Question 1

Who is the father of economics

Accepted Answer

Adam Smith is widely recognized as the father of economics due to his seminal work, "The Wealth of Nations," which laid the foundation for the study of economics as an independent discipline.

Question 2

Which of the following is not an example of macro economics

Accepted Answer

Macro economics deals with the economy as a whole, focusing on aggregate measures such as GDP, general price levels, and total savings. The salary of a policeman is an example of microeconomics, which looks at individual or specific aspects of the economy.

Question 3

TR and TC are in Trade off with one another when___________________

Accepted Answer

TR and TC are in Trade off with one another when TR=TC. This is because TR represents the total revenue earned by a firm, while TC represents the total cost incurred by the firm. When TR=TC, the firm is breaking even and is not making any profit or loss.

Question 4

'How to produce ' is a ____________ economic problem

Accepted Answer

'How to produce' is a microeconomic problem as it deals with the decision-making process at the individual company or industry level, focusing on the methods and resources used for production.

Question 5

Profit is the difference between total cost and ___________________

Accepted Answer

Profit is calculated as the difference between total revenue and total cost.

Question 6

The law of demand can be illustrated through______________________

Accepted Answer

The answer of The law of demand can be illustrated...

Question 7

Giffen goods are _____________________

Accepted Answer

The answer of Giffen goods are _____________________
...

Question 8

Which of the following is not an example for complementary goods

Accepted Answer

Tea and coffee are not complementary goods; they are considered substitute goods because they can replace each other as a beverage choice. Complementary goods are items that are typically used together, like cars and petrol, ink and ink pens, or bread and butter.

Question 9

Salt is an example for ______________goods

Accepted Answer

The answer of Salt is an example for ______________goods
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Question 10

Expand PIN

Accepted Answer

PIN stands for Personal Identification Number, commonly used in security systems and digital transactions to verify identity.

Question 11

Who is the Governor of RBI

Accepted Answer

Raghuram Rajan served as the Governor of the Reserve Bank of India (RBI) from September 2013 to September 2016.

Question 12

Commercial banks grant____________________loans

Accepted Answer

Commercial banks grant short-term loans to businesses and individuals.

Question 13

Which is known as the central bank of India

Accepted Answer

The Reserve Bank of India (RBI) is known as the central bank of India, responsible for regulating the country's monetary policy and overseeing the financial system.

Question 14

Exchange control department of the RBI was constituted in

Accepted Answer

The answer of Exchange control department of the RBI was...

Question 15

IFCI is a __________________ bank

Accepted Answer

The answer of IFCI is a __________________ bank
...

Question 16

Unit Trust of India was set up in ____________________

Accepted Answer

Unit Trust of India was set up in 1964 as a financial organization in India, primarily to encourage savings and investment.

Question 17

Which bank concentrates on export promotion]

Accepted Answer

EXIM (Export-Import Bank) specifically focuses on facilitating and promoting international trade by providing financial assistance, guarantees, and other services to exporters and importers.

Question 18

Cost theory explains the relationship between cost &_________________

Accepted Answer

Cost theory primarily examines how costs change with variations in output levels.

Question 19

Alternative cost is also known as a ____________________

Accepted Answer

Alternative cost is synonymous with opportunity cost, which refers to the value of the next best alternative that is foregone when a decision is made to choose one option over another.

Question 20

Out of pocket cost are _______________ cost

Accepted Answer

The answer of Out of pocket cost are _______________ cost
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Quiz 1: Economics: Concepts and Institutions