100+ World Economy Objective Type Questions and Answers - 1

Question: 1

_____ is the author of dynamic theory of profits.

(A) Hawley

(B) Taussig

(C) Clark

(D) Schumpeter

Ans: C


Question: 2

The author of wealth definition is

(A) Adam Smith

(B) Samuelson

(C) Lionel Robbins

(D) Alfred Marshall

Ans: A

Adam Smith

Question: 3

According to _____, the level of wages in an industry depends on the bargaining strength of the trade union concerned.

(A) The bargaining theory of wages

(B) Residual claimant theory of wages

(C) Recent theories of wages

(D) The market theory of wages

Ans: A

The bargaining theory of wages

Question: 4

Necessaries, comforts and luxuries are _____

(A) Classification of utility

(B) Classification of wants

(C) Classification of goods and services

(D) None of the above

Ans: C

Classification of goods and services

Question: 5

The _____ or _____ in demand are movements on or along the given demand curve.

(A) Extension or contraction

(B) High or low

(C) Rise or fall

(D) Increase or decrease

Ans: A

Extension or contraction

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