Economics: Multiple Choice Questions with Answers

36. The Heckscher Ohlin approach to international trade provides important insights in –

A. Gains from trade

B. Effect of trade on production and consumption

C. Effect of trade on the incomes of production factors

D. All of the above

37. Broad Money (M3) constitutes currency with public plus demand deposits with banks plus time deposits with bank plus –

A. Other deposits with the RBI

B. Post office deposits

C. Government deposits with RBI

D. Bankers deposits with RBI

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38. When national income is calculated concerning a base year, it is called –

A. Nominal national income

B. Net national income

C. Real national income

D. Gross national income

39. Which of the following is known as the long-run average cost curve?

A. Learning curve

B. Envelope curve

C. Equal product curve

D. Phillips curve

40. Isoguants are right-angled only when –

A. Factors are perfect substitutes

B. Factors are neutral

C. Factors are perfect complements

D. Factors are scarce