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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
|A free market economy's driving force is: a)Profit motive b)Welfare of the people c)Rising income and levels of living d)None of the above|
|Which of these is an example of macro economics?
(a) overall conditions of economy.
(b) total production.
(c) economic behavior of large aggregates.
(d) All of above.
|In inductive method, logic proceeds from: a)General to particular b)Particular to general c)Both (a) and (b) d)None of these|
|The branch of economic theory that deals with the problem of optimum utilization of resources is called?
|Socialist economy is also known as: a) Mixed economy b) Planned economy c) Capitalist economy d) None of the above|
|Under inductive method logic proceeds from: a)General to particular b)Positive to normative c)Normative to positive d)Particular to general|
|Micro economics is concerned with: a)Consumer behaviour b)Product pricing c)Factor pricing d)All of the above|
|In which type of economy do consumers and producers make their choices based on the market forces of demand and supply? a)Open Economy b)Controlled Economy c)Command Economy d)Market Economy|
|What will be the shape of PPC curve when marginal opportunity cost is constant? a)Concave b)Convex c)Backward bending d)Straight line|
|Economics is neutral between ends. The statement is given by: a)L. Robbins b)Mrs. Joan c)Alfred Marshall d)A.C. Pigeon|
|A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of: a)Macro Economics b)Descriptive Economics b)Micro Economics d)Normative Economics|
|Under a free economy ,prices are: a)Regulated b)Determined through free interplay of demand and supply c)Partly Regulated d)None of these|
|Explain the process of calculating the planned activity output through Long term planning?|
|Where does price mechanism exists? a)Capitalist economy b)Socialist economy c)Both type of economies d)None of the above|
|Mixed economy means: a)All economic decisions are taken by central authority b)All economic decisions are taken by private entrepreneurs c)Economic decisions are partly taken by the state and partly by private entrepreneurs d)None of these|
|Economic problem arises when:-
a) When wants are unlimited
b) When resources are unlimited
c) When resources have alternative uses
d) All of the above
|Which one in the following is not correct? a)There are limited wants b)Means are scarce c)Resources have alternative uses d)Economics is science|
|Mixed economy means: a)Co-existence of small and large industries b)Promoting both agriculture and industries in the economy c)Co-existence of rich and poor d)Co-existence of public and private sectors|
|According Robbins, 'means' are: a)Scarce b)Unlimited c)Undefined d)All of these|
|Which one is not the characteristic of capitalist economy? a)Profit motive b)Income inequality c)Free employment d)Collective ownership|
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Payment of time- barred debt is:
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal