Question # 1

The other name of law of diminishing return is:

Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

The quality of a commodity which satisfies the human wants:

Usefulness

Loss

Utility

Return

Who described Economies as a science of wealth:

Piguo

Adam Smith

Robbins

Marshall

A market is said to be in equilibrium when:

Demand equals output

There is downward pressure on price

The amount consumers wish to buy at the current price equals the amount producers wish to sell at that price

All buyers are able to find sellers willing to sell to them at the current price

When price falls supply:

Expands

Contracts

Remains zero

Becomes fixed

The methods of measuring elasticity of supply are:

Three

Two

Four

Five

NAT II Management Science Economy MCQs With Answers