Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Which of the following is not a factor in market supply of a product
a. Cost of production
b. Number of buyers
c. Market price of the product
d. Price of related products
Q. The minimum price that a supplier expect to make available a specific quantity for sale is called
a. Demand price
b. Administered price
c. Cost price
d. Supply price
Q. The maximum quantity that a supplier is prepared to supply in the market at a given price is called
a. Economic order quantity
b. Optimum quantity
c. Supply quantity
d. Both or quantity
Q. Change in cost of production of the concerned goods causes
a. The demand curve to shift
b. The supply curve to shift
c. Increase in quantity demanded
d. Decrease in quantity supplied
Q. Shift in supply curve is cause by
a. Change in citrus paribus conditions
b. Increase in price
c. Decrease in price
d. Change in consumer income
Q. At a given price increase in quantity supplied can be possible if ……………
a. There is apprehension of sharp fall in prices in future
b. Refund or subsidy of statutory levy in cash is given by the Government
c. Improvement in technology led to cost saving
d. All the three
Q. Which of these is not a determinant of aggregate supply
a. Quantity demanded
b. Price of the product under consideration
c. Relative price of other goods
d. Future expectations about prices
Q. A positive sloped supply curve for a product represents
a. Supply will move with movement in the price in the opposite direction
b. Supply will move with the movement in the price in the same direction
c. Both
d. None
Q. Which of the following will have a relatively flat supply curve
a. Land
b. Labour
c. Capital
d. Raw material
Q. A supply curve parallel to X axis means the product supply is
a. Limited
b. Unlimited
c. Not available
d. None
Q. Which of these will have highly inelastic supply curve
a. Perishable goods
b. Consumer durables goods
c. Items of elite class consumption
d. All the three
Q. Which of these is not a factor of quantity supplied
a. Price of the goods
b. Price of the related other goods
c. Cost of production
d. Consumers disposal income
Q. The supply of goods means ……………
a. Quantity offered for sale at a given price and time
b. Quantity produced by the manufacturer
c. Quantity available with the supplier
d. Consumers disposal income
Q. Under law of supply, ceteris paribus is
a. Cost of production
b. Production technology
c. None
d. Both
Q. According to law of supply ………..
a. Higher the price higher the production of the product
b. Higher the price lower the cost of production
c. Lower the price lower the demand for the product
d. Higher the price higher the quantity the seller is prepared to supply in market