Easy Indian Economics GK Questions and Answers

(A) Income becomes an inferior good

(B) Work becomes an inferior commodity

(C) Leisure becomes an inferior commodity

(D) People become lazy at higher salary level

(A) The value of a commodity depends on its price.

(B) The value of a good depends entirely on the substitute goods.

(C) A thing will have value (importance) only when someone wants to have it.

(D) A commodity will have value only if it is scarcer than the demand.

(A) when they equalize the surplus of all consumers and producers

(B) when they increase the surplus of all consumers and producers

(C) when they cannot maximize the surplus of all consumers and producers

(D) when they maximize the surplus of all consumers and producers

(A) demand

(B) supply

(C) joint supply

(D) joint demand

(A) Actual cost

(B) Economic cost

(C) Explicit cost

(D) Implicit cost

(A) Salaries of administrative staff

(B) Rent of factory building.

(C) Wealth tax

(D) Electric charge

(A) average cost

(B) marginal cost

(C) total cost

(D) total cost

(A) price increases

(B) income increases

(C) the price decreases

(D) the price decreases

(A) electricity

(B) medicine

(C) rice

(D) match box

(A) J.A. schumpeter

(B) P.A. samuelson

(C) Alfred Marshall

(D) David Rickards