Question # 1

All the following are U-shape except

Choose an answer

AVC

AFC

AC

MC

The following is NOTa factor of production

Choose an answer

labour

entrepreneurship

land

money

How many Kinds of variables?

Choose an answer

There are many kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are 4 kinds of variables

Shopkeepers are also producers because in goods, they produce.

Choose an answer

Form utility

Time utility

Use utility

Place utility

Who was the founder of classical school of thought?

Choose an answer

Adam Smith

Marshall

Keynes

Maithus

Basic economic problem is

Choose an answer

inflation

unemployment

scarcity

lack of money

Markets where firms supply goods and services demanded by households are

Choose an answer

factor market

product market

open markets

resource markets

A monopoly firm is in equilibrium when

Choose an answer

MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

Law of equimarginal utility is also called.

Choose an answer

Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

The concept of quasi rent was given by.

Choose an answer

Ricardo

Adam smith

Alfred Marshall

Robbins

Market demand curve is a summation of all individual demand curves as

Choose an answer

Vertical

horizontal

mathematical

local

The talent of a professor is .

Choose an answer

National wealth

International wealth

Personal wealth

Non of them

Price elastic of demand measures

Choose an answer

change in price caused by changes in demand

the rate of change of sales

the responsiveness of demand to price changes

the value of sales at a given price

Rice mill is a :

Choose an answer

Fixed capital

Floating capital

Sunk capital

None of the three

Indifference curves are convex to the origin because

Choose an answer

two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

Economics laws are

Choose an answer

exact

approximate

brief

definite

TVC

Choose an answer

starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

A firm attains sub-normal profit under perfect competition when its:

Choose an answer

AR = P (Price)

AR < P

AC = P

AC < P

One of the following will not be capital.

Choose an answer

Mchinery

Means of communication

Water falls

Means of transportation

Select the correct statement

Choose an answer

Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

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

Choose an answer

labour

land

capital

organisation

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