined
(c) the short run supply curve cannot be defined
(d) none of the above

Q.12. In case of monopoly a firm in the short run can have -
(a) Supernormal profits
(b) Normal profits
(c) Losses
(d) Any of the above

Q.13. The upper portion of the kinked demand curve is relatively -
(a) More inelastic
(b) More elastic
(c) Less elastic
(d) Inelastic

Q.14. Price leadership is a form of -
(a) Market period
(b) Short run
(c) Long run
(d) None of these

Q.15. Period in which supply cannot be increased is called -
(a) Market period
(b) Short run
(c) Long run
(d) None of these

Q.16. Price discrimination is not possible in the case of
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) Nothing can be said

Q.17. If the income elasticity is greater than one the commodity is -
(a) Necessity
(b) Luxury
(c) Inferior goods
(d) None of these

Q.18. Full capacity is utilized only when there is -
(a) Monopoly
(b) Perfect competition
(c) Price discrimination
(d) Oligopoly

Q.19. The ‘Diamond Water’ controversy is explained by -
(a) Total utility
(b) Marginal utility
(c) Price offered
(d) Quantity supplied

Q.20. Which among the following is the drawback of consumer surplus (as explained in marginal utility analysis)?
(a) it is highly hypothetical and imaginary
(b) it ignores the interdependence between the goods
(c) it cannot be measured in terms of money because marginal utility of money changes
(d) all of the above

Q.21. Which of the following is a function of money?
(a) Medium of exchange
(b) Store of value
(c) Transfer of value
(d) All the above

Q.22. Increase in money supply will lead to:
(a) Cost push inflation
(b) Demand pull inflation
(c) Structural inflation
(d) None of the above

Q.23. Which of the following is a commercial bank in India?
(a) Axis
(b) IFCI
(c) IBRD
(d) SEBI

Q.24. Banks are regulated by:
(a) Securities Exchange Board of India
(b) Reserve Bank of India
(c) Company Law Board
(d) Registrar of Companies

Q.25. Monetary policy is formulated by :
(a) RBI
(b) SEBI
(c) CLB
(d) Finance Ministry

Q.26. In case RBI wants to increase rate of interest then it should:
(a) sell securities
(b) buy securities
(c) hold securities
(d) none of the above

Q.27. Major commercial banks of India were nationalized in
(a) 1969
(b) 1970
(c) 1971
(d) 1972

Q.28. Commercial banks provide:
(a) loans
(b) agency services
(c) both (a) & (b)
(d) none of the above

Q.29. Rationing of Credit takes place when:
(a) Demand for Credit is Zero
(b) Demand for Credit is higher than supply
(c) Demand for Credit is low
(d) None of the above

Q.30. Statutory liquidity Ratio in India is: (Sept. 2014)
(a) 15%
(b) 20%
(c) 22%
(d) 30%

Q.31. The cash reserve ratio is determined by :
(a) Free play of market forces
(b) Commercial banks
(c) Monetary authority
(d) None of the above

Q.32. In India, fiscal year starts from
(a) 31st March
(b) 31st April
(c) 1st April
(d) 1st March

Q.33. Which budget in India is passed separately?
(a) Defence
(b) Airlines
(c) Atomic energy
(d) Railways

Q.34. Revenue deficit in India is -
(a) negative
(b) positive
(c) zero
(d) none of the above

Q.35. VAT is levied by:
(a) Central government
(b) State governments
(c) Local government
(d) None of the above

Q.36. Which of the following are sources of growth?
(a) Natural resources
(b) Human capital
(c) Physical capital
(d) All the above

Q.37. In 2011, the population was more than :
(a) 100 crs.
(b) 110 crs.
(c) 121 crs.
(d) 105 crs.

Q.38. The highest user of commercial energy is ___.
(a) agriculture
(b) industry
(c) transport
(d) household

Q.39. Consumer surplus means ___.
(a) the area inside the budget line
(b) the area between the average revenue and marginal revenue curves
(c) the difference between the maximum amount a person is willing to pay for a good and its market price
(d) none of the above

Q.40. A horizontal supply curve parallel to the quantity axis implies that the elasticity of the supply is:
(a) zero
(b) infinite
(c) equal to one
(d) greater than zero but less than one

Q.41. Increase in population can be caused by ___. 
(a) High birth rate
(b) Low death rate
(c) Immigration
(d) All the above

Q.42. Which of the following pairs of goods in an example of substitutes ?
(a) tea and sugar
(b) tea and coffee
(c) tea and ball pen
(d) tea and shirt

Q.43. A firm encounters its shut down point when:
(a) Average cost equals price at the profit maximising level of output
(b) Average variable cost equals price at the profit maximising level of output
(c) Average fixed cost equals price at the profit maximising level of output
(d) None of the above

Q.44. Manufacturing industries are a part of :
(a) India is a purely capitalist economy
(b) India is a stagnant economy
(c) India is a developing economy
(d) India is a resources poor economy

Q.45. Public sector in India suffers from:
(a) over staffing
(b) political interference
(c) uncompetitiveness
(d) all of the above

Q.46. The Reserve Bank of India was set up in :
(a) 1949
(b) 1956
(c) 1935
(d) 1901

Q.47. Disinvestment programme started in India after -
(a) 1986-87
(b) 1988-89
(c) 1991-92
(d) 1995-96

Q.48. Liberalisation process in India was initiated by ___.
(a) Yashwant Singh
(b) Manmohan Singh
(c) Jaswant Singh
(d) Both (a) & (b)

Q.49. First plan was initiated in:
(a) 1950
(b) 1951
(c) 1956
(d) 1962

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