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Quiz 13
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Q.1
Excise tax is a part of
Fixed cost
Variable cost
Implicit cost
Is not a part of cost
Q.2
Unemployment due to mechanization of agriculture is
Seasonal
Structural
Industrial
Personal
Q.3
The labour force participation rate is the
Proportion of population that is working
Proportion of population working or looking for work
Proportion of skilled workers population
Proportion of female workers to male workers
Q.4
Risks in the business arise because of
Introduction of the new products
Uncertain policy of rival firms
Changes in tastes
All of the above
Q.5
Indifference curves are convex to the origin because
Two goods are perfect substitutes
Two goods are imperfect substitutes
Two goods are perfect complementary goods
None of the above
Q.6
Profit is maximum when
Distance between TR and TC is maximum
Distance between AR and AC is maximum
Distance between MR and MC is maximum
None of the above
Q.7
In Monopoly at various output levels
AR = MR
AR < MR
AR > MR
None of the above
Q.8
If there are implicit costs of production
Economic profit will be equal to accounting profit
Economic profit will be less than accounting profit
Economic profits will be zero
Economic profit will be more than accounting profit.
Q.9
Giffen goods are those goods
For which demand increases as price increases
That have a high income elasticity of demand
That are in short supply
None of the above
Q.10
At the point of equilibrium of firm (under perfect competition)
MC curve must be rising
MC curve must be falling
MR cure must be rising
None of the above
Q.11
Standard of living of a country can be raised if it increases
Money supply
Labour force
Production
Exports
Q.12
Standard of living of a country can be raised if it increases
Labour force
Production
Money supply
Exports
Q.13
According to Malthus, population increases by progression of which kind?
Systematic
Arithmetic
Geometric
Automatic
Q.14
All labour is
Homogeneous
Heterogeneous
Lazy
Intelligent
Q.15
All labour is
Homogeneous
Heterogeneous
Lazy
Intelligent
Q.16
Mobility of labour
Increases efficiency of labour
Spoils labour
Increases division of labour
a' and 'c' both
Q.17
When the perfectly competitive firm and industry are in long run equilibrium, then
P = MR = SAC = LAC
D = MR = SMC = LMC
P = MR = Lowest point on the LAC curve
All of the above
Q.18
An isoquant slopes
Downward to the left
Downward to the right
Upward to the right
Upward to the left
Q.19
In monopoly, the relationship between average and marginal revenue curves is as follows
AR curve lies above the MR curve
AR curve coincides with the MR curve
AR curve lies below the MR curve
AR curve is parallel to the MR curve
Q.20
The total effect of a price change of a commodity is
Sustitution effect plus price effect
Substitution effect plus income effect
Substitution effect plus demonstration effect
Substitution effect minus income effect
Q.21
The following are some of the costs of a clothing manufacturer. State which among them will you consider as fixed cost?
Cost of cloth
Piece wages paid to workers
Depreciation on machines owing to time
Cost of electricity for running machines
Q.22
Not having enough
scarcity
supply
human resouce
taxes
Q.23
How much people want something
supply
demand
Q.24
What is a producer?
a person who gives goods away
things people would like to have
the exchanged of goods and services without the use of money
a person, company, or country that makes grows, or supplies goods for sale
Q.25
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
Q.26
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
Q.27
What is profit?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
Q.28
Interdependence means
One country depends on another
Two countries depend on another country
Two countries economies rely on each other
Taxes are higher
Q.29
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
Q.30
What is Gross Domestic Product?
Goods, services, and intermediate products bought by people in other countries.
the total value of goods produced and services provided in a country during one year
The amount of output the average worker can produce in an hour.
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