Question # 1

An example of natural resource is

Choose an answer

factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

The utility of durable consumer goods.

Choose an answer

Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

Which is NOT a cause of shift in cost curves of a frim

Choose an answer

excise tax

prices of inputs

increase in productivity

price of product

At the point of equilibrium of firm under perfect competition

Choose an answer

MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

Profits arise

Choose an answer

only in monopoly

because of uncertainty

shortage of goods

like interest

Economies of scale

Choose an answer

occur when increase in input less than proportionate increase in output

suggest that firm's marginal cost curve lies above its average cost curve

suggest that the firm's marginal cost curve is declining

occur when average cost is falling

Profits

Choose an answer

are like wages

are like interest

always depend upon chance

none of the above is true

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

Choose an answer

J.M. Keynes

Taussing

Hansen

Carver

Which of the following is capital

Choose an answer

toy of a child

plough of the farmer

calculator of the student

novel book in the library

A firm decides to exit the industry when

Choose an answer

AC starts rising

MC starts rising

price is less than LAC

TC starts rising

Productivity of capital depends upon

Choose an answer

quality of labour

quality of raw materials

quality of management

all of the above

General price level and real income of the people are correlated with each other

Choose an answer

Negatively

Positovely

Normally

Sub normally

normative economics

Choose an answer

deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

To show data in tables, we must first

Choose an answer

reduce data

expand data

classify data

all of the above

Who is unemployed

Choose an answer

housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

Which of the following is NOT capital as economists use the term

Choose an answer

an office building

machinery in a factory

an industrial robot

money

Marginal revenue is always less than price at all levels of output in

Choose an answer

perfect competition

monopoly

both A and B

none of the above

Risks in the business arise because of

Choose an answer

introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

In mathematics which letters at the end of alphabet are used to represent variables

Choose an answer

(u,v,w,x,y,z)

(a,b.c.d.e.f.g)

(a.b.c.u.v.w)

((x,y,z,a,b,c)

When TR of a competitive firm is equal to its TC, the firm attains.

Choose an answer

Normal profit

Super normal profit

Sub-normal profit

Shutdown point

Laws of return apply to firms working in

Choose an answer

perfect competition

monopoly

small firm

all kinds of market situations

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