Top 15 Economics Interview Questions & Answers
Top 15 Economics interview Questions & Answers
1. what is Economics?
Economics is the study of how goods and services produced and how best we can utilize our scarce resources to fulfill our unlimited desires.
2. Who is the father of Economics?
Adam smith.3. In how many branches the area of economic theory is divided ?
The area of economic theory is divided into two branches Microeconomics and Macroeconomics.
4. Define what are consumer goods?
Goods which directly satisfy human wants are called consumer goods. Example, Food, clothing, etc.5. What do you mean by Oppertunity cost?
The sacrifice involved when you choose a particular course of action.
6. Which is the famous book on Economics written by Adam Smith?
A wealth of Nations.7. What is Recession?
A period during which aggregate output declines.8. What does Transfer payments means?
The payment without work.9. what is a discounting principle?
The discounting principle is a concept developed from the opportunity cost concept. It is a common notion that the present value of money available after a few years is less than the present value of money available today.10. What is the meaning of the term stagflation ?
High inflation rate combined with high unemployment and unchanged consume demand.11. what is autonomous demand?
When the demand for a commodity is entirely independent of demand for any other commodities it is autonomous demand.12.What are Rescheduled loans?
Bank loans that are usually altered to have longer maturities in order to assist the borrower in making the necessary repayments.
13.Define what do you mean by the price elasticity of demand?
The rate at which demand changes when price changes are known as elasticity of demand.14.what is the full form of FERA?
Foreign Exchange Regulation Act.15. what is Price Level?
The price Level refers to the monetary value of goods or service.
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