Question # 1

The concept of internal and external economics was given by.

Choose an answer

Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

Production of wealth means:

Choose an answer

Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

Choose an answer

1/4

1/2

1

constant

Economic goods produced by firms are called

Choose an answer

productivity

innovation

technological progress

output

How many kinds of market?

Choose an answer

4

5

6

7

One of the following is not studied in Micro economics.

Choose an answer

Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Economic problems arises because of.

Choose an answer

Unlimited wants.

Scarcity of resources.

Alternative use of resources.

All of the above

The capital laying in the deposits of commercial bank is called.

Choose an answer

Domestic capital

Real capital

Foreign capital

Money capital

Land means

Choose an answer

sea

surface of earth

natural forests

all natural resources

A firm attains sub-normal profit when:

Choose an answer

AR = AC

AR < AC

AR > AC

TR < TC

This is capital

Choose an answer

money

forests

machinery

trademarks

The goods used to produce income or wealth are.,

Choose an answer

Consumer goods

Manufactured goods

Merit goods

Capital goods

All materials goods which can satisfy humans wants are called.

Choose an answer

Non economic goods

Economic goods

Capital goods

Services

MC is given by slope of

Choose an answer

TFC

TC

ATC

AVC

The composite demand for a product is generally:

Choose an answer

Elastic

Inelastic

Equal to unity

Equal to zero

The basic goal of a firm is to

Choose an answer

maximize revenues

maximize employees' welfare

maximize profit

maximize output

Economics laws are:

Choose an answer

Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

Economic principle are also called

Choose an answer

economic law

economic theory

economic model

all of the above

Profits

Choose an answer

are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

Union leaders are in better position bargain for higher wages if demand for labour is

Choose an answer

elastic

inelastic

very large

permanent

Land as used in economics

Choose an answer

is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

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