Economic Concepts Related to Banking Mock Test 01

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1. Which of the following is a fundamental concept in economics?

a) Scarcity b) Abundance c) Unlimited resources d) Constant supply

2. Which branch of economics deals with individual consumer behavior?

a) Macroeconomics b) Microeconomics c) Public finance d) International trade

3. Macroeconomics focuses on which of the following?

a) Individual firms b) National income and inflation c) Demand and supply of a single product d) Consumer preferences

4. Which type of economy is based on government control and planning?

a) Market economy b) Mixed economy c) Command economy d) Traditional economy

5. Which of the following is a key feature of a market economy?

a) Government regulation of all industries b) Free competition c) Centralized production planning d) Fixed pricing by the government

6. India follows which type of economic system?

a) Pure market economy b) Command economy c) Mixed economy d) Socialist economy

7. The law of demand states that as price increases, demand will:

a) Increase b) Decrease c) Remain constant d) Fluctuate randomly

8. What is the primary focus of microeconomics?

a) National income b) Interest rates and inflation c) Individual markets and firms d) Global trade policies

9. Which of the following is NOT a macroeconomic indicator?

a) GDP b) Inflation rate c) Unemployment rate d) Demand for a specific product

10. Which economic system is based on customs and traditions?

a) Market economy b) Command economy c) Mixed economy d) Traditional economy

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