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Quiz 9
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Q.1
TC curve
Rises continously
Falls after reaching a maximum
Is horizontal
None of the above
Q.2
In which year, was the first volume of Das Capital by Karl Marx published?
1848
1859
1867
1873
Q.3
When marginal is negative, it must be true that
The average is negative
The average is decreasing
The total is negative
The total is decreasing
Q.4
All the following curves are U-shaped except
AVC
AFC
AC
MC
Q.5
Who is generally regarded as the founder of the 'Classical School'?
David Ricardo
Adam Smith
T.R.Malthus
J.S.Mill
Q.6
Union leaders are in better position to bargain for higher wages if demand for labour is
Elastic
Inelastic
Very large
Permanent
Q.7
Economic problems arise because
Wants are unlimited
Resources are scarce
Scare resources have alternative uses
All of the above
Q.8
Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published?
1767
1764
1761
1758
Q.9
According to Keynes, interest is a payment for
Consumer's preference
Producer's preference
Liquidity preference
State Bank's preference
Q.10
According to Keynes, interest is a payment for
Consumer's preference
Producer's preference
Liquidity preference
State Bank's preference
Q.11
If a good is a luxury, its income elasticity of demand is
Positive and less than 1
Negative but greater than 1
Positive and greater than 1
Zero
Q.12
When ____, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.
AC = AR
MC = AC
MC = MR
AR = MR
Q.13
Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering rasiing prices, it can expect a relatively
Large fall in quantity demanded
Large fall in demand
Small fall in quantity demanded
Small fall in demand
Q.14
The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at the British Museum, appeared in
1859
1857
1855
1853
Q.15
Interest is paid because
Capital is scarce
Capital is productive
Capital is attractive
Capital is surplus
Q.16
The term 'marginal' in economics means
Unimportant
Additional
The minimum unit
Just barely passing
Q.17
Which of the following is not a characteristic of a 'price taker'?
TR = P x Q
AR = Price
Negatively sloped demand
Marginal Revenue = Price
Q.18
In monopolistic competition, a firm is in long run equilibrium
At the minimum point of the LAC curve
In the declining segment of the LAC curve
In the rising segment of the LAC curve
When price is equal to marginal cost
Q.19
The AR curve and industry demand curve are same in case of
Monopoly
Oligopoly
Perfect competition
None of the above
Q.20
When the price of a substitute of X commodity falls, the demand for X
Rises
Falls
Remains unchanged
Any of the above
Q.21
The law of variable proportions come into being when
There are only two variable factors
There is a fixed factor and a variable factor
All factors are variable
Variable factors yield less
Q.22
The average profit is the difference between
AC and TC
AC and VC
AC and AR
AC and TR
Q.23
At the point of inflexion, the marginal product is
Increasing
Decreasing
Maximum
Negative
Q.24
A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is
Zero
Infinite
Equal to 1
Greater than 0 but less than 1
Q.25
When ______, we know that the firms are earning just normal profits.
AC = AR
MC = MR
MC = AC
AR = MR
Q.26
Utility means
Power to satisfy a want
Usefulness
Willingness of a person
Harmfulness
Q.27
Marginal utility is equal to average utility at that time when average utility is
Increasing
Maximum
Falling
Minimum
Q.28
Excess capacity is not found under
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
Q.29
Marginal revenue will be negative if elasticity of demand is
Less than unity
More than 1
Equal to 1
Equal to zero
Q.30
If lowering of fares reduces railway's revenues and increasing of fares increases, then the demand for rail travel has a price elasticity of
Zero
Greater than Zero but less than One
One
Greater than One
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