MCQs: Economics Fundamentals, Micro and Macro Concepts

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MCQs on Fundamentals of Economics, Microeconomics, Macroeconomics and Types of Economies

1. What is the primary concern of economics?

a) Production of goods only
b) Unlimited wants and limited resources
c) Distribution of wealth only
d) Government budgeting
Answer: b)

2. Which of the following is studied in Microeconomics?

a) National Income
b) Inflation
c) Price determination in individual markets
d) Government expenditure
Answer: c)

3. Macroeconomics is concerned with:

a) Behavior of individual consumers
b) Study of a single firm's cost
c) National income and employment
d) Pricing of a commodity
Answer: c)

4. In which type of economy are all economic decisions taken by the government?

a) Market Economy
b) Command Economy
c) Mixed Economy
d) Traditional Economy
Answer: b)

5. A mixed economy is a combination of:

a) Capitalism and Dictatorship
b) Socialism and Feudalism
c) Capitalism and Socialism
d) Democracy and Monarchy
Answer: c)

6. What is the central problem of an economy?

a) How to avoid taxes
b) What to produce, how to produce, and for whom to produce
c) How to increase exports
d) How to eliminate inflation
Answer: b)

7. The opportunity cost of a decision is:

a) The money paid for the choice
b) The next best alternative foregone
c) The cost of raw materials
d) Government subsidy
Answer: b)

8. Which is an example of a centrally planned economy?

a) USA
b) Germany
c) North Korea
d) India
Answer: c)

9. National income is a topic studied under:

a) Microeconomics
b) Macroeconomics
c) Econometrics
d) Business Economics
Answer: b)

10. Which of the following is NOT a feature of a market economy?

a) Consumer sovereignty
b) Government ownership of resources
c) Profit motive
d) Competition
Answer: b)

Labels: Economics MCQ, Microeconomics, Macroeconomics, Types of Economies, Competitive Exams, Banking Exams, Economic Fundamentals
Chapter NumberPAPER I – INDIAN ECONOMY & INDIAN FINANCIAL SYSTEM
MODULE B: ECONOMIC CONCEPTS RELATED TO BANKING
1. MODULE B: ECONOMIC CONCEPTS RELATED TO BANKING
Fundamentals of Economics, Microeconomics, Macroeconomics, Types of Economies, and Supply & Demand
2. Money Supply and Inflation
3. Theories of Interest - Explained with Examples
4. Business Cycles and Economic Policies - Explained with Examples
5. National Income, GDP and Union Budget - Explained with Examples
QandAs/MCQs 8 MCQs: Economics Fundamentals, Micro and Macro Concepts
QandAs/MCQs 9MCQs on Money, Money Supply, and Inflation
QandAs/MCQs 10 MCQs on Theories of Interest - IS-LM, Classical & Keynesian Theory
QandAs/MCQs 11 MCQs: Business Cycle, Policies, National Income
QandAs/MCQs 12MCQs: Monetary & Fiscal Policy | National Income | Union Budget
MODULE C: INDIAN FINANCIAL ARCHITECTURE
MODULE D: FINANCIAL PRODUCTS AND SERVICES
MODULE A: INDIAN ECONOMIC ARCHITECTURE

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