General Awareness - Economics

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Question - 1

In equilibrium, a perfectly competitive firm will equate

  • A Marginal social cost with marginal social benifit
  • B market supply with market demand
  • C marginal profit with marginal coast
  • D marginal revenue with marginal cost

Question - 2

Equilibirium is a condition that can

  • A never change
  • B change only if some outside factor changes
  • C change only if some internal factor changes
  • D change only if government policies change

Question - 3

The term "market" in Economics means

  • A A central place
  • B Presence of competition
  • C Place where goods are stored
  • D Shops and super bazars

Question - 4

Entrepreneurial ability is a special kind of labour that

  • A is hired out to firms at high wages
  • B organizes the process of production
  • C produces new capital goods to earn interest
  • D manages to avoid losses by continual innovation

Question - 5

Transfer earning or alternative cost is otherwise known as

  • A Variable cost
  • B Implicit cost
  • C Explicit cost
  • D Opportunity cost(economic cost)

Question - 6

Division of labour is limited by

  • A the number of workers
  • B hours of work
  • C extent of the market
  • D working space

Question - 7

Demand of commodity mainly depends upon

  • A Purchasing will
  • B purchasing power
  • C Tax policy
  • D Advertisement

Question - 8

The method of calculating the national income by the project method is otherwise known as:

  • A Income method
  • B Value added method
  • C Expenditure method
  • D Net output method

Question - 9

The best measure to assess a country's economic growth is

  • A per capita income at constant prices
  • B per capita income product as current prices
  • C gross domestic product at current prices
  • D gross national product at current prices

Question - 10

Who developed the innovations theory of profit?

  • A Walker
  • B Clark
  • C Knight
  • D Schumpeter