Top 150+ Solved Principles of Micro Economics MCQ Questions Answer
Q. Strong ordering is a distinguishing feature of the theory given by:
a. Marshall
b. Hicks
c. Samuelson
d. Adam Smith
Q. Which one of the following is an example of close substitute:
a. Tea and Coffee
b. Milk and water
c. Bread and Butter
d. Pen and pencil
Q. The addition to the total revenue by the sale of an additional unit is:
a. Total revenue
b. Average revenue
c. Value added
d. Marginal revenue
Q. Which cost is to be incurred by a firm even if output is zero:
a. Opportunity cost
b. Fixed cost
c. Variable Cost
d. Total cost
Q. The marginal utility theory is contributed by:
a. Marshall
b. David Ricardo
c. Adam Smith
d. Samuelson
Q. The Scarcity definition of Economics is the contribution of:
a. Samuelson
b. Adam Smith
c. Lionel Robbins
d. Marshall
Q. Total Revenue is the maximum when Marginal Revenue is ----------
a. Positive
b. Negative
c. One
d. Zero
Q. Market economy is also known as:
a. Socialist economy
b. Capitalist economy
c. Mixed economy
d. Developing economy
Q. Relation between price of a commodity and demand for another commodity ismeasured by:
a. Price elasticity
b. Income elasticity
c. Cross elasticity
d. Elasticity of substitution