Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. What is the aggregate supply if the market price is `4.20 per unit (Ref. Q. No. 278)
a. 20,000
b. 24,000
c. 25,000
d. 28,000
Q. Market demand curve for a commodity is
a. Horizontal summation of the individual demand curve for the commodity
b. Summation of individual demand curve for 3 years
c. Demand curve of complementary goods
d. Demand curve of supplementary goods
Q. Equilibrium state is achieved at
a. The peak point of supply curve
b. The bottom point of demand curve
c. The inflection point of demand curve
d. The intersection of demand and supply curve
Q. Under the law of demand ceteris paribus is/are
a. Price of other goods
b. Disposal income
c. Tastes and preferences
d. All the three
Q. If in question No. 286 the price is reduced to `9 But the demand goes to 26 units what is the marginalrevenue from sale of 26th unit
a. `7.4
b. `(-16)
c. `16
d. `257.4
Q. In question No. 286 what is the total revenue from sale of 26 units
a. `7.4
b. `9
c. `10
d. `257.40
Q. In question No. 286 what is the total revenue from sale of 26 units
a. `16
b. `9
c. `234
d. `257.4
Q. In question No. 286 what is the average revenue from sale of 26 units
a. `10
b. `9.9
c. `9
d. `16
Q. If the question No. 286 despite reduction in price to `9.9 the demand for the product remains at 25 unitswe can say that the demand for the product is
a. Elastic
b. Less elastic
c. Perfectly inelastic
d. Unity elastic
Q. In question No. 286 if the price is reduced to `9 per unit the demand for the product instead of increasing fall down to 24 units, the goods can be ………..
a. Essential goods
b. Luxury goods
c. Inferior goods
d. None of these
Q. In question No. 286 if the price is increased to `11 per unit and the demand sharply falls to 20 unit, wecan say that the goods are ……………..
a. Essential goods
b. Luxury goods
c. Inferior goods
d. None of these
Q. A levy of excise duty on consumption of an item consumed will ……………..
a. Induce suppliers to pump in more quantity in the market
b. Result in fall in the consumption of the commodity and lower total expenditure on it by the consumer
c. Lead to inflationary conditions
d. Place the consumer on lower indifference curve
Q. An imposition of excise duty would effect the demand of a product due to …………..
a. Income effect
b. Substitution effect
c. Both
d. None
Q. Two commodities X and Y goods can be inferred as close substitute of each other if –
a. Increase in price of one leads to increase in demand of other and vice versa
b. Increase in price of one leads to decrease in demand of other and vice versa
c. Fall in price of one lead to fall in demand of other one
d. Increase in price of one leads to increase in demand of other one