Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Average Revenue of a monopolist firm is
a. Always more than the Marginal revenue
b. Always less than the Marginal revenue
c. Equal to marginal revenue
d. Any of the above three possible
Q. Demand curve of an Oligopoly firm is characterized by
a. Horizontal to X axis
b. Kink at the price
c. U shaped curve
d. A liner line
Q. Which of the following statement is true
a. Monopolist are price takers
b. Monopoly firm earn abnormal profits
c. A Monopoly firm faces straight demand line
d. Supply curve of a monopoly firm is positive sloped
Q. What will happen if a firm in perfect competitive market, increase its output by 50%
a. Total sales revenue will also increase by 50% ; (b)
b. Selling price will come down by 50%
c. Total sales revenue will decrease by 50%
d. Profit will increase by 25%
Q. …………… it is the form of the market in which the only seller of a commodity has fully control over the prices
a. Monopoly
b. Pure monopoly
c. Simple monopoly
d. All the three
Q. Stock of both man made goods as well as natural resources like capital is called –
a. National wealth
b. National stock
c. No less no gain level
d. All the three
Q. ………….. is a situation in which it is not possible to make someone better off without making someone worse off
a. Social efficiency
b. Production efficiency
c. Distribution efficiency
d. Pareto efficiency
Q. …….. is the price at which demand for a commodity is equal to its supply
a. Normal price
b. Equilibrium price
c. Short run price
d. Secular price
Q. When a monopolist charges different prices to each customer it is called price discrimination of –
a. First order
b. Second order
c. Third order
d. Fourth order
Q. The demand curve of a Monopoly firm is –
a. Same that of a firm in a perfect competition
b. Same as that of the total market demand
c. Non-exist
d. Perfectly elastic
Q. In a perfect competitive market price determines –
a. What to buy
b. What to produce
c. Both
d. None
Q. Total profit of a firm in a perfect competitive market is –
a. Total revenue less total cost
b. Marginal revenue less marginal cost
c. Total revenue less marginal cost
d. Total revenue less variable cost
Q. National income is the ……………. Of all the goods and services produced by a country during a period of year
a. Physical quantity
b. Money value
c. `Value
d. All the three
Q. GPD is the money value of final goods and serviced produced in the…………. Of a country during an accounting year
a. Domestic territory
b. Political territory
c. Specific area
d. FTZ area
Q. Which of these is/ are included in the domestic territory of a country?
a. Territory lying within the political frontier including territorial water of the country.
b. Ships and aircrafts operated by the residents of the country between two or more countries.
c. Fishing vessels, oil and natural gas rigs and floating platforms.
d. All the three