Question # 1

These are kinds of rent EXCEPT

Choose an answer

differential rent

scarcity rent

mobility rent

location rent

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

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

Economic wants.

Choose an answer

Can unlimited

Capital goods

Social goods

Public goods

The difference between iron ore deposits and the steel produced illustrates the difference between

Choose an answer

labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

In economics, one or more persons sharing common consumer budget is called

Choose an answer

social group

consumer union

organisation

household

Adam smith was a

Choose an answer

President of France

a modern economist

good sports man

classical economist

A producer will employ workers up to the point where its MRP becomes

Choose an answer

ARP

current wage rate

negative

equal to profit

Law of substitution is another name for

Choose an answer

law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

An increases in the price of mutton provides information which

Choose an answer

tells consumers to buy more mutton

tells consumers to buy more chicken

tells producers to produce more mutton

b and c of above

The capital which loses it from whenever it is used, is

Choose an answer

Circulating capital

Fixed capital

Money capital

Real capital

The cost which a firm incurs for purchasing or hiring factors is called

Choose an answer

implicit

explicit

real

basic

Equilibrium of consumer is explained by

Choose an answer

negative utility

positive utility

marginal utility

profit

3x²=0 is an equation

Choose an answer

linear

quadratic

general

first degree

Social stagnation is a big obstacle to.

Choose an answer

Mobility of labour

Division OF labour

Efficiency o labour

All the above

Supply curve will shift when

Choose an answer

price falls

price rises

demand shifts

technology changes

According to Alfred Marshall, Economics should be taken as:

Choose an answer

Positive economics

Normative economics

Welfare economics

Applied economics

According to Malthus, population increase by

Choose an answer

arithmetic progression

geometric progression

systematic progression

automatic progression

Money wages are also called

Choose an answer

Nominal Wages

Real wages

Gross wages

Net wages

Macro economics deals with

Choose an answer

how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Assumptions of a law are called:

Choose an answer

Constant

Parameters

Variables

Dependent variable

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