Micro Economics MCQ (GK Set-1) with Answers

Even if a country acquired no extra resources, its output could grow

Even if a country had no technological progress, its total factor productivity could increase

Even if a country’s workforce stayed the same, there could be an increase in human capital

If a country’s GDP per head rose by 3% a year, it would take about 33 years for its output GDP per head to double

There might be an increase in household production.

There might be an increase in production by the underground economy

There might be an increase in exports

There might be an increase in leisure

Growth is no help in efforts to ease relative poverty

Over a period of time when economic welfare increased, total welfare could decrease

If a country decides to invest in more capital this year, then living standards may initially fall and yet in time be higher than they would otherwise have been

Growth has reduced drudgery

Where investment per worker equals saving per worker.

Where investment per worker equals depreciation per worker

Where investment per worker equals capital per worker.

Where capital per worker equals output per worker.

Initially, output per worker will fall

Eventually, output per head of population will be higher than it started.

There will be sustained economic growth.

There will be capital widening.