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QUESTION BANK 1. The word economics derives from an early Greek term that means management of a: (a) business.

(b) government.

(c) household.

(d) financial institution.

(e) industry.

2. The cliché that “the punishment should fit the crime” originated in the writings of: (a) Plato.

(b) Thomas Aquinas.

(c) Jeremy Bentham.

(d) David Hume.

(e) Thomas Hobbes.

3. The notion that communism should be imposed on a nation’s rulers so that they would neither be tempted by possessions nor diverted from the task of wise governance was proposed by: (a) Plato.

(b) Xenophon.

(c) Aristotle.

(d) Protagoras.

(e) Adam Smith.

(f) Thomas Malthus.

4. In his description of an idealized city-state, Plato did not advocate: (a) class-specialization. (b) self-regulation of markets. (c) fiat money to facilitate exchange. (d) that all philosopher king rulers embrace communist styles of living. (e) specific rules of justice and distribution HISTORY OF ECONOMIC THOUGHT

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5. The ancient Greek philosopher who tried to analyze isolated (one-on-one) exchange because markets with standardized products were relatively rare during his era was: (a) Plato.

(b) Aristotle.

(c) Euclid.

(d) Protagoras.

(e) Xenophon.

6. Of the following, the thinkers who viewed markets most favorably and who would consequently have been least likely to condemn payments of interest as immoral or unjustified by productivity would have been: (a) Richard Cantillon and François Quesnay. (b) Aristotle and Plato. (c) Thomas Aquinas and Albertus Magnus. (d) Ibn Kaldur and Abu Hamid al-Ghazali. 7. Medieval scholastics, early Islamic thinkers, and Aristotle all agreed that: (a) the accumulation of gold within a nation-state would eventually offset any trade surplus. (b) payments of interest [usury] should be prohibited. (c) commerce was modeled on a circular flow. (d) surpluses are enhanced through skilled management. (e) the largest economic incomes are received by landowners. 8. What early philosopher described this type of developmental cycle: people move from a rural, nomadic society with little economic surplus to an agricultural society with greater economic surplus and population growth?: (a) physiocrat Quesnay who said the production from land created a surplus known as the net product. (b) non-western philosopher Ibn Khaldun. (c) non-western philosopher Abu Hamid al-Ghazali. (d) Thomas Malthus, who came up with a theory on population. 9. The concept of a “just price” that condemned market forces for yielding unjust results was developed in the writings of: (a) Antoine Augustin Cournot.

(b) Fabius Maximus.

(c) Karl Marx.

(d) Demosthenes.

(e)Thomas Aquinas.

10. The thinker who would most strongly have disagreed with a statement that “charging interest on loans is unethical because money does not directly generate valuable physical output” would have been: (a) Abu-Hamid al Ghazali.

(b) Richard Cantillon.

(c) Albertus Magnus.

(d) Aristotle.

(e) Jeremy Bentham.

(f) Ibn Kaldur.

(g) Thomas Aquinas. 11. Nationalism, self-sufficiency, and imperial power were central concerns of: (a) French physiocrats.

(b) Thomas Malthus.

(c) mercantilists.

(d) Adam Smith.


(e) neoclassical economists.

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12. The cliché that “the punishment should fit the crime” originated in the writings of: (a) Plato.

(b) Thomas Aquinas.

(c) Jeremy Bentham.

(d) David Hume.

(e) Thomas Hobbes.

13. Supernatural power, divinity, and gifts of nature are integral to the explanations of economic events developed by: (a) physiocrats.

(b) German historicists.

(c) modern monetarists.

(d) mercantilists.

(e) Keynesians.

14. The French Physiocrats believed land was the only thing that could produce a net product, this net product was the surplus generated from land. Physiocrats concluded that a reasonable measure of a society’s net product is: (a) the number of houses built in one year. (b) land rent. (c) rent paid to landlords by people living in apartments. (d) the amount of taxes collected in one year. 15. Management of the economy via extensive regulations and laws specified by the national government is most consistent with: (a) syndicalism. (b) mercantilism. (c) communism, the next stage after a Marxist “dictatorship of the proletariat. (d) classical liberalism. (e) anarchism. (f) Francois Quesnay and other physiocrats. (g) the ideas of Thomas Jefferson and Mohandas Gandhi. 16. David Hume argued that: (a) money is a “veil” that hides the real workings of the economic system. (b) Corn Laws protected English workers from competition by low-wage foreign workers. (c) capitalism is the system most compatible with democracy. (d) fair punishment is proportional to the harm done by a criminal. 17. The concept of _____ was illustrated by _____ with the quote, “The loss of a little finger would keep the average European from sleeping that night, ... but, provided he never saw them, he will snore with the most profound security over the loss of millions of his brethren.” (a) opportunity cost; John Maurice Clark

