Top 350+ Solved Micro Economics 1 MCQ Questions Answer

From 91 to 105 of 420

Q. The validity of an economic theory is judged by its power to:

a. Explain an economic phenomenon

b. Predict the course of an economic phenomenon

c. Prove or disprove a hypothesis

d. Reveal the economic laws

  • a. Explain an economic phenomenon

Q. The subject matter of economics is the study of:

a. Wealth

b. Welfare

c. Scarcity

d. Scarcity and Choice

  • d. Scarcity and Choice

Q. To whom do you attribute the ‘growth’ definition of economics?

a. Paul Samuelson

b. Lionel Robbins

c. Milton Friedman

d. Alfred Marshall

  • a. Paul Samuelson

Q. The first economist who coined the terms micro economics and macroeconomics

a. Ragnar Frisch

b. Keynes

c. Marshall

d. Friedman

  • a. Ragnar Frisch

Q. Microeconomics deals with:

a. The theory of factor pricing

b. The theory of product pricing

c. The theory of economic welfare

d. All the above

  • d. All the above

Q. Prof. Robbin’s definition of Economics is:

a. Scarcity definition

b. Growth definition

c. Welath definition

d. Welfare definition

  • a. Scarcity definition

Q. A theory is:

a. An assumption

b. A validated hypothesis

c. An ‘if then’ proposition

d. A hypothesis

  • b. A validated hypothesis

Q. The book ‘Principles of Economics’ was written by:

a. Keynes

b. Marshall

c. Samuelson

d. Pigou

  • b. Marshall

Q. Average revenue is :

a. TR - TC

b. TR / No. of units sold

c. TC / TR

d. MC / AR

  • b. TR / No. of units sold

Q. A hypothesis is a :

a. Statement of facts

b. Statement of observations made by a researcher

c. Statement of expected out of research

d. A proposition the validity of which is to be tested

  • d. A proposition the validity of which is to be tested

Q. In the classical system, the basic economic problems are solved by:

a. Government

b. Price mechanism

c. Economists

d. Central bank

  • b. Price mechanism

Q. Growth definition of economics was concerned with:

a. Scarcity

b. Welfare

c. Wealth

d. Economic growth

  • d. Economic growth

Q. A market:

a. Necessarily refers to a meeting place between buyers and sellers

b. Does not necessarily refer to a meeting place between buyers and sellers

c. Extends over the entire nation

d. Extends over a city.

  • b. Does not necessarily refer to a meeting place between buyers and sellers

Q. The average fixed cost is obtained by :

a. TFC / Q

b. MC / Q

c. TAC / Q

d. AVC / Q

  • a. TFC / Q

Q. Average Revenue curve under monopoly is :

a. Upward slopping

b. Downward slopping

c. Horizontal straight line

d. None of these

  • b. Downward slopping
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