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GK
GK Set-1
Economics
Indian Economics
230

Indian Economics MCQ (GK Set-1) with Answers

230) In the Cobb-Douglas production function the elasticity of substitution between factors is

Zero

Equal to one

Greater than one

Less than one

Answer is:

Equal to one

Indian Economics MCQ (GK Set-1) with Answers

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Related Indian Economics MCQ (GK Set-1) with Answers

231) In economic theory, the term ’Ceteris Paribus ’ is used to indicate

Demand and supply are equal

Other things are equal

Condition of full employment exists

Cost and revenue are constant

Answer is:

Other things are equal

232) Who, among the following economists, used the technique of ’kinked demand curve’ to explain price rigidity under oligopoly?

Paul Sweezy

Hall and Hitch

Chamberlin

Stigler

Answer is:

Paul Sweezy

233) Which law states that, with given taste and preferences, the pro portion of income spent on food stuff diminishes as income increases?

Engel’s law

Gresham’s law

Giffin’s law

Say’s law

Answer is:

Engel’s law

234) Money was introduced in the growth models for the first time by

R. F. Harrod

E.Domar

J.Robinson

None of the above

Answer is:

None of the above

Indian Economics MCQ (GK Set-1) with Answers

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