(b) self interest; Adam Smith

(c) scarcity; Thorstein B. Veblen

(d) social security; George Bush

(e) the Privacy Act; Bill Clinton


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18. The first comprehensive work on economics written in English was authored by Adam Smith in 1776 and entitled “An Inquiry into the Nature and Causes of the: (a) Laws of Supply and Demand.” (b) Wealth of Nations.” (c) Movements of Prices in Competition.” (d) Incomes of Different Social Classes.” (e) Communist Revolution.” 19. Adam Smith’s theory of economic growth relies upon a ________ to kick-start the process, and then _________ to continue it. (a) higher wages./ the wages fund. (b) division of labor/ higher wages. (c) explosive population growth / economies of scale. (d) division of labor / capital accumulation. 20. Social welfare is maximized when a “hedonistic calculus” regulates all human action according to the interventionist “liberal”: (a) John Stuart Mill. (b) Thorstein Veblen. (c) Milton Friedman. (d) Jeremy Bentham. 21. According to Thomas Robert Malthus, humankind's economic condition would continue to worsen over time because: (a) innovations cannot keep pace with human needs. (b) food production grows at an arithmetic rate while, if unchecked, population would grow at a geometric rate. (c) only the nobility should eat cake. (d) capitalism causes inequity in the distribution of income. 22. The theory that in equilibrium, workers’ wages will barely be adequate for biological needs is known as the: (a) labor theory of value. (b) convergence hypothesis. (c) subsistence theory of wages. (d) indicative planning model. (e) subjugation theory of workers. (f) zero population growth model. 23. Malthus disagreed with the argument that supply creates its own demand so that demand will always adjust to supply. Malthus asserted that common occurrences in markets for goods would be: (a) excess demand. (b) shortages. (c) equilibrium. (d) gluts. 24. The concept that there could never be a general glut of commodities throughout an economy dominated conventional macroeconomic thinking until the Great Depression of the 1930s. This concept is known as: (a) Malthus’s theory of population. (b) Say’s Law of Markets. (c) David Hume and John Locke’s quantity theory of money. (d) Alfred Marshall’s partial equilibrium analysis. (e) Aristotle’s diamond-water paradox.


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25. The Marxist theory of dialectical materialism theoretically follows a sequence: (a) synthesis  thesis  antithesis.

(b) antithesis  synthesis  thesis.

(c) thesis  antithesis  synthesis.

(d) synthesis  antithesis  thesis.

(e) thesis  synthesis  antithesis 26. According to Karl Marx, the properties that distinguish commodities do not include: (a) useful. (b) produced by human labor. (c) offered for sale in the market. (d) inseparable from the individual that produced them. 27. The Marxist concept of surplus value would not include income received in the form of: (a) wages.

(b) rent.

(d) corporate profits.

(e) proprietor profits.

(c) interest.

28. According to Karl Marx, revolution would inevitably come from the oppressed workers, known as the: (a) proletariat.

(b) patricians.

(d) panacea.

(e) petit bourgeoisie.

(c) bourgeoisie.

29. Which of the following was a belief shared by utopian and scientific socialists? (a) The labor of the middle class determines the value of a product. (b) Class struggle is the necessary means to achieve social change. (c) Private property should be abolished. (d) History is determined by economic laws. 30. Which of the following characteristics is least representative of socialism? (a) Personal profits are derived through market competition (b) It includes private ownership of the means of production (c) It involves centralized decision making (d) It includes the pursuit of collective goals 31. Who was the social theorist that proposed socialism should serve as an intermediate stage on the way to an ideal communist society (a) Karl Marx

(b) William Domhoff

(c) Erik Wright

(d) Wright Mills

32. The “Marginalist Revolution” that attacked economic analysis with calculus early in the nineteenth century is most consistent with the stress on formal mathematics and detailed statistics in the earlier writings of: (a) Claus von Clausewitz.

(b) John Law.

(c) Friedrich List.

(d) William Petty


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33. Marginalism and the idea that pricing reflects marginal utility and demand was a movement away from: (a) the quantity theory of money.

(b) thelabor theory of value.

(c) mercantilism.

(d) Marx’s business cycle theory.

34. Explicit treatments of marginal analysis were least central to the writings of: (a) William Stanley Jevons.

(b) Léon Walras.

(c) John Stuart. Mill.

(d) Carl Menger.

35. The economist who spent twenty years cautiously trying out his ideas on his students before finally presenting them to the world near the close of the 19th century was: ] (a) William Stanley Jevons.

(b) Henry George.

(c) Léon Walras.

(d) Alfred Marshall

36. Alfred Marshall formalized and then popularized the analytical technique known as: (a) general equilibrium analysis

(b) felicific calculus.

(c) partial equilibrium analysis.

(d) differential equations.

