Basic Economics Quiz Questions

Basic Economics Quiz Questions:-Solve the following questions based on basic economics questions. The basic economics questions or economics quiz here will help you be prepared for the competitive exams.

Basic Economics Quiz Questions

No.-1. Alfred Marshal, famous economist contributes mainly in the field of ________
Answer: Theory of demand.
No.-2. Who firstly introduced “Liquidity of Preference theory”?
Answer: Lord Keynes.
No.-3. The term water in economics deals with ____________
Answer: Free good.
No.-4. The term “Technology “is defined in economics as _________
Answer: Society’s knowledge of production.
No.-5. In which theory “Marginal Productivity theory “deals with?
Answer: Distribution.

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No.-6. Price determination is studied traditionally. What is it called?
Answer: Theory of value.
No.-7. The word ‘Invisible hand ‘in economics is defined as
Answer: Market self-regulating system.
No.-8. To Influence consumers a producer, have to spend money. This is an example of
Answer: Demand creation.
No.-9. Whose opinion is ‘Rent is a creation of value’ not of wealth?
Answer: David Ricardo.
No.-10. The concept” Representative Firm” is introduced by __________
Answer: Alfred Marshal.
No.-11. The book “The social framework” is written by
Answer: J.R.Hicks.
No.-12. “Theory of income determination” is introduced by _______ in its modern form.
Answer: J.M.Keynes.
No.-13. The other name of Marshallian approach is _______
Answer: Cardinal approach.
No.-14. The total utility is _________ when Marginal utility (MU) reaches zero.
Answer: Maximum.
No.-15. In total utility (TU) curve the falling part represents _______
Answer: Negative marginal utility.
No.-16. An IC can be ______ in the economic bad condition.
Answer: Sloping upward.
No.-17. When rate of a commodity decrease then we bought __________, based on law of Equi-marginal utility
Answer: More units.
No.-18. What changes will occur on the budget line if consumer’s income increases?
Answer: Shift parallel to right.

what are the basic economics questions

No.-19. To a capital-intensive business, the most suitable form of business organisation is ____________
Answer: Joint-stock company.
No.-20. When rate of a product A Falls and as a result the demand of another product B rises. Comment the statement.
Answer: A and B are complementary goods.
No.-21. The other name of budget line is _____________
Answer: Consumption possibility line.
No.-22. A farm land can used to cultivate either corn or soybeans if corn’s demand increases then:
Answer: The supply of soybeans should decrease.
No.-23. Law of diminishing returns is used in ____________ Field, according to Marshal
Answer: Agriculture.
No.-24. The another name of Opportunity cost is_________
Answer: Alternative costs.
No.-25. We can determine the slope of budget line (iso-cost line) by________
Answer: Pricing of two factors.
No.-26. Against fixed factors the firm faced some costs. These costs are called as _________
Answer: Fixed costs.
No.-27. The MC curve’s behavior can be find out by examining the behavior of _________
Answer: TC curve.
No.-28. A firm generally uses _________ according to modern theory of costs
Answer: 2/3 of capacity of its plants.
No.-29. On what idea the model cost curves deals with?
Answer: Reserve capacity.
No.-30. The competition is called as ______ if many firms are producing differentiated and similar products
Answer: Monopolistic competition.
No.-31. In _______consumers will get similar and differentiated goods
Answer: Monopolistic competition.
No.-32. Prices are determined firstly by _______ in a competitive market
Answer: The interplay of demand and supply.
No.-33. The profit can be maximized by a monopolist when ________
Answer: His marginal revenue is equal to marginal cost.
No.-34. Costless production assumption is __________ based on the opinion of critics
Answer: not true.
No.-35. The firms are following ________ in a monopolistic competition
Answer: Myopia behavior.

what are basic economics quiz

No.-36. Name the two economists who put forward game theory?
Answer: Neomann and Morgenstern.
No.-37. In which year A.W Tucker presented The Prisoner’s dilemma?
Answer: 1940.
No.-38. A country’s imports give income for ___________
Answer: Foreign producers.
No.-39. Who put forward “The concept of multiplier”?
Answer: Keynes.
No.-40. Who introduced ‘The regressive expectations’ model?
Answer: Tobin.
No.-41. The other name of ‘The Endogenous growth model (Theory)’
Answer: New growth theory.
No.-42. Average revenue curve is otherwise known as ____________
Answer: Demand curve.
No.-43. What is deficit financing?
Answer: Spending in excess of revenues.
No.-44. A country’s market size can really determine by________
Answer: Income of its population.
No.-45. Who wrote the book ‘Principles of political economy and taxation’?
Answer: David Ricardo.
No.-46. Who is the first person raise fears on World Food shortage?
Answer: T.R. Malthus.
No.-47. Karl Marx famous book Das capital’s first volume was released on which year?
Answer: 1867.
No.-48. When did ‘The Communist Manifesto’, the book by Marx and Engels was released?
Answer: 1848.
No.-49. Fredrich list nationality is_________

