MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
Quiz
Commerce
Economics
Quiz 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Q.1
If the marginal (additional) opportunity cost is a constant then the PPC would be
Straight line
Convex
Backward leading
Concave
Q.2
The economic analysis expects the consumer to behave in a manner which is
Rational
Irrational
Emotional
Indifferent
Q.3
Consumer surplus is highest in case of
Necessities
Luxuries
Comforts
Conventional necessities
Q.4
The vertical difference between TVC and TC is equal to
MC
AVC
TFC
None of the above
Q.5
Which one of the following is the task of the Planning Commission?
Preparation of the plan
Implementation of the plan
Financing of the plan
None of the above
Q.6
At the point of satiety, marginal utility is
Zero
Positive
Maximum
Negative
Q.7
Which one of the following is true about Planning Commission?
It is a Ministry
It is a Government Department
It is an Advisory Body
It is an Autonomous Corporation
Q.8
A firm encounters its 'shutdown point' when
Average total cost equals price at the profit-maximizing level of output
Average variable cost equals price at the profit-maximizing level of output
Average fixed cost equals price at the profit-maximizing level of output
Marginal cost equals price at the profit-maximizing level of output
Q.9
According to Marshall, the basis of consumer surplus is
Law of diminishing MU
Law of Equi-MU
Law of proportions
All of the above
Q.10
Which of the following bodies finalizes the Five Year Plan Proposals?
Planning Commission
Union Cabinet
National Development Council
Ministry of Planning
Q.11
Total utility of a commodity is measured by which price of that commodity?
Value in use
Value in exchange
Both of above
None of above
Q.12
Under ______ market condition, firms make normal profits in the long run.
Perfect competition
Monopoly
Oligopoly
None of the above
Q.13
Larger production of ___ goods would lead to higher production in future
Consumer goods
Capital goods
Agricultural goods
Public goods
Q.14
What implication does resource scarcity have for the satisfaction of wants?
Not all wants can be satisfied
We will never be faced with the need to make choices
We must develop ways to decrease our individual wants
The discovery of new natural resources is necessary to increase our ability to satisfy wants
Q.15
Who expressed the view that 'Economics should be neutral between ends'?
Robbins
Marshall
Pigou
Adam Smith
Q.16
Which of the following is a producer good?
Pen
Cycle
Mobile phone
Hammer
Q.17
Ceteris Paribus means
Other things remaining same
All variables are independent
Enable economists to simplify reality
That no other assumptions are made
Q.18
A firm earns economic profit when total profit exceeds
Normal profit
Implicit costs
Explicit costs
Variable costs
Q.19
Passive factor of production is
Only Land
Only Capital
Both Land & Capital
Neither Land nor Capital
Q.20
Under law of demand
Price of commodity is an independent variable
Quantity demanded is a dependent variable
Reciprocal relationship is found between price and quantity demanded
All of the above
Q.21
For inferior commodities, income effect is
Zero
Negative
Infinite
Positive
Q.22
Economic survey is published by
Ministry of Finance
Planning Commission
Government of India
Indian Statistical Institute
Q.23
Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?
The individual firm must have fewer than 10 employees
The individual firm faces a downward-sloping demand curve
The individual firm has assets less than Rs. 20 lakhs
The individual firm is unable to affect market price through its output decisions
Q.24
He described economics as a science of material welfare
Robbins
Marshall
Ricardo
Keynes
Q.25
Economic profit is
Part of total cost
Total revenue minus total cost
Total revenue minus explicit cost
Total variable cost minus total fixed cost
Q.26
Unit cost is another name for
MC
AVC
ATC
AFC
Q.27
All inputs can be varied in
Short run
Long run
Both periods
None of the period
Q.28
Scarcity means
Non-availibility of goods
High price of goods
Less supply than demand
High profit of the firms
Q.29
Who is the 'father of economics'?
Max Muller
Adam Smith
Karl Marx
None of the above
Q.30
Mixed economy means an economy where
Both agriculture and industry are equally promoted by the state
There is co-existence of public sector along with private sector
There is importance of small scale industries along with heavy industries
Economy is controlled by military as well as civilian rulers
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page