Question 1

A market:

Accepted Answer

A) Necessarily refers to a meeting place between buyer and sellers 
B) Does not necessarily refers to a meeting place between buyer and sellers 
C) Extends over the entire country 
D) Extends over a city 
A) Necessarily refers to a meeting place between buyer and sellers 
B) Does not necessarily refers to a meeting place between buyer and sellers 
C) Extends over the entire country 
D) Extends over a city B

Question 2

The change in demand is due to the change in :

Accepted Answer

A) Income 
B) Own price 
C) Prices of related products 
D) Expectations 
A) Income 
B) Own price 
C) Prices of related products 
D) Expectations B

Question 3

The Scarcity definition of Economics is the contribution of:

Accepted Answer

A) Samuelson 
B) Adam Smith 
C) Lionel Robbins 
D) Marshall 
A) Samuelson 
B) Adam Smith 
C) Lionel Robbins 
D) Marshall C

Question 4

The demand curve for Giffen's goods:

Accepted Answer

A) Vertical 
B) Horizontal 
C) Negative slope 
D) Positive slope 
A) Vertical 
B) Horizontal 
C) Negative slope 
D) Positive slope

Question 5

Indifference Approach is related with:

Accepted Answer

A) Marshall 
B) J.R. Hicks 
C) Samuelson 
D) Sismondi 
A) Marshall 
B) J.R. Hicks 
C) Samuelson 
D) Sismondi

Question 6

Total Revenue is the maximum when Marginal Revenue is ----------

Accepted Answer

A) Positive 
B) Negative 
C) One 
D) Zero 
A) Positive 
B) Negative 
C) One 
D) Zero

Question 7

Which cost is to be incurred by a firm even if output is zero:

Accepted Answer

A) Opportunity cost 
B) Fixed cost 
C) Variable Cost 
D) Total cost 
A) Opportunity cost 
B) Fixed cost 
C) Variable Cost 
D) Total cost

Question 8

Which one of the following is an example of close substitute:

Accepted Answer

A) Tea and Coffee 
B) Milk and water 
C) Bread and Butter 
D) Pen and pencil 
A) Tea and Coffee 
B) Milk and water 
C) Bread and Butter 
D) Pen and pencil

Question 9

For complementary goods, the cross elasticity of demand:

Accepted Answer

A) Positive 
B) Negative 
C) Zero 
D) None 
A) Positive 
B) Negative 
C) Zero 
D) None

Question 10

The marginal utility theory is contributed by:

Accepted Answer

A) Marshall 
B) David Ricardo 
C) Adam Smith 
D) Samuelson 
A) Marshall 
B) David Ricardo 
C) Adam Smith 
D) Samuelson

Question 11

The Wealth of Nations is the work of:

Accepted Answer

A) Marshall 
B) J.S. Mill 
C) Adam Smith 
D) Lionel Robins 
A) Marshall 
B) J.S. Mill 
C) Adam Smith 
D) Lionel Robins

Question 12

Market economy is also known as:

Accepted Answer

A) Socialist economy 
B) Capitalist economy 
C) Mixed economy 
D) Developing economy 
A) Socialist economy 
B) Capitalist economy 
C) Mixed economy 
D) Developing economy

Question 13

A fall in the price of the commodity holding everything else constant results in:

Accepted Answer

A) Increase in demand 
B) Decrease in demand 
C) Increase in quantity demanded 
D) Decrease in quantity demanded 
A) Increase in demand 
B) Decrease in demand 
C) Increase in quantity demanded 
D) Decrease in quantity demanded

Question 14

The factor earning of entrepreneur is:

Accepted Answer

A) Rent 
B) Wage 
C) Interest 
D) Profit 
A) Rent 
B) Wage 
C) Interest 
D) Profit

Question 15

Average Revenue is equal to:

Accepted Answer

A) Price 
B) Cost 
C) Profit 
D) None of these 
A) Price 
B) Cost 
C) Profit 
D) None of these

Question 16

Income elasticity of demand for inferior goods is:

Accepted Answer

A) Negative 
B) Positive 
C) Zero 
D) Unity 
A) Negative 
B) Positive 
C) Zero 
D) Unity

Question 17

The addition to the total revenue by the sale of an additional unit is:

Accepted Answer

A) Total revenue 
B) Average revenue 
C) Value added 
D) Marginal revenue 
A) Total revenue 
B) Average revenue 
C) Value added 
D) Marginal revenue

A market:

The change in demand is due to the change in :

The Scarcity definition of Economics is the contribution of:

The demand curve for Giffen's goods:

Indifference Approach is related with:

Total Revenue is the maximum when Marginal Revenue is ----------

Which cost is to be incurred by a firm even if output is zero:

Which one of the following is an example of close substitute:

For complementary goods, the cross elasticity of demand:

The marginal utility theory is contributed by:

The Wealth of Nations is the work of:

Market economy is also known as:

A fall in the price of the commodity holding everything else constant results in:

The factor