Economics MCQ CSEET - revision
1-Demand is determined by
Price of the product
Relative prices of other goods
Tastes and habits
All of the above
(Ans: d)
2-When a firm’s average revenue is equal to its average cost, it gets ________.
Super profit
Normal profit
Sub normal profit
None of the above
(Ans: b)
3-Managerial economics generally refers to the integration of economic theory with business
Ethics
Management
Practice
All of the above
(Ans: c)
4-Given the price, if the cost of production increases because of higher price of raw materials, the supply
Decreases
Increases
Remains same
Any of the above
(Ans: a)
5-The cost recorded in the books of accounts are considered as
Total cost
Marginal cost
Average cost
Explicit cost
(Ans: d)
6-A Joint Stock Company is managed by the Board of Directors elected by _____ .
Top management
Shareholders
Employees of company
None of the above
(Ans: b)
7-Under ______, price is determined by the interaction of total demand and total supply in the market.
Perfect competition
Monopoly
Imperfect competition
All of the above
(Ans: a)
8-Under perfect competition, price is determined by the interaction of total demand and ________.
Total supply
Total cost
Total utility
Total production
(Ans: a)
9-The out of pocket costs are ________.
Sunk costs
Marginal costs
Explicit costs
Social costs
(Ans: b)
10-The short run Average Cost curve is __ shaped
V
U
L
Any of the above
(Ans: b)
11-Distinction between private sector and public sector is determined on the basis of
Economic system
Motive
Principle of pricing
All of the above
(Ans: d)
12-Goods produced on small scale have
Relatively inelastic supply
Highly elastic supply
Perfectly elastic supply
None of the above
(Ans: a)
13-Oligopoly is a type of ________ market. A ________ exists in the industry
Perfect, few firms
Imperfect, few firms
Perfect, many firms
Imperfect, many firms
(Ans: b)
14-The management of the _________ form of business organization is totalitarian in nature.
Cooperative
Partnership
Individual proprietorship
All of the above
(Ans: a)
15-The demand curve has a _____ slope.
Undefined
Zero c
Negative
Positive
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