37. Vilfredo Pareto’s very deductive mathematical models and proofs made the market seem quite mechanistic, an approach most notably rejected by his slightly older contemporary: (a) Karl Marx.

(b) Léon Walras.

(c) Alfred Marshall.

(d) William Stanley Jevons.

38. The economic theorist who most vociferously opposed using “all else assumed constant” [ceteris paribus] assumptions when building theory was: (a) Karl Marx.

(b) Alfred Marshall.

(c) Thomas Robert Malthus .

(d) Léon Walras.

39. The Lausanne School is to Léon Walras as the Austrian School is to: (a) Vilfredo Pareto.

(b) Carl Menger.

(c) Enrico Barone.

(d) David Hume.

40. The idea that governmental redistributions of income or wealth will ultimately have no effect on how disparate income and wealth are distributed is sometimes called: (a) Say’s Law of Markets.

(b) the Law of Comparative Advantage.

(c) Keynes’ Law.

(d) Pareto’s Law.

41. The American economist who believed it possible to prove scientifically that the distribution of income in a competitive market system is both fair and in accord with marginal productivity was: (a) Henry George.

(b) Alexander Hamilton.

(c) Irving Fisher.

(d) John Bates Clark.

42. Which of the following is not among Rostow's stages of growth (a) The traditional society

(b) The age of low mass consumption

(c) The take-off

(d) The drive to maturity


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43. Neoclassical economics views (a) natural resources as the primary factor determining economic success (b) nature as a source of raw materials and a sink for wastes (c) a steady-state as the ultimate economic goal (d) the relationship between supply and demand as having minor importance 44. Keynes owes the concept of multiplier to a) Pigou


b) R.F.Khan


45. Which of the following is the nucleus of the Keynesian theory of employment? a). The theory of consumption function

b).the principle of effective demand

c). Marginal efficiency of capital

d) None of these

46. The study of the effect of consumption on investment is called a). Accelerator

b). Multiplier

c).leverage effect

d) none of these

47. Who among the following was the leader of Monetarism a).Keynes

b). Milton Friedman

c). A.W.Philip

d) Mankiv

48. The multiplier is the reciprocal of a).Marginal propensity to save

b). Marginal propensity to consume

c). Both MPC and MPS

d) none of the above

49. The mew classical economics is based on a). Market clearing

b). Non-market clearing

c). Both a and b

d) none of these

50. The welfare of all means: a). Swaraj

b). Sarvodaya

c). Brahmacharya

d) Swadeshi

51. Keynes was an advocate of ------a).Income policy

b). Fiscal policy

c). Monetary policy

d) Wage policy

52. 10. The desire of people to keep money with them is called by Keynes as: a).Investment


c). Liquidity preference

d) Consumption

53. According to Keynes marginal efficiency of capital has a tendency to : a). increase

b). decrease

c). remains constant

d) none of these


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54. The change in income as a result of change in is investment called by Keynes as: a).multiplier

b). accelerator

c). marginal efficiency of capital

d) none of these

55. Marginal efficiency of capital is : a).the expected rate of profit from new investment b). the expected rate of profit from past investment c). the expected rate of profit from saving d) none of these. 56. Keynes theory of employment relates to: a).the long run

b). short run

c). very long period

d) none of these

57. The two important determinants of investment according to Keynes are: a).interest rate and marginal efficiency of capital

b). saving and interest rate

c). interest rate and consumption

d) none of these

58. According to Keynes consumption is a function of : a).income

b). saving

c). employment

d) none of these

59. According to Keynes Aggregate demand consists of consumption plus investment plus ……………….. a).saving

b).government expenditure

c). private expenditure

d) none of these

60. Keynes believed that money was -----a).neutral

b). non-neutral

c). neutral and non-neutral

d) none of these

61. Keynesian economics is -----a).micro economics


c).both micro and macro

d) none of these

62. The author of the “End of Laissez faire” was. a). Keynes


c). Laffer

d) J.B.Say

63. The author of ‘Arthashastra’ is a) Kautilya

b)Bana Bhatta

c) Thiruvalluvar

d)Kabir Das

64. The most important work of Thiruvalluvar is


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c) Poverty and Unbritish Rule of India

d)The rise of Maratha power

65. The grand old man of India is the name attributed to a)Dadabhai Naoroji

b) Kautilya


c) Ranade

66. The Drain Theory is associated with the name of a) Kautilya

b) Gandhiji

c) Dadabhai Naroji

d) Ranade

67. Dadabhai Naroji attributed poverty of India to a) over population

b)scarcity of capital

c) British rule

d)none of the above

68. 6.Dadabhai Noaroji attributed external drain to: a)unrequired exports and no equivalent imports b)unrequired imports and no equivalent exports c) unrequired exports and equivalent imports d) All the above 69. Trusteeship is a concept developed by a) Gandhiji


