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GK Set-1
Economics
Micro Economics
390

Micro Economics MCQ (GK Set-1) with Answers

390) Which of the following statements is false?

Between 1990 and 2010, the UK had a higher average rate of economic growth than any other G7 country

Between 1990 and 2010, the UK had a lower average rate of unemployment than any other G7 country

Since 1855, the average rate of economic growth in the UK has been about 2%

Since 1855, the average rate of unemployment in the UK has been about 6%

Answer is:

Between 1990 and 2010, the UK had a lower average rate of unemployment than any other G7 country

Micro Economics MCQ (GK Set-1) with Answers

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

391) One week, a firm receives Rs.9,000 from its customers. It has to pay Rs.1,000 in taxes on products and Rs.500 in other taxes on production; and it receives Rs.100 in subsidies on products and Rs.50 in other subsidies. Which of the following equals Rs.7,650

The value of its products sold at market prices

The value of its products sold at basic prices

The value of its products sold at factor cost

None of the above

Answer is:

The value of its products sold at factor cost

392) Return to the firm in question 1. Suppose that in the week concerned it adds Rs.350 worth of finished products to its inventories. Also, it buys Rs.3,000 worth of intermediate products from other firms but adds Rs.300 worth of these to its inventories. Wha

Rs.8,000

Rs.5,300

Rs.4,700

Rs.4,000

Answer is:

Rs.5,300

393) Return to the firm in questions 1 and 2. Suppose that in the week concerned it pays compensation to its employees of Rs.5,000. What is its operating surplus?

Rs.300

Rs.650

Rs.750

Rs.950

Answer is:

Rs.300

394) GDP at factor cost equals the total value added at factor cost of all producers. Which of the following can be used to discover this total?

The total operating surpluses of all producers

The total compensation of employees of all producers

The total compensation of employees of all producers minus the total operating surpluses of all producers

The total compensation of employees of all producers plus the total operating surpluses of all producers

Answer is:

The total compensation of employees of all producers plus the total operating surpluses of all producers

Micro Economics MCQ (GK Set-1) with Answers

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