Solved MCQS of Economics Set 1

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Solved MCQS of Economics


A firm is charging a different price for each unit purchased by a consumer.This is called:
Third-degree price discrimination
First-degree price discrimination
None of the given options
Second-degree price discrimination

What was the production of wheat in million tones during 2005-06?
26.2
16.6
30.8
21.7

Which of the following will be TRUE if real income rose and the interest rate fell following an increase in government purchases?
Central Bank must have increased the money supply at the same time
LM curve must be vertical
Central Bank must have decreased the money supply at the same time
IS curve must be vertical

An increase in supply is shown by:
Downward movement along the supply curve
Shifting the supply curve to the right
Upward movement along the supply curve
Shifting the supply curve to the left

Which economist presented the Cardinal Theory of Utility:
Canon
Kroose
Marshall
J.B. Say

Who is responsible for profit and loss in the business:
Middleman
Labour
Entrepreneur
Capitalist

Which of the following is true about supply curve under monopoly?
It is same as the competitive market supply curve
It is the result of market power and production costs
It is the portion of marginal cost curve where marginal costs exceed the minimum value of average variable costs
None of the given statements is true

The quality of a commodity which satisfies the human wants:
Usefulness
Return
Loss
Utility

It is a Federal Tax:
Excise duty
Local Tax
None
Property Tax

National income does not include:
Interest
Wages
Transfer payments
Profit

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