( Best 200+ ) Basics of Economics MCQ

by Mr. DJ

Basics of Economics MCQ

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Basics of Economics MCQ

Basics of Economics MCQ

171. Increase in output less than proportional to increase in inputs is

A. increasing returns

B. constant returns

C. diminishing returns

D. marginal returns

172. A simplified representation of a real situation is called:

A. theory

B. hypotheses

C. evidence

D. economic model

173. When marginal product reaches its maximum, what can be said of
total product?

A. total product must be at its maximum

B. total product starts to decline even if marginal product is positive

C. total product is increasing if marginal product is still positive

D. total product levels off

174. When a firm doubles its inputs and finds that its output has more
than doubled, this is known as:

A. economies of scale.

B. constant returns to scale.

C. diseconomies of scale.

D. a violation of the law of diminishing returns.

175. When average product is at a maximum, marginal product is:

A. zero

B. increasing

C. equal to average product

D. greater than average product

176. The want satisfying power of a commodity:

A. satisfaction

B. utility

C. value

D. marginal utility

177. Supply curve represents ——– relationship between quantity and

A. direct

B. inverse

C. either direct or inverse

D. none of the above

178. Laws of return shows ———production function.

A. short-term

B. medium term

C. long term

D. annual

179. In classical theory the level of employment is a function of:

A. price level

B. money wage rate

C. quantity of money

D. real wage rate

180. Consumption of capital good in the process of production is called as:

A. capital consumption

B. depreciation

C. decay of capital

D. none of the above

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