c) Dadabhai Naoroji


70. Ambedkar was a champion of a)Capitalism


c)Mixed economy

d)State socialism

71. Ambedkar’s idea of state socialism is based on the unique blend of a) Marxism and Buddhism

b) Buddhism

c) Marxism and Gandhism

d) all the above

and Gandhism

72. The chief architect of Indi’s second five year Plan was: a) Gandhiji

b) Harrod Domar

c) P.C.Mahalanobis

d) Dadabai Naoroji

73. Mahalanobis aimed at the economic development of India through a) Agricultural development

b) industrial development

c) Both agricultural and industrial development

d) none of the above

74. The most important contribution of Mahalanobis is related to : a) the design of large scale surveys

b) the design of a plan strategy

c) the Starting of a Journal

d) none of the above


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75. The wage good model was developed by a) Mahalanobis

b) Naoroji

c) C.N.Vakil and P.R.Brahmananda

d) Gandhiji

76. V.K.R.V. Rao is remembered for his contribution on: a) National income of India

b) Deficit financing

c) Capital formation

d) Economic development

77. The formula adopted for distribution of Plan assistance during 4th and th Plan was: a) Gadgil formula

b) Modified Gadgil Formula

c) Mahalanobis formula

d) None of the above

78. The forword to India’s 1st Five Year Plan was written by: a) V.K.R.V.Rao

b) Ambedkar

c) K.N.Raj

d) C.N.Vakil

79. Who among the following computed India’s balance of payment for the first time for Reserve Bank of India: a) K.N.Raj

b) C.N.Vakil

c) P.R.Brahmananda

d) Ambedkar

80. Amartya Sen was awarded Nobel Prize in Economics for his contribution to a) Welfare Economicsand Social choice theory b) Welfare economics and development economics c) Welfare economics and Inequality d) None of these 81. The world witnessed a great depression during – a) 1929-33

b) 1939-43


d) 1911-16

82. Keynesian economics is considered as -----a) New Economics b) Old Economics c) classical economics d) Orthodox Economics 83. Unemployment according to Keynes was due to -----a) lack of education b) lack of supply c) Lack of effective demand d) None 84. The most prominent representative of supply side economics was : a) Keynes b) Arthur Laffer c) Richard Hey d) A.C. Pigou 85. The book of Keynes is --------a) Wealth of Nations b) Principles’ of Economics c)General Theory d) Das Capital HISTORY OF ECONOMIC THOUGHT

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86. The most important work of Thiruvalluvar is ---a)Thirukkural

b) Ramayana

c) Gita

d) Panchatanthra

87. The ---- theory is associated with the name of Dadabai Naoroji. a) Demonstration

b) Drain

c)Surplus value

d) Pocwery

88. Dadabai Naoroji attributed ----- of India to British rule. a) Independence

b) Poverty

c) Unemployment

d) Mortality

89. Ambedkar’s idea of ------ is based on a unique blend of Marxism and Budhism. a) Gandhism c) Anarchy 90. Trusteeship is a concept developed by ------

b) State capitalism d) State Socialism

a) Naoroji

b) Gandhiji


d) Chanakya

91. ‘Poverty and UnBritish Rule in India’ was written by -----a) Naoroji

b) Gokhale

c) Ambedkar

d) Gandhij

92. ------ is regarded as the chief architect of Indian constitution. a) Nehru

b) Gandhi


d) Rajagopalachari

93. Drain theory was associated to ------a) M.K. Gandhi

b) Bardan

c) Gokhale

d) Dadabai Naoroji


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1. (c)

20. (d)

39. (b)

58. a)

77. a)

2. (c)

21. (b)

40. (d)

59. b)

78. c)

3. (a)

22. (c)

41. (d)

60. b)

79. c)

4. (b)

23. (d)

42. (b)

61. b)

80. a)

5. (b)

24. (b)

43. (b)

62. a)

81. a)

6. (a)

25. (c)

44. c)

63. a)

82. a)

7. (b)

26. (d)

45. b)

64. b)

83. c)

8. (b)

27. (a)

46. a)

65. a)

84. b)

9. (e)

28. (a)

47. b)

66. c)

85. c)

10. (b)

29. (c.)

48. a)

67. c)

86. a)

11. (c)

30. (a.)

49. a)

68. a)

87. b)

12. (c)

31. (a)

50. b)

69. a)

88. b)

13. (a)

32. (d)

51. b)

70. d)

89. d)

14. (b)

33. (b)

52. c)

71. a)

90. b)

15 .(b)

34. (c)

53. b)

72. c)

91. a)

16. (a)

35. (d)

54. a)

73. b)

92. c)

17. (b)

36. (c)

55. a)

74. a)

93. d)

18. (b)

37. (c)

56. b)

75. c)

19. (d)

38. (d)

57. a)

76. a)

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