Top 150+ Solved Fundamentals of Economics MCQ Questions Answer
Q. _____________ is the father of Economics. 9
a. Adam Smith
b. Alfred Marshall
c. Lionel Robbins
d. J.R. Hicks
Q. ___________ is an act to use the goods or service to satisfy the wants.
a. Production
b. Consumption
c. Savings
d. Distribution
Q. The Law of Diminishing Marginal Utility was developed by ____________
a. Stanley Jevons
b. Alfred Marshall
c. Adam Smith
d. J.R. Hicks
Q. _________ demand is also known as Direct Demand.
a. Derived
b. Autonomous
c. Individual
d. Consumption
Q. Total Outlay Method of measuring Elasticity of Demand was introduced by _________
a. Stanley Jevons
b. Alfred Marshall
c. Adam Smith
d. J.R. Hicks
Q. When two or more different goods are produced together by a single firm, it is called as_________ supply.
a. joint
b. composite
c. excess
d. short
Q. Which factor of production is considered as a produced means of production?
a. Land
b. Labour
c. Capital
d. Organisation
Q. ________ means transformation of physical inputs into output.
a. Marketing
b. Production
c. Finance
d. Money
Q. The additional cost incurred to produce an additional unit of output is _______
a. Marginal cost
b. Variable cost
c. Fixed cost
d. Opportunity cost
Q. ________ competition exists when the basic features of Perfect Competition are not present.
a. Pure
b. Perfect
c. Imperfect
d. All of the above
Q. The ____ states that bad money drives good money out of circulation.
a. Law of Demand
b. Law of Supply
c. Gresham’s Law
d. Demand Schedule