Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Two Commodities X and UY can be inferred as complementary to 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
Q. A goods can be considered inferior goods in economics if increase in disposal income of the consumercauses
a. An increase in demand
b. No change in demand
c. Decrease in demand
d. Less than proportionate change in demand
Q. A goods can be considered a normal goods in economics if increase in disposal income of theconsumer causes
a. An increase in demand
b. No change in demand
c. Decrease in demand
d. Less than proportionate change in demand
Q. Change in consumers tastes and preference causes – of the particular goods
a. Change in quantity demanded
b. Shift in demand curve
c. Change in price
d. No effect on quantity demanded
Q. Change in price of the goods cause
a. Change in quantity demanded
b. Shift in demand curve
c. Change in price
d. No effect on quantity demanded
Q. If price of Choco bar decreases we except
a. The quantity demanded to increase
b. Quantity demanded to decrease
c. Demand curve to shift left
d. No change in quantity demanded
Q. According to law of demand
a. Higher the price higher the production of the product
b. Higher the price lower the cost of production
c. Lower the price higher the demand for the product
d. Higher price higher the quantity the more the consumer demand
Q. The quantity of a commodity that an individual is willing to purchase over a specified period of time is afunction of except ……….
a. Price of the commodity
b. Price of the competitive products
c. His disposal income
d. Price of factor of production
Q. Market demand curve for a commodity is a
a. Horizontal summation of all the individual demand curve for that product
b. Summation of demand curve of competitive products
c. Demand curve of average demand and price of previous six months
d. Projected demand schedule for next three months
Q. If the supply of a product remain same with the increase in price, the possible reasons can be
a. Apprehension of further price hike
b. Limited production facility
c. Commodity being a rare commodity
d. All the three
Q. In a market economy equilibrium price is reached at
a. Point of interaction of aggregate demand and aggregate supply curve
b. At the top of demand curve
c. Midpoint of demand curve
d. Midpoint of supply curve
Q. Which of the following is/are an essential feature of the market
a. Buyers
b. Sellers
c. Price
d. All the three
Q. Which of these is not an essential feature of a market
a. Buyers
b. Sellers
c. Commodity
d. Building with loading and unloading facilities
Q. Which of the following is/are the characteristic of a monopolistically competitive market
a. No restriction on exit and entry
b. Many sellers
c. Product differentiation
d. All the three