Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. Economic profit or normal profit is the same as -
a. optimum profit
b. accounting profile
c. maximum profit
d. net profit
Q. Which of the following is not a feat tare of a capitalist economy?
a. Right to private property
b. Existence of competition
c. Service motive
d. Freedom of choice to consumers
Q. When the demand for a good increases with an increase in income, such a good is called -
a. Superior good
b. Giffin good
c. Inferior good
d. Normal good
Q. In equilibrium, a perfectly competitive firm will equate -
a. marginal social cost with marginal social benefit
b. market supply with market demand
c. marginal profit with marginal cost
d. marginal revenue with marginal cost
Q. Equilibrium is a condition that can -
a. never change
b. change only if some outside factor changes
c. change only if some internal factor changes
d. change only if government policies change
Q. Enterpreneurial ability is a special kind of labour that -
a. is hired out to firms at high wages
b. organizes the process of production
c. produces new capital goods to earn interest
d. manages to avoid losses by continual innovation
Q. An exceptional demand curve is one that moves -
a. upward to the right
b. downward to the right
c. horizontally
d. vertically
Q. Production function explains the relationship between -
a. initial inputs and ultimate output
b. inputs and ultimate consumption
c. output and consumption
d. output and exports
Q. The four factors of production are -
a. land, labour, capital, organisation,
b. land, electricity, water, labour
c. labour, capital, land, rainfall,
d. labour, climate, land, tools,