Top 550+ Solved Economics (GK) MCQ Questions Answer

a. proportionate increase in consumption is less than proportionate increase in income

b. increase in income is equal to increase in consumption

c. increase in consumption is greater than increase in income

d. consumption does not change with a change in income

a. Consuming units

b. Producing units

c. Banking units

d. Retired persons

a. Manufacturer's preference

b. Seller's preference

c. Supplier's preference

d. Consumer's preference

a. Implicit cost

b. Surplus cost

c. Fixed cost

d. Selling cost

a. number of firms

b. interdependence

c. negligible influence on price

d. price leadership

a. price of the commodity falls

b. price of the commodity remains same

c. price of the commodity rises

d. quantity demanded of the commodity falls

a. increase

b. decrease

c. remain constant

d. become flexible

a. manufacturing

b. making

c. creating utility

d. farming

a. Banking

b. Manufacturing

c. Forestry

d. Mining

a. Quasi Rent

b. Rent

c. Wages

d. Transfer Payment

a. durable goods

b. luxuries

c. comforts

d. necessities

a. Marginal cost curve

b. Average variable cost curve

c. Average fixed cost curve

d. Average cost curve

a. large number of buyers and less sellers

b. large number of buyers and sellers

c. large number of sellers and less buyers

d. None of these

a. composite demand

b. joint demand

c. derived demand

d. autonomous demand

a. Demand and Supply

b. Government Authorities

c. Buyers in the Market

d. Sellers in the Market