Question # 1

Real GDP is equal to:

Nominal GDP - Inflation

Nominal GDP + Inflation

Nominal GDP / Inflation

Inflation / Nominal GDP

The methods of measuring elasticity of supply are:

Three

Two

Four

Five

According to law of diminishing marginal utility, the marginal utility:

Increases

Remains constant

Diminshes

Negative

Who described Economies as a science of wealth:

Piguo

Adam Smith

Robbins

Marshall

Marginal cost curve always intersects average cost curve at:

The maximum point

The central point

The minimum point

The vertical point

As more of a good is consumed, then total utility typically:

Increases at a decreasing rate.

Decreases as long as marginal utility is negative

Decreases as long as marginal utility is positive

Is negative as long as marginal utility is decreasing.

NAT II Management Science Economy MCQs With Answers