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- Daily Current Affairs
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Geography
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Home » ( Best 200+ ) Basics of Economics MCQ

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( Best 200+ ) Basics of Economics MCQ

by Mr. DJ 23/01/2022

Basics of Economics MCQ

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Basics of Economics MCQ

21. Firms owned by one individual is known as

A. proprietorship

B. partnership

C. corporations

D. none of the above

Answer: –

A. proprietorship

22. Firms owned by two or more individuals is known as

A. proprietorship

B. partnership

C. corporations

D. none of the above

Answer: –

B. partnership

23. Firms owned by stock holders are known as

A. proprietorship

B. partnership

C. corporations

D. none of the above

Answer: –

C. corporations

24. The major objective of a firm is

A. profit maximization

B. revenue maximization

C. sales maximization

D. none of the above

Answer: –

A. profit maximization

25. Which one of the following is an example of fixed input

A. raw materials

B. casual workers

C. plant and equipments

D. all of the above

Answer: –

C. plant and equipmentsAlso Read :-

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26. In short-run

A. all inputs are fixed

B. all inputs are variable

C. some inputs are fixed and some are variable

D. none of the above

Answer: –

C. some inputs are fixed and some are variable

27. In long-run

A. all inputs are fixed

B. all inputs are variable

C. some inputs are fixed and some are variable

D. none of the above

Answer: –

B. all inputs are variable

28. The variable cost of a firm vary in direct proportion to the

A. volume of its output

B. extent of its profits

C. volume of its sale

D. all of the above

Answer: –

A. volume of its output

29. Law of variable proportions is concerned with

A. long-run production function

B. laws of returns to scale

C. short-run production function

D. none of the above

Answer: –

C. short-run production function

30. The ‘point of inflection’ come in which stage of the law of variable proportions

A. stage i

B. stage ii

C. stage iii

D. none of the above

Answer: –

A. stage iAlso Read :-

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Mr. DJ

I Am Dinesh Jat ( Mr. DJ). Completed Mcom. And Currently Pursuing MBA. Interest In Writing Blogs And Spread knowledge To the People. I Want to Provide General Awareness With The People who Are preparing for competitive Exams At a place.