( 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

41. Other things remaining the same, the quantity of a product demanded
increases with ———— in price.

A. increase

B. decrease

C. variation

D. none of the above

42. When total utility is maximum, marginal utility is:

A. maximum

B. one

C. zero

D. infinite

43. For complementary goods, the cross elasticity of demand:

A. positive

B. negative

C. zero

D. none

44. Relation between price of a commodity and demand for another
commodity is measured by:

A. price elasticity

B. income elasticity

C. cross elasticity

D. elasticity of substitution

45. When TU falls, MU is:

A. rises

B. zero

C. positive

D. negative

46. Demand varies ————- with price.

A. directly

B. positively

C. inversely

D. none of the above

47. When Q = f (P), the elasticity coefficient is measured by:

A. ∆q/∆p / p/q

B. ∆p/∆q * q/p

C. ∆q/∆p * p/q

D. ∆p/∆q / q/p

48. Income elasticity of demand for inferior good is:

A. negative

B. positive

C. zero

D. unity

49. In the case of luxury goods, the income elasticity of demand will be:

A. less than unity

B. unity

C. more than unity

D. all the above

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