Economics: Multiple Choice Questions with Answers

56. First five-year plan in India was from –

A. 1947 – 1952

B. 1949 – 1954

C. 1950 – 1955

D. 1951 – 1956

57. Economic profit or normal profit is the same as?

A. Optimum profit

B. Accounting profit

C. Maximum Profit

D. Net profit

58. Economic theory is a/an?

A. Axiom

B. Proposition

C. Hypothesis

D. Tested Hypothesis

59. Subsidies are paid by the government to –

A. Consuming Units

B. Producing Units

C. Banking Units

D. Retired Persons

60. Who said supply creates its demand?

A. Adam Smith

B. J. B. Say

C. Marshall

D. Ricardo

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