Question # 1

Profits

Choose an answer

are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Short run cost curves are.

Choose an answer

v-shaped

Dish-shaped

U-shaped

L-shaped

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

Choose an answer

1/4

1/2

1

constant

Marginal revenue of a monopolist is

Choose an answer

equal to price

greater than price

less than price

increases with output

One of the following will not be capital.

Choose an answer

Mchinery

Means of communication

Water falls

Means of transportation

With decrease in price of bonds, rate of interest

Choose an answer

decreases

increases

does not change

none of the above

Professor Knight is famous for his theory of

Choose an answer

rent

profit

population

wages

Variable are represented by symbol

Choose an answer

V

U

P

C

The three broad types of productive resources are

Choose an answer

money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

Food, Shelter and clothing are:

Choose an answer

Necessities

Comfort

Luxuries.

None of three

Market system means

Choose an answer

Socialism

Capitalism

a place where goods are traded

all of the above

Marginal utility of a product is the utility obtained by consuming.

Choose an answer

First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

All materials goods which can satisfy humans wants are called.

Choose an answer

Non economic goods

Economic goods

Capital goods

Services

Wealth of Nations was written by

Choose an answer

Adam Smith

Malthus

Marshall

Newton

A consumer's spending is restricted because of

Choose an answer

marginal utility

budget constraint

demand curve

unlimited wants

Scarcity exists

Choose an answer

in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

Variable cost of production are also called.

Choose an answer

Fixed cost

Supplementary cost

Total variable cost

Prime cost

MRP curve of a factor represents the.

Choose an answer

Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

When MU is positive, TU

Choose an answer

increases

decreases

remains constant

is maximum

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

Choose an answer

supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

Normal profit is

Choose an answer

part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

More Classes

Other Links

Economics Ics Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer