Economics MCQ for Competitive Exam

1. The term “Micro” means______
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2. Strictly speaking production refers to the creation of__________ 
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3. Exchange of goods for goods is known as _________ 
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4. Economics is a ______
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5. An example of cosmopolitan wealth is ____________ 
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6. In a traditional economy, basic problems are solved by____ and ___
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7. Most of the economic activities of capitalism are centered on___
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8. Production possibility curve is also known as ______
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9. The prime motive of socialist economy is _______
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10. Under mixed economy, the economic control is exercised by _____ and ________
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11. __means using up of goods and services
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12. Wants may be both ____ and _________
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13. Marshallian utility approach is ________
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14. Marginal utility falls to zero, when the total utility is ________
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15. An indifference curves is _________ to the origin. 
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16.The demand curve slopes downwards due to_____________
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17. Adding up of individual consumers schedule is ____________
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18. Goods that are demanded for their social prestige come under ____
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19. The concept of elasticity of demand was introduced by ______ 
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20. The rate of change of supply to a change is price is ________
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21._____ is the major determinant of supply.
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22. Agriculture, industry, growth and distribution are the _______ of the economy.
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23. At ___ price, there is no tendency to change the price or quantity. 
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24. Modern economists divide time periods into _ and ________
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25. The supply curve in the market period is a _________ line. 
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26. Land and labour are called _____ factors 
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27. An enquiry into the nature and causes of wealth of nations was written by _________
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28. _____ is limited by the extent of market.
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29. ____is man-made physical goods used to produce other goods. 
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30. The functional relationship between inputs and output is known as _________.
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