( Best 200+ ) Basics of Economics MCQ

by Mr. DJ 23/01/2022

Basics of Economics MCQ

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Basics of Economics MCQ

61. If a small change in price leads to infinitely large change in quantity
demanded, then the demand is:

A. perfectly elastic

B. perfectly inelastic

C. elastic

D. inelastic

Answer: –

A. perfectly elastic

62. Net addition to total utility when one more unit is consumed is:

A. au

B. mu

C. mc

D. tu

Answer: –

B. mu

63. Most important determinant of demand is :

A. income

B. wealth

C. price

D. advertisement

Answer: –

C. price

64. Which of the following is the reason for law of demand:

A. price effect

B. backlash effect

C. income effect

D. real balance effect

Answer: –

C. income effect

65. Net addition to total cost is called:

A. marginal cost

B. average cost

C. fixed cost

D. variable cost

Answer: –

A. marginal costAlso Read :-

66. The market equilibrium for a commodity is determined by :

A. market demand

B. market supply

C. balancing of the forces of demand and supply

D. any of the above

Answer: –

C. balancing of the forces of demand and supply

67. When there are only few sellers of the commodity, the market is called:

A. monopoly

B. duopoly

C. oligopoly

D. monopsony

Answer: –

C. oligopoly

68. If the supply curve of the commodity is having a positive slope, a rise in
the price of the commodity, results in:

A. increase in supply

B. increase in quantity supplied

C. decrease in supply

D. decrease in quantity supplied

Answer: –

B. increase in quantity supplied

69. From the position of stable equilibrium, the market supply of a commodity
decreases, while the market demand remains unchanged, then:

A. equilibrium price falls

B. equilibrium quantity rises

C. both equilibrium price and equilibrium quantity decreases

D. equilibrium price rises, but equilibrium quantity falls

Answer: –

D. equilibrium price rises, but equilibrium quantity falls

70. Elasticity of supply for a positively sloped straight line supply curve that
intersects the price axis is:

A. equal to zero

B. equal to one

C. greater than one

D. constant

Answer: –

C. greater than oneAlso Read :-

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.

Basics of Economics MCQ

Basics of Economics MCQ

61. If a small change in price leads to infinitely large change in quantity
demanded, then the demand is:

62. Net addition to total utility when one more unit is consumed is:

63. Most important determinant of demand is :

64. Which of the following is the reason for law of demand:

65. Net addition to total cost is called:

66. The market equilibrium for a commodity is determined by :

67. When there are only few sellers of the commodity, the market is called:

68. If the supply curve of the commodity is having a positive slope, a rise in
the price of the commodity, results in:

69. From the position of stable equilibrium, the market supply of a commodity
decreases, while the market demand remains unchanged, then:

70. Elasticity of supply for a positively sloped straight line supply curve that
intersects the price axis is:

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Mr. DJ

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( Best 200+ ) Basics of Economics MCQ

Basics of Economics MCQ

Basics of Economics MCQ

61. If a small change in price leads to infinitely large change in quantity demanded, then the demand is:

62. Net addition to total utility when one more unit is consumed is:

63. Most important determinant of demand is :

64. Which of the following is the reason for law of demand:

65. Net addition to total cost is called:

66. The market equilibrium for a commodity is determined by :

67. When there are only few sellers of the commodity, the market is called:

68. If the supply curve of the commodity is having a positive slope, a rise in the price of the commodity, results in:

69. From the position of stable equilibrium, the market supply of a commodity decreases, while the market demand remains unchanged, then:

70. Elasticity of supply for a positively sloped straight line supply curve that intersects the price axis is:

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61. If a small change in price leads to infinitely large change in quantity
demanded, then the demand is:

68. If the supply curve of the commodity is having a positive slope, a rise in
the price of the commodity, results in:

69. From the position of stable equilibrium, the market supply of a commodity
decreases, while the market demand remains unchanged, then:

70. Elasticity of supply for a positively sloped straight line supply curve that
intersects the price axis is: