List of top Economics Questions

Match the following correctly with their formulas: $$ \text{AFC} = \frac{\text{TFC}}{Q} $$ AFC stands for:
Which of the following was a major objective of the LPG reforms introduced in India in 1991?
According to the paradox of thrift, if people in an economy increase their savings excessively, it may lead to:
In macroeconomics, the difference between a country’s exports and imports of goods is known as:
Which of the following are characteristics of a perfectly competitive market? A. There is perfect information in the market.
B. The market price is determined by the collective interaction of supply and demand.
C. Each firm has significant market power to influence prices.
D. Firms in a perfectly competitive market earn normal profit in the long run.
Choose the correct answer:
When demand shifts rightward and supply shifts leftward, which of the following outcomes is certain? A. Equilibrium quantity will increase
B. Equilibrium price will increase
C. Equilibrium quantity may increase, decrease, or remain unchanged
D. Equilibrium price may increase, decrease, or remain unchanged
The flow of goods and services along with factors of production across different sectors in a barter economy is known as:
Which of the following is an example of a consumer good?
Consider the following statements about Adam Smith and his economic philosophy: A. Adam Smith's concept of the ``invisible hand'' implies that individuals pursuing their self-interest contribute to societal well-being.
B. Smith argued that government intervention is essential in regulating markets for economic efficiency.
C. The wealth of a nation is determined by the productivity and efficiency of its labour force.
D. Modern economists have built upon Smith's ideas but have also recognized the need for macroeconomic policies.
Choose the correct answer from the options given below:
In the Balance of Payments, transactions involving bonds and equity shares are recorded under which of the following accounts?
The ratio of the total increase in equilibrium value of final goods output to the initial increase in autonomous investment expenditure is known as:
It may be incorrect to treat GDP as an index of a country's welfare for the following reasons: A. Externalities
B. Distribution of GDP is not uniform
C. Monetary exchanges
D. Non-monetary exchanges
Arrange the following statements in the correct chronological sequence regarding the impact of government intervention in the form of price control in the market: A. There will be excess demand for sugar at that price
B. Government imposes an upper limit on the price of sugar
C. Sugar is distributed to everyone through a system of rationing
D. This may lead to a shortage of sugar in the market
Consider the following steps taken by the Reserve Bank of India with respect to money supply and arrange them in the correct sequence: A. Increase in lending rates by commercial banks
B. Contraction in credit
C. Increase in bank rate by the Reserve Bank of India
D. Increase in cost of borrowings for commercial banks
In which year was the book “The Economic Consequences of the Peace” written by John Maynard Keynes?
Individuals or institutions that take economic decisions are known as:
Match the following:
An economic system in which individuals are free to interact and carry out their economic activities without central control is known as:
Identify the correct statement regarding final goods:
Match the following:
When goods are financed through the government budget and can be used without any direct payment, they are known as:
The set of all possible combinations of two inputs that produce the same level of output is known as:
Match the following:
In a hypothetical economy, the Cash Reserve Ratio (CRR) is \(20\%\) and the initial deposit is \(\₹100\). How much money can the bank lend in the first round?
The decision of whether to produce more consumption goods or more investment goods, to boost future production and consumption, relates to which central problem of an economy?