| 1 |
In case of perfect competition in the market |
- A. marginal revenue curve always slopes upward
- B. marginal revenue curve always slopes downward
- C. marginal revenue is always equal to average revenue
- D. marginal revenue is always less than to average revenue
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| 2 |
All factors of productions are variable in the: |
- A. Marked period
- B. Short period
- C. long period
- D. None of the three
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| 3 |
Demands and supply curves cross at |
- A. always at 60 degree
- B. at 90 degree
- C. at equal angle
- D. at any angle
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| 4 |
Marginal revenue of a monopolist is |
- A. equal to price
- B. greater than price
- C. less than price
- D. increases with output
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| 5 |
Which of the following saying describes diminishing marginal returns in the short run? |
- A. When the cat is away, the mouse will play
- B. Too many cooks spoil the broth
- C. A rolling stone gathers no moss
- D. A stitch in time saves nine
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| 6 |
All non materials products which can satisfy human wants are called. |
- A. Economic goods
- B. Services
- C. Non-economics goods
- D. Services
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| 7 |
Economic problems arises because of. |
- A. Unlimited wants.
- B. Scarcity of resources.
- C. Alternative use of resources.
- D. All of the above
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| 8 |
When demand is perfectly inelastic, an increase in price will result in |
- A. decrease in total revenue
- B. increase in total revenue
- C. no change in total revenue
- D. decrease in quantity demanded
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| 9 |
When MR = MC , a firm. |
- A. Does not attain a equilibrium position
- B. Suffers from loss
- C. Attains its equilibrium position
- D. Attains profit
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| 10 |
The kind of market is undesirable |
- A. general market
- B. specialized market
- C. local market
- D. monopoly market
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