Passage based Questions on General Knowledge and Current affairs SMGKQ033

1. Who is called the 'Father of Economics'?

a. Max Muller
b. Karl Marx
c. Adam Smith
d. None of these

2. Who has given scarcity definition of economics?

a. Adam Smith
b. Marshall
c. Robbins
d. Robertson

3. Marginal utility is equal to average utility at that time when average utility is

a. Increasing
b. Maximum
c. Falling
d. Minimum

4. At point of satiety, marginal utility is:

a. Zero
b. Positive
c. Maximum
d. Negative

5. Which of hte following is the second law of Grossen?

a. Law of equi-marginal utility
b. Law of equi-product
c. Theory of indifference curve
d. Law of diminishing marginal utility

6. Total utility of a commodity is measured by which price of that commodity?

a. Value in use
b. Value in exchange
c. Both of above
d. None of above

7. The concept of Five year Plans in India was introduced by

a. Lord Mountbatten
b. Jawaharlal Nehru
c. Indira Gandhi
d. Lal Bahadur Shastri

Correct Answers :

1. C
2. C
3. B
4. A
5. A
6. A
7. B