Question # 1

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

Choose an answer

Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

Every factor of production gets reward equal to

Choose an answer

value of average product

value of marginal product

value of total product

total revenue

According to Malthus, population increase by

Choose an answer

arithmetic progression

geometric progression

systematic progression

automatic progression

Equilibrium price of a product is determined by:

Choose an answer

The gomverment

An industrialist

Market competition

An agriculturist

Which of the following is NOT an input

Choose an answer

labour

entrepreneurship

natural resources

production

Equilibrium

Choose an answer

is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

When a competitive firm achieves long run equilibrium then

Choose an answer

P= MC

MR = MC

P = ATC

all of the above

Diminishing marginal utility is the basis of

Choose an answer

law of supply

law of demand

laws of returns

none of the above

Human wants are

Choose an answer

one thousand

few

innumerable

countable

TC

Choose an answer

starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

Law of equi marginal utility provides basis for.

Choose an answer

Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

In production of goods, negative returns in the short run imply that

Choose an answer

average product is negative

total product is negative

marginal product is negative

marginal cost is falling

Goods which can satisfy human wants are.

Choose an answer

Consumer goods

Capital goods

Social goods

Public goods

Reward of which factor of production is not pre-determined?

Choose an answer

labour

land

capital

organisation

Who introduced the concept of Quasi rent.

Choose an answer

Hicks

Alfred Marshall

Hobson

Robbins

Stock exchange is market where we can buy:

Choose an answer

Shares

Foreign exchange

Factors of production

Consumer goods

This is an assumption of law of demand

Choose an answer

price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

Markets where firms supply goods and services demanded by households are

Choose an answer

factor market

product market

open markets

resource markets

A group of buyers and sellers that exchange a goods or services at a price are called

Choose an answer

Market

Commodity

Place

None of these

The talent of a professor is .

Choose an answer

National wealth

International wealth

Personal wealth

Non of them

Total fixed cost curve is .

Choose an answer

Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

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