NAT IIM Management Science Economy Online Test for Pakistani Students

MCQ's Test For NAT II Management Science Economy

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NAT II Management Science Economy

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Question # 1

A monopolistically competitive firm in the long run equilibrium:

Question # 2

Double counting in national income refers to:

Question # 3

The quality of a commodity which satisfies the human wants:

Question # 4

Welfare economics is the branch of economics which deals with:

Question # 5

"Government collects zero revenue if the tax rate is 0% and if the tax rate is 100%." Which of the following best describes this statement?

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NAT-II Economy Chapter 0 Important MCQ's

Sr.# Question Answer
1 Which Economists presented the law of diminishing marginal utility:
A. Robbins
B. Malthus
C. Adam Smith
D. Marshall
2 When national income is increases:
A. Standard of living increases
B. Standard of living decreases
C. Remains same
D. Bad thing
3
For a firm buying labor competitively, the marginal input cost is equal to the:
A. Wage
B. Interest rate
C. Price of output
D. Cost of raw materials
4 The price elasticity of demand for any good must be less than or equal to zero unless:
A. The good is a necessity.
B. The good is a luxury.
C. The good is a Ciffen good.
D. None of the given options.
5 The supply of perishable goods is:
A. Fixed
B. Variable
C. Minor change
D. Zero
6
In monopoly, which of the following is NOT true?
A. Products are differentiated
B.
There is freedom of entry and exit into the industry in the long run
C. The firm is a price maker
D. There is one main seller
7 Welfare economics is the branch of economics which deals with:
A. Positive issues
B. Normative issues
C. Micro issues
D. Macro issues
8 It is a Federal Tax:
A. Excise duty
B. Local Tax
C. Property Tax
D. None
9 Real GDP is equal to:
A. Nominal GDP - Inflation
B. Nominal GDP + Inflation
C. Nominal GDP / Inflation
D. Inflation / Nominal GDP
10 The GDP growth rate of agriculture sector in 2005-06 was:
A. 2.5 percent
B. 4.3 percent
C. 1.6 percent
D. 9.3 percent

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