Top 150+ Solved Fundamentals of Economics MCQ Questions Answer
Q. The subject matter of economics is distributed into __________ parts.
a. two
b. three
c. four
d. five
Q. The concept of ‘Consumer Surplus’ was introduced in Economics by
a. Prof. Robbins
b. Prof. Samuelson
c. Prof. Smith
d. Prof. Marshall
Q. In the case of rare coins, supply curve will be
a. Horizontal
b. Vertical
c. backward bending
d. positively sloped
Q. When the price elasticity of demand is equal to one, the demand curve is
a. rectangular hyperbola
b. parallel to the horizontal axis.
c. parallel to the vertical axis
d. negatively sloped straight line
Q. Which one of the following is not a factor of production?
a. Land
b. Labour
c. Capital
d. Bank Loan
Q. The ‘Law of Variable Proportion’ was first developed by
a. Prof. Mill
b. Prof. Marshall
c. Prof. Ricardo
d. Prof. Smith
Q. Which one of the following cost can never become zero?
a. Average cost
b. Fixed cost
c. Marginal cost
d. Variable cost
Q. All the factors of production become variable in the
a. Short run
b. long run
c. very short run 2
d. very long run
Q. Marginal cost is defined as
a. the change in total cost due to one unit change in output.
b. the change in total cost due to one unit change in input.
c. the ratio of total cost to total output
d. the ratio of total cost to total input
Q. Which one of the following is a feature of a perfect competition?
a. Selling Cost
b. Group Behaviour
c. Homogenous Product
d. Differentiated Product
Q. In the case of a perfectly competitive firm, the demand curve for product is
a. Elastic
b. unit elastic
c. perfectly elastic
d. perfectly inelastic
Q. Dynamic Pricing is mostly followed by
a. Automobile Manufacturing Companies
b. Cooking Gas Supplying Companies
c. On-line Companies
d. Brand Name Food Companies
Q. PT = MV is the equation suggested by
a. J.M. Keynes
b. A.W. Phillips
c. Irving Fisher
d. A.C.Pigou