Top 350+ Solved Micro Economics 1 MCQ Questions Answer
Q. _______ investigations examine an individual’s relationship with and interaction in society
a. Natural science
b. Physical science
c. Life science
d. Social science
Q. In the 19th century _________ argued that ideas pass through three rising stages namely, Theological, Philosophical and Scientific.
a. Auguste Comte
b. Plato
c. Aristotle
d. Socrates
Q. _________ is distinctive for much greater use of mathematics than the other social sciences, a development made possible by the development of a concept of utility
a. Sociology
b. Political science
c. Economics
d. Anthropology
Q. The most important founder of German sociology, __________ , was keenly interested in maintaining the relationship between economics and sociology.
a. Max Adler
b. Max Weber
c. Karl Marx
d. Joseph W. Eaton
Q. International Social Science Associations were founded under the auspices of___________
a. UNESCO
b. World Bank
c. IMF
d. USA
Q. ________ social science discipline deals with the integration of different aspects of the Social Sciences, Humanities, and Human Biology
a. Criminology
b. Demography
c. Geography
d. Anthropology
Q. Mannheim defines ________as the sum of those methods by which a society tries to influence human behavior to maintain a given order.
a. Social control
b. Constitution
c. Policing
d. Democracy
Q. Implicit costs are:
a. Equal to total fixed costs.
b. Comprised entirely of variable costs.
c. "Payments" for self-employed resources.
d. Always greater in the short run than in the long run.
Q. Which would be an implicit cost for a firm? The cost:
a. Of worker wages and salaries for the firm.
b. Paid for leasing a building for the firm.
c. Paid for production supplies for the firm.
d. Of wages foregone by the owner of the firm.
Q. If a firm's revenues just cover all its opportunity costs, then:
a. Normal profit is zero.
b. Economic profit is zero.
c. Total revenues equal its explicit costs.
d. Total revenues equal its implicit costs.
Q. Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
a. The firm will earn accounting and economic profits.
b. The firm will face accounting and economic losses.
c. The firm will face an accounting loss, but earn economic profits.
d. The firm may earn accounting profits, but will face economic losses.
Q. The short run is a time period in which:
a. All resources are fixed.
b. The level of output is fixed.
c. The size of the production plant is variable.
d. Some resources are fixed and others are variable.
Q. When the total product curve is falling, the:
a. Marginal product of labor is zero.
b. Marginal product of labor is negative.
c. Average product of labor is increasing.
d. Average product of labor must be negative
Q. When marginal product reaches its maximum, what can be said of total product?
a. Total product must be at its maximum
b. Total product starts to decline even if marginal product is positive
c. Total product is increasing if marginal product is still positive
d. Total product levels off
Q. Variable costs are:
a. Sunk costs.
b. Multiplied by fixed costs.
c. Costs that change with the level of production.
d. Defined as the change in total cost resulting from the production of an