Test: Introduction To Microeconomics - 1


30 Questions MCQ Test Economics for CA CPT | Test: Introduction To Microeconomics - 1


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This mock test of Test: Introduction To Microeconomics - 1 for CA Foundation helps you for every CA Foundation entrance exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Introduction To Microeconomics - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Introduction To Microeconomics - 1 quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Introduction To Microeconomics - 1 exercise for a better result in the exam. You can find other Test: Introduction To Microeconomics - 1 extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

Which one of the following is not correct for deductive method:

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QUESTION: 2

A capitalist economy uses _______ as the principal means of allocating resources

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QUESTION: 3

In a free market economy, when consumers increase their purchase of a goods and the level of _______ exceeds ________ then prices tend to rise: 

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QUESTION: 4

Which one is not the characteristic of capitalistic economy?

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QUESTION: 5

‘Economics is the study of mankind in the ordinary business of life’ was given by:

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QUESTION: 6

What will be the shape of PPC Curve when marginal opportunity cost is constant?

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QUESTION: 7

A free Market economy solves its Central Problems through________

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QUESTION: 8

If the opportunity cost is constant, then PPC would be:

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QUESTION: 9

If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

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If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to increase. Raising prices will always cause total revenue to increase.

QUESTION: 10

Who gave the positive aspect of science?

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QUESTION: 11

According to Robbins, ‘means’ are:

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QUESTION: 12

Under a free economy, prices are:

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QUESTION: 13

When did the Great Depression hit the United States?

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The economic depression began after the stock market crash of 1929 that eventually led to the loss of over 13-15 million jobs.

QUESTION: 14

Micro economics is also known as _______

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QUESTION: 15

If a point falls inside the production possibility curve, what does it indicate?

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QUESTION: 16

In which among the following system the ‘right to property’ exists

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QUESTION: 17

Deductive and Inductive methods are complimentary to each other It is:

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QUESTION: 18

Production Possibility Curve is also known as:

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QUESTION: 19

Where does price mechanism exists?

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QUESTION: 20

“Economics is neutral between ends”. The statement is given by:

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According to Prof. Lionel Robbins economics is neutral between ends. Ends refer to wants. Human wants are unlimited. When want is satisfied, other wants crop up.

QUESTION: 21

If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

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QUESTION: 22

A Capitalist Economy follows the policy of:-

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QUESTION: 23

In inductive method, logic proceeds from:

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QUESTION: 24

Which of the following is a part of the subject matter of macroeconomics?

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QUESTION: 25

The term “Mixed Economy” denotes:

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QUESTION: 26

In a capitalist economy the allocation of resources is performed by:

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QUESTION: 27

Normative Economics is based on:

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QUESTION: 28

Socialist Economy is also known as

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A mixed economy is a planned economy in which government has a clear and definite economy plan.
Socialist economy is also known as centrally planned economy because there is central authority to set and accomplish socio-economic goals.

QUESTION: 29

Which of the following falls under micro economics?

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QUESTION: 30

Which of the following is a macroeconomic issue?

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