General Awareness : Economics

Goods for which demand move in the opposite direction of the income of the consumer are called?

• Inferior goods

• Normal goods

• Complementary goods

• Substitute goods

If the ............ firm has zero cost or only has fixed cost, the quantity supplied in equilibrium is given by the point where the average revenue is zero.

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

The average variable cost curve is ............. shaped.

• U

• V

• X

• W

The ..............balance is the sum of the balance of mechandise trade, services and net transfers received from the rest of the world.

• Current Account

• Savings Account

• Capital Account

• Asset Account

The relation between the consumer's optimal choice of the quantity of a good and its price is very important and this relation is called ................. function.

• price

• substitution

• supply

• demand

• Union

• State

• Global

• Concurrent

............... can give the Union parliament power to make laws on matters included in the State list.

• Ministry of Defence

• Prime Minister's Office

• Securities and Exchange Board of India

• Rajya Sabha

The demand for a normal good decreases with .......... in the consumer's income.

• increase

• decrease

• constant

• double

Short run marginal cost curve cuts the short run average cost curve from .............at the minimum point of short run average cost.

• top

• below

• right

• left

The ............ balance is equal to capital flows from the rest of the world, minus capital inflows to the rest of the world.

• Current Account

• Savings Account

• Capital Account

• Asset Account