Terminology MCQs Online Test

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Sr.#	Question	Answer
1	Which does the government not control directly?	A. Spending on health B. Spending on defence C. Firms investment decisions D. Spending on education
2	Who has given scarcity definition of economics?	A. Adam Smith B. Marshall C. Robbins D. Robertson
3	In the short term a firm will firms produce provided the revenue:	A. Covers fixed costs B. Covers variable costs C. Covers total costs D. Covers revenue
4	Which of the following country has left the membership of OPEC?	A. Indonesia B. Iraq C. U.A.E D. Angola
5	An increase in national income is:	A. Likely to increase exports B. Likely to decrease savings C. Likely to decrease investment D. Likely to increase spending on imports
6	Which of the following is not an item of transfer payment?	A. Pension B. Scholarship C. Dividend D. Subsidy
7	TWA stand for:	A. Trans world Authority B. Trans word Airport C. Trans world airlines D. None of the above
8	A brief story in prose or verse that teaches a moral or gives a pract6ical lesson about how to get along in life is called a:	A. Myth B. Dram C. Folk tale D. Fable
9	The part of economics that deals with behavior and decision making by small units, such as individuals and firms?	A. Economics B. Unlimited life C. Organizational chart D. Microeconomics
10	Ultimate burden of tax is known as	A. Impact B. Incidence C. shifting of tax D. Property tax