Question # 1

The concept of internal and external economics was given by.

Choose an answer

Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

Choose an answer

externality

wastage

extra cost

opportunity cost

Which of the following saying describes diminishing marginal returns in the short run?

Choose an answer

When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

normative economics

Choose an answer

deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

One of the following NOT a assumption of the marginal productivity theory

Choose an answer

units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

Labour intensive technique of production means.

Choose an answer

More labour and less capital

Less labour and more capital

More labour and no land

More land and no labour

The following affect rent EXCEPT

Choose an answer

better location

fertility of land

cleverness of landlords

scarcity of land

Price of a product is determined in a free market

Choose an answer

by demand for the product

by supply of the product

by both demand and supply

by the government

One of the following is gift of a nature .

Choose an answer

Land

Labour

Capital

Organization

Economics theory means

Choose an answer

economic policy

economic principles

descriptive economics

economics facts

Which of the following is NOT capital as economists use the term

Choose an answer

an office building

machinery in a factory

an industrial robot

money

The market of refrigerators in general is called:

Choose an answer

Domestic market

Local market

International market

National market

Supply curve

Choose an answer

is vertical in long run

is flatter in long run

is same in long and short run

is horizontal in both short and long run

Money wages are also called

Choose an answer

Nominal Wages

Real wages

Gross wages

Net wages

When AC curve rises, MC curve remains:

Choose an answer

Above AC

Below AC

Equal AC

Negative

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

Choose an answer

MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

Factors of production are recently termed as.

Choose an answer

Output

Outly

Input

None of them

Wit rapid economic growth in a country the individual demand curve will:

Choose an answer

Rise

Fall

Extend

Contract

Scope of economics is defined as:

Choose an answer

Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

It is function of capital

Choose an answer

provision of machinery

payment of wages

establish good relation with employees

a and b of above

Long run cost curves can be termed as.

Choose an answer

V-shaped

U-shaped

Oval-shaped

Dish-shaped

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