Question # 1

Which of the following is true about supply curve under monopoly?

It is same as the competitive market supply curve

It is the portion of marginal cost curve where marginal costs exceed the minimum value of average variable costs

It is the result of market power and production costs

None of the given statements is true

The quality of a good which satisfies a human want is called as:

Service

Cost

Utility

None

The elasticity of demand of durable goods is:

Zero

More than unity

Less than unity

Equal to unity

Who is the writer of Wealth of Nation?

Marshall

Adam Smith

Robbins

Keynes

What is deducted from GNP to find GDP:

Depreciation allowance

Net income received from abroad

Indirect as

Transfer payments

The GDP growth rate of agriculture sector in 2005-06 was:

2.5 percent

4.3 percent

1.6 percent

9.3 percent

NAT II Management Science Economy MCQs With Answers