Question # 1

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Choose an answer

Fall

Rise

Remain the same

Fluctuate

A group of buyers and sellers that exchange a goods or services at a price are called

Choose an answer

Market

Commodity

Place

None of these

Which of the following is a producer good

Choose an answer

pen

cycle

mobile phone

hammer

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

Choose an answer

Statistics

Economics analysis

Function

None of these

The minimum wage is an example of

Choose an answer

price floor

price ceiling

equilibrium wage

efficiency of labour

The product which have close substitute their demand is always.

Choose an answer

More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

A monopoly generally

Choose an answer

allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

Product differentiation is a pre-condition of:

Choose an answer

Perfect competition

Imperfect compitition

Monopoly

Oligopoly

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

Choose an answer

0.05

10

20

indeterminate

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

Choose an answer

Market

Revenue curve

Contact

None of these

Which one is increasing function of price

Choose an answer

demand

utility

supply

consumption

A product which has value price in the market has.

Choose an answer

Utility

Scarcity

Transferability

All the three

When a competitive firm faces loss the slop of its MR curve is:

Choose an answer

Negative

Positive

Zero

Unity

Land is

Choose an answer

hirable

not hirable

homogeneous

a form of capital

Profits

Choose an answer

are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

Choose the correct establish condition for equilibrium

Choose an answer

MR = MC

MC intersects MR curve from below

MC + MR

Both a and b

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

Choose an answer

Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

Economic laws can be define as .

Choose an answer

A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

When the price of a product falls and as a concequence the demand for the product increase. it will be.

Choose an answer

Rise of demands

Fall of demand

Extension of demand

Contraction on demand

The concept of differential rent is given by.

Choose an answer

Marshall

David Ricardo

Hobson

Robbins

Every factor of production gets reward equal to its

Choose an answer

cost

marginal product

price

increasing return

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