DSSSB PGT Commerce PYQs 2014 (Economics)

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Economics Quiz

1. _______ is known as the father of economics.

A. Adam Smith
B. Samuelson
C. Alfred Marshall
D. JR Hicks

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Answer: a. Adam Smith

2. In a mixed economy, which sector(s) is/are found?

A. Private sector only
B. Public sector only
C. Both a and b
D. None of the above

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Answer: c. Both a and b

3. The elasticity of demand for luxury goods is

A. infinite
B. more than one
C. less than one
D. equal to one

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Answer: b. more than one

4. Total profit means

A. Cost - Profit
B. Total revenue - Total cost
C. Price - Sales
D. All of the above

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Answer: b. Total revenue - Total cost

5. A perfectly competitive firm attains equilibrium when

A. AC = AR
B. MR = MC
C. MC = AC
D. TC = TR

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Answer: b. MR = MC

6. Profits are maximised at a point where

A. MR=MC
B. MR>MC
C. MR<MC
D. AC>MC

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Answer: a. MR=MC

7. The concept of consumer surplus was introduced and developed by

A. EAG Robinson
B. JM Keynes
C. Lionel Robbins
D. Alfred Marshall

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Answer: a. Alfred Marshall

8. Demand has the following elements:

A. Quantity
B. Price
C. Time
D. All the above

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Answer: d. All the above

9. A sample is the selection of part of the

A. Data
B. Report
C. Universe
D. Editing

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Answer: c. Universe

10. Two friends decide to meet at a spot between 2 p.m. and 3 p.m. Whosoever arrives first agrees to wait for 10 minutes for the other. What is the probability that they meet?

A. 10/36
B. 11/36
C. 25/36
D. 26/36

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Answer: c. 25/36

DSSSB PGT Commerce PYQs 2014 (Economics)

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