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1. ECONOMICS - OBJECTIVE QUESTION BANK DR. T.K. JAIN AFTERSCHO ☺ OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india For : Faculty Development Programme Participants at Engineering college Bikaner [email_address] mobile : 91+9414430763

2. My words..... My purpose here is to give a few questions on economics . I welcome your suggestions. I also request you to help me in spreading social entrepreneurship across the globe – for which I need support of you people – not of any VIP. With your help, I can spread the ideas – for which we stand....

3. Which of these is not a determinant of price elasticity of demand ? Time period price expectations number of user substitute goods nature of commodity income of the consumer answer : income of consumer – it is studied separately in income elasticity of demand

4. Can two indifference curve intersect ? No

5. %change in demand of X / %change in price of Y what is this formula for ? 1. price elasticity 2. income elasticity 3. cross elasticity answer : 3

6. %change in demand of X / %change in income of consumer what is this formula for ? 1. price elasticity 2. income elasticity 3. cross elasticity answer : 2

7. %change in demand of X / %change in price of x what is this formula for ? 1. price elasticity 2. income elasticity 3. cross elasticity answer : 1

8. What is the slope of demand curve ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 1.

9. What is the slope of supply curve ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 2.

10. What is the slope of perfectly inelastic demand curve ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 4

11. What is the slope of perfectly elastic demand curve ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 3

12. What is the slope of AR (average revenue) curve in monopoly? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 1

13. What is the slope of AR (average revenue) curve in perfect market? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 3

14. What is the slope of AR (average revenue ) curve in monopolistic competition ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 1

15. DEMAND CURVE SHIFTS RIGHTWARDS WHEN ? 1. there is increase in price 2. there is increase in income 3. there is decrease in price of substitute goods 4. there is increase in price of complementary goods answer : 2

16. SUPPLY CURVE SHIFTS RIGHTWARDS WHEN ? 1. there is decrease in price 2. there is reduction in cost of inputs 3. there is decrease in price of substitute goods 4. there is increase in price of complementary goods answer :2

17. What is the slope of budget line ? 1. downward from left to right 2. upward from left to right 3. horizontal straight line 4. vertical straight line answer : 1.

18. In what type of products is elasticity lowest ? 1. day to day use products 2. luxury goods 3. giffin goods 4. medicines 5. perishables answer : 4

19. In what type of products is elasticity highest ? 1. day to day use products 2. luxury goods 3. giffin goods 4. medicines 5. perishables answer : 2

20. Selling Sweets and Namkeens at higher price in Punjab and at lower price in Bikaner and other parts of Rajasthan is an example of ? Options : Price sensitisation price discrimination price reduction price harmonisation answer : price discrimination

21. When does a firm reach equilibrium point ? When revenue = cost when there is abnormal profit when marginal revenue = marginal cost answer : when marginal revenue = marginal cost

22. In a perfect market, a firm which is at equilibrium point earns ? Normal profit economic profit supernormal profit accounting profit answer : normal profit

23. Price discrimination is possible in ? Perfect market monopoly monopolistic competition oligopoly answer : monopoly

24. Brand differentiation is possible in ? Perfect market monopoly monopolistic competition oligopoly answer : monopolistic competiton

25. What is price elasticity for an individual firm in a perfect market? 1 zero highly elastic inelastic answer : infinite

26. How will you measure development of people ? CPI WPI HRI HDI SCBA answer : HDI = Human Development Index

27. What is the full form of CDS ? Current daily status

28. What is the full form of GDP? Gross Domestic product

29. What is the full form of NNP? NET NATIONAL PRODUCT

30. What is the full form of UNDP? United Nations Development Programme

31. What is the full form of SEPUP? Self employment Programme for urban poor

32. What is the full form of JRY ? Jawahar Rojgar Yojana

33. What is the full form of DWACRA? Development of women and children in rural areas

34. What is the full form of IRDP ? Integrated rural development programme

35. What is the full form of TRYSEM? Training of Rural Youth for Self employment (national Scheme)

36. What is the full form of EAS ? Employment assistance scheme

37. What is the full form of PMRY? Prime minister rozgar yojana

38. What is the full form of JGSY ? Jawahar Gram Samridhi Yojana

39. What is deficit financing ? When public expenditure is more than public revenue

40. What are the characteristics of fiscal policy of India ? 1. welfare state 2. refressive taxation 3. managemetn of public debt answer : 1

41. Money is a measure of 4 things = what are those ? Value standard store exchange

42. What is legal tender money ? As per government order, a person is bound to accept this as money. It is of 2 types : limited legal tender (upto 25 paise coins are acceptable only upto Rs. 21) unlimited legal tender (50 paise and above are all unlimited legal tender)

43. What is the formula of credit creation ? = TOTAL DEPOSIT - PRIMARY DEPOSIT TOTAL DEPOSIT = =PRIMARY DEPOSIT / % OF CRR

47. Some misconceptions about entrepreneurship .... Some people think .... entrepreneurship is for those with money entrepreneurship requirs high risk taking entrepreneurship is based on luck entrepreneurs are born entrepreneurs are crooks honest person cant be an entrepreneur ..... do think this way ???? check it out

48. Differences between entrepreneur and manager ? Michael E Gerber in his book : The E-Myth : why Most Businesses Dont work and What to do about it' writes about differences between entrepreneurship, management and other related concepts entrepreneurs create a vision for business, managers really implement the things and bring the results

49. How to teach entrepreneurship ? Can entrepreneurship be taught ? Do we have resources to train entrepreneurs ? Is the candidate really willing to pick up entrepreneurship as career ? Is there motivation and understanding about entrepreneurship ?

50. What should be the curriculum and pedagogy ? Business Planning Interaction with Entrepreneurs Guided projects entrepreneurship clubs incubation centres (see MSME website for govt. Funding)

51. Entrepreneurship resources & networking Join hands with : the indus entrepreneurs national entrepreneurship network edii niesbud afterschoool centre for social entrepreneurship

52. Research in entrepreneurship Casse studies qualitative studies opportunities in entrepreneurship tools for entrepreneurship assessment

53. Available tools ... Entrepreneurship potential assessment toolkits FIRO-B,MBTI, and other tools

54. How to promote research, teaching networking ??? Need of interaction, monitoring and support need of an academic – industry joint venture for promotion of entrepreneurship need of academic – industry mentors

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