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The word ECONOMICS is derived from the Greek terms meanings:

A. Political economy

B. Household Management

C. Production and consumption

D. Financial Accounting

Correct Answer : B.


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  1. Law of variable proportions is based on the assumption of:
  2. With the decrease in marginal valuation of a specific commodity, the price offered by the people:
  3. The minimization of costs subject to output requires equilibrium at the lowest:
  4. The number of sellers in duopoly is:
  5. The greater the percentage of income spent on a commodity:
  6. Time Preference Theory of Interest was presented by:
  7. In the modern theory of costs, the level of production which the firm considers feasible is known as:
  8. The general form of Cobb-Douglas production function is:
  9. When total revenue (TR) falls in monopoly then elasticity of demand is:
  10. Identify the work of T.W.Schultz:
  11. The price under perfect competition is settled by:
  12. If under perfect competition, in the short period, price does not cover the average cost completely,…
  13. The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share…
  14. The budget-line is also known as the:
  15. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  16. An indifference curve slopes down towards right since more of one commodity and less of another result…
  17. Consumers are likely to get a variety of similar goods under:
  18. Change in demand refers to:
  19. If in the long run all factor inputs are increased three times and the resulting output is four times…
  20. Marginal Productivity Theory deals with the theory of:
  21. In terms of price, the indirect utility function may be:
  22. Which is the other name that is given to the average revenue curve?
  23. Price discrimination occurs when:
  24. Consumers Surplus can also be defined as:
  25. The point where the supply and demand curves intersect on a graph determines:
  26. If production increases under increasing returns to scale, the cost will:
  27. An indifference curve shows the bundles of two goods among which a consumer remains:
  28. In 1890, Principles of Economics was written by:
  29. At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand…
  30. The General Theory of Employment, Interest and Money is the major work of :