Competitive Miscellaneous ( Economics ) MCQs – Updated Economics MCQs
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Latest Economics MCQs
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Latest Miscellaneous ( Economics ) Mcqs
The most occurred mcqs of Miscellaneous ( Economics ) in past papers. Past papers of Miscellaneous ( Economics ) Mcqs. Past papers of Miscellaneous ( Economics ) Mcqs . Mcqs are the necessary part of any competitive / job related exams. The Mcqs having specific numbers in any written test. It is therefore everyone have to learn / remember the related Miscellaneous ( Economics ) Mcqs. The Important series of Miscellaneous ( Economics ) Mcqs are given below:
If labour productivity per week is 200 units and there are 5 employees what is the total output ?
A. 40 units
B. 1000 units
C. 195 units
D. 200 units
In a boom ?
A. Unemployment is likely to fall
B. Demand is likely to fall
C. Prices are likely to fall
D. Imports are likely to grow
Which of the following is an injection into the economy ?
A. Savings
B. Investment
C. Taxation
D. Imports spending
A deflationary policy could include ?
A. Reducing taxation rates
B. increasing injections
C. Reducing interest rates
D. Reducing government spending
Injections are?
A. Assumed to be a function of national income
B. Assumed to be exogenous
C. Decrease aggregate demand
D. Decrease the investment into an economy
A significant increase in the government budget deficit is likely to ?
A. Reduce national income
B. Reduce injections into the economy
C. Move the economy away from full employment
D. Boost aggregate demand
Injections ?
A. Always equal savings
B. Decrease aggregate demand
C. Always equal national income
D. include investment and export spending
An independent assessment of the impact of firm’s activities on society is called a ?
A. Financial audit
B. Profit and loss account
C. Balance sheet
D. Social audit
If the marginal revenue is Positive ?
A. Selling another unit will increase profits
B. Selling another unit will increase total revenue
C. Selling another unit will increase costs
D. Selling another unit will increase average revenue
Miscellaneous MCQs
To be Productively efficient a firm must produce where ?
A. Marginal costs are maximized
B. Average costs are minimized
C. Marginal costs are Minimized
D. Average costs are maximized
When marginal revenue equals marginal cost ?
A. Profits are Zero
B. There is the biggest positive difference between total revenue and total cost
C. There is the biggest negative difference between total revenue and total cost
D. Total revenue equals total cost
To maximize growth without making a loss a firm should produce the highest output where ?
A. Average revenue equals average cost
B. Average revenue equals marginal cost
C. Marginal revenue equals marginal cost
D. Average cost equals marginal cost
If the price elasticity is -0.3 this means ?
A. Demand is upward sloping
B. A price fall would increase revenue
C. Demand is price elastic
D. Demand is price inelastic
In Price discrimination abnormal profits are made if ?
A. Average revenue is greater than average cost
B. Average revenue is greater than average variable cost
C. Average revenue is greater than marginal revenue
D. Average revenue is greater than average fixed cost
A benefit to consumers of price discrimination is that ?
A. Some products are produced that would not otherwise be produced
B. Firm’s profits increase
C. Consumer surplus decreases
D. Producer surplus increases
If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?
A. The higher price in market B
B. The higher price in market A
C. The same Price in both markets
D. Cannot tell which price will be higher
Which best describes price discrimination ?
A. Charging the same prices for same products
B. Charging the same prices for different products
C. Charging different prices for different products
D. Charging different prices for the same products
Price equals ?
A. Total quantity sold quantity sold
B. Total revenue / quantity sold
C. Total revenue – quantity
D. Total revenue / total cost
Total revenue equals ?
A. Price multiplier by quantity sold
B. Price plus quantity
C. Price divided by the quantity sold
D. Price minus quantity sold
The profit per sale is a measure of ?
A. Profitability
B. Profit
C. Feasibility
D. Realism
In the long term a firm will produce provided the revenue covers ?
A. Variable costs
B. Fixed costs
C. Total costs
D. Revenue
If the price is less than the average costs but higher than the average variable costs ?
A. The firm is making a loss and is making a negative contribution to fixed costs
B. The firm is making a profile
C. The firm is making a loss but will continue to produce in the short term
D. The firm is making a loss and will shutdown in the short term
Miscellaneous MCQs
If marginal product is below average product ?
A. Average variable cost will fall
B. The average product will fall
C. The total product will fall
D. Total revenue will fall
Total increases from Rs500 to Rs600 when output increases from 20 to 30 units. Fixed costs are Rs200 Which of the following is true ?
A. Average cost falls
B. Marginal cost is Rs20
C. Variable cost rises by Rs100
D. Average fixed cost is Rs10
The average variable cost curve ?
A. Equals the total costs divided by the output
B. Converges with the average cost as output increases
C. is derived from the average fixed costs
D. Equals revenue minus profits
When internal economies of scale occur ?
A. Marginal costs increase
B. Total costs fall
C. Average costs fall
D. Revenue falls
According the law of diminishing returns ?
A. The marginal product fall as more units of a variable factor are added to a fixed factor
B. The total product falls as more units of a variable factor are added to a fixed factor
C. Marginal utility falls as more unity of a product are consumed
D. The marginal product increases as more units of a variable factor are added to a fixed factor
Which of the following is true ?
A. If the marginal cost is negative total costs increase at a decreasing rate if output increases
B. If the marginal cost is greater than the average cost the average cost increase
C. If the marginal cost is positive total costs are miximised
D. If the marginal cost is greater than the average cost the average cost falls
Any combination of products inside the production possibility frontier is ?
A. X inefficient
B. Allocatively inefficient
C. Consumer inefficient
D. Productively inefficient
The resources in the economy do not include ?
A. Demand
B. Labour
C. Land
D. Capital
If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs The opportunity cost of the 5th B is ?
A. 10As
B. 7As
C. 3As
D. 1A
As resources are shifted from one industry to another this can be shown by ?
A. An outward shift of the production possibility frontier
B. A movement along the production possibility frontier
C. An inward shift of the production possibility frontier
D. The pivoting of the production possibility frontier
If an economy is productively efficient ?
A. Resources are unemployed
B. Everyone is wealthy
C. More of one product can only be produced if less of another product is produced
D. The distribution of income is eqal