Solved MCQS of Economics Set 2

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Solved MCQS of Economics


In monopoly, which of the following is NOT true?
The firm is a price maker
Products are differentiated
There is freedom of entry and exit into the industry in the long run
There is one main seller

When national income is increases:
Bad thing
Standard of living decreases
Remains same
Standard of living increases

In inflation prices:
Increase
Decrease
Do not change
Become zero

Will make negative profit.
Any of the given are possible.
Will make zero profit.
Will make positive profit

What was the percentage in the production of cotton yarn during July-March 2005-06?
19.2 percent
15.2 percent
11.1 percent
17.6 percent

In the short run, the equilibrium price level and the equilibrium level of total output are determined by the intersection of:
The aggregate demand, the short-run aggregate supply and the long-run aggregate supply curves
The aggregate demand and the short-run aggregate supply curves
The aggregate demand and the long-run aggregate supply curves
The short-run aggregate supply and the long-run aggregate supply curves

Reward the labour is:
Rent
Wages
Profit
Interest

The price elasticity of demand for any good must be less than or equal to zero unless:
The good is a Ciffen good.
None of the given options.
The good is a luxury.
The good is a necessity.

Government collects zero revenue if the tax rate is 0% and if the tax rate is 100%. Which of the following best describes this statement?
Investment curve
Consumption curve
Laffer curve
Supply curve

A nation’s balance of payments can be affected by changes in:
The differential between domestic and foreign interst rates
Foreign income
All of the given options
The real exchange rate

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