Questions

Q:

_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.

A) Law of diminishing marginal product B) Law of variable proportions
C) The Short Run D) The Long Run
 
Answer & Explanation Answer: B) Law of variable proportions

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Q:

The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?

A) Macroeconomics B) Econometrics
C) Microeconomics D) Heterodox Economics
 
Answer & Explanation Answer: C) Microeconomics

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Q:

Calculate a country's GDP if for the year, consumer spending is $900 million, government spending is $250 million, investment by businesses is $180 million, exports are $85 million and imports are $100 million.

A) $1345 million B) $1315 million
C) $955 million D) $815 million
 
Answer & Explanation Answer: B) $1315 million

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Q:

The consumption schedule relates:

A) disposable income to domestic income. B) consumption to the level of disposable income.
C) consumption to saving. D) saving to the level of disposable income.
 
Answer & Explanation Answer: B) consumption to the level of disposable income.

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Q:

Which of the following is added to iron to make iron hard and strong?

A) Zinc B) Copper
C) Carbon D) Sodium
 
Answer & Explanation Answer: C) Carbon

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Q:

Alkali metals are assigned which group in the Modern Periodic Table?

A) Second group B) Eighteenth group
C) Third group D) First group
 
Answer & Explanation Answer: D) First group

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Q:

The number of valence electrons in an atom of Phosphorous is

A) 4 B) 3
C) 2 D) 5
 
Answer & Explanation Answer: D) 5

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Q:

In the following question, out of the four alternatives, select the alternative which best expresses the meaning of the idiom/phrase.

A bone of contention

A) The only part to which two arguing parties agree. B) An issue over which there is continuing disagreement.
C) A very expensive inherited property. D) To be happy with only a few things.
 
Answer & Explanation Answer: B) An issue over which there is continuing disagreement.

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