( Best 200+ ) Basics of Economics MCQ

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Basics of Economics MCQ

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Basics of Economics MCQ

Basics of Economics MCQ

71. In which of the following market, advertisement is absent:

A. monopolistic competition

B. perfect competition

C. oligopoly

D. none of the above

72. ————– cost can never become zero.

A. variable cost

B. fixed cost

C. marginal cost

D. average cost

73. If a positively sloped linear supply curve crosses the quantity axis, the
elasticity of supply is:

A. inelastic

B. elastic

C. unitary elastic

D. perfectly elastic

74. If a positively sloped linear supply curve passes through the origin, the
elasticity of supply is

A. inelastic

B. elastic

C. unitary elastic

D. perfectly elastic

75. Average cost is the sum of AVC and

A. mc

B. tc

C. afc

D. atc

76. The horizontal supply curve parallel to quantity axis represents

A. elastic supply

B. inelastic supply

C. perfectly elastic supply

D. perfectly inelastic supply

77. When output is zero, variable cost is ——–

A. maximum

B. minimum

C. infinity

D. zero

78. Change in quantity supplied of a product can result from

A. changes in own price

B. changes in cost of production

C. change in technology

D. change in price of related products

79. At prices above the equilibrium price

A. quantity supplied exceeds quantity demanded

B. quantity demanded exceeds quantity supplied

C. there is shortage

D. all of the above is possible

80. When MC cuts AC, AC is at its ————

A. maximum

B. minimum

C. zero

D. negative

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