Answer: German.
No.-50. An economist on explaining the concept of money framed a phrase ‘a temporary about off purchasing power’. Mention the economist
Answer: Milton Friedman.
No.-51. Name the economist who proposed the ‘Time preference theory of interest’
Answer: Böhm Bawerk.
No.-52. The term ‘Quasi-rent’ was initially used by _________
Answer: Alfred Marshall.
No.-53. Consumers goods are called as consumption capital by
Answer: Alfred Marshall.
No.-54. In economics the concept ‘Elasticity of demand’ was introduced by _________
Answer: Alfred Marshall.
No.-55. AFC (Average Fixed Curve)’s shape is _____________
Answer: Rectangular hyperbola.
No.-56. ‘Choice of technique’ is the book written by __________
Answer: Amartya Sen.

basic economics questions and answers for exams

No.-57. Two economists in 1930, who worked independantly put forward monopolistic competition theory simultaneously. E.H Chamberlain was the first person. Mention the other.
Answer: Joan Robinson.
No.-58. Bertil Ohlin, The winner of Nobel prize for economics in 1977. Mention his nationality.
Answer: Swedish.
No.-59. Define Supply of a Commodity?
Answer: Amount of the commodity offered for sale at a particular price per unit of time.
No.-60. ‘Marginal productivity theory of distribution ‘ was first introduced by________
Answer: J. B. Clark.
No.-61. ‘Economics of imperfect competition’ is the book written by
Answer: Joan Robinson.
No.-62. In 1946 a University appointed W. W. Leontief as the professor of Economics. Name the University
Answer: University of Kiel.
No.-63. Paul A Samuelson won the Nobel prize in economics in which year?
Answer: 1970.
No.-64. In 1990 the number of economists share the Nobel prize for economics are________
Answer: Three.
No.-65. The country with the highest GDP in world is _________
Answer: USA.
No.-66. The country with the lowest GDP per capita in the world is _________
Answer: Mozambique.
No.-67. The country with the largest per capita income is _________
Answer: Switzerland.
No.-68. Define ‘Demand for a Commodity’?
Answer: Quantity of the commodity demanded at a certain price during any particular period of time.
No.-69. In USA how many percentages of GDP have the contribution from agriculture?
Answer: 2.
No.-70. The country having the highest daily calorie intake per capita is _______
Answer: United Arab Emirates.
No.-71. Highest indebted nation in the world is _________
Answer: Brazil.
No.-72. A nation with high income is found to be the highest consumer of per capita energy. Mention the country.
Answer: Canada.

Basic Questions Quiz

No.-73. Name the nation where the whole population is urban in nature?
Answer: Singapore.
No.-74. The country in which the death rate is very low in the world is ________
Answer: Kuwait.
No.-75. Infant mortality rate is highest in a developed nation. Mention the country
Answer: Sweden.
No.-76. ‘Science which studies human behaviour as a relationship between ends and means which have alternative uses.’ Which economist defined Economics as this?
Answer: L. Robbins.
No.-77. The country having the largest life expectancy of birth in the world is Japan. How much is the life expectancy?
Answer: 76 years.
No.-78. For the third world nations the biggest source of help is _______
Answer: The World Bank.
No.-79. Which country is the highest producer of milk in the world?
Answer: USSR.
No.-80. Most number of German cars are exported to which nation?
Answer: UK.
No.-81. Approximate percentage value of oil reserves in west Asia compared to the total oil reserves in the world is _______
Answer: 65.
No.-82. In 1990 Aug US dollar became convertible to citizens of the Soviet Union. Other currencies are also become convertible. Name the date when it became authorised?
Answer: First.
No.-83. Gorbachev’s market economy plan was approved by the Soviet Union Parliament on which day of Oct 1990?
Answer: Nineteenth.
No.-84. The joining of East and West Germany took place on ___ October 1990
Answer: Third.
No.-85. Which year did China’s first five-year plan end?
Answer: 1957.
No.-86. Industrial revolution first occurred in ____________
Answer: England.
No.-87. IMF (International Monetary Fund) started to function in which year?
Answer: 1947.
No.-88. Head Quarters of IMF is at _________
Answer: Washington, DC.

Economics Quiz

No.-89. World Bank (IBRD-International Bank for Reconstruction and Development) started to function in
Answer: 1946.
No.-90. ‘Soft Loan Window’ is the other name of a financial institution, in which hard currencies can be borrowed by underdeveloped countries. Name the institution?
Answer: IDA.
No.-91. GATT (General Agreement on Tariff and Trade)’s headquarters is at _________
Answer: Geneva.
No.-92. ASEAN is the group of countries that aims at the progress of the economy, social welfare, and stability in the region. When was ASEAN formed?
Answer: 1967.
No.-93. For development in agriculture the international Fund was inaugurated on ________
Answer: 1977.
No.-94. Council of Europe’s headquarters is at ________
Answer: Strasbourg.
No.-95. OCED (Organization of Economic Cooperation and Development) was formed on which year?
Answer: 1961.
No.-96. European Common Market (ECM) /European Economic Community (EEC) starts on _______
Answer: 1958.
No.-97. COMECON is the group of countries whose objective is to integrate and coordinate the economies of member nations. When was it founded?
Answer: 1949.
No.-98. EFTA (European Free Trade Association)’s headquarters is on __________
Answer: Brussels.
No.-99. OPEC’s biggest oil exporter is which country?
Answer: Saudi Arabia.
No.-100. Which is not an essential condition for an economic problem to arise?
Answer: Use of money.