Micro Economics MCQ
Micro Economics MCQ Definition: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
141. Indifference Approach is related with:
A. Marshall
B. J.R. Hicks
C. Samuelson
D. Sismondi
Answer:B
142. Which one of the following is an example of close substitute:
A. Tea and Coffee
B. Milk and water
C. Bread and Butter
D. Pen and pencil
Answer:A
143. The addition to the total revenue by the sale of an additional unit is:
A. Total revenue
B. Average revenue
C. Value added
D. Marginal revenue
Answer:D
144. Which cost is to be incurred by a firm even if output is zero:
A. Opportunity cost
B. Fixed cost
C. Variable Cost
D. Total cost
Answer:B
145. The marginal utility theory is contributed by:
A. Marshall
B. David Ricardo
C. Adam Smith
D. Samuelson
Answer:A
146. The factor earning of entrepreneur is:
A. Rent
B. Wage
C. Interest
D. Profit
Answer:D
147. The Scarcity definition of Economics is the contribution of:
A. Samuelson
B. Adam Smith
C. Lionel Robbins
D. Marshall
Answer:C
148. Average Revenue is equal to:
A. Price
B. Cost
C. Profit
D. None of these
Answer:A
149. Total Revenue is the maximum when Marginal Revenue is ———-
A. Positive
B. Negative
C. One
D. Zero
Answer:D
150. Market economy is also known as:
A. Socialist economy
B. Capitalist economy
C. Mixed economy
D. Developing economy
Answer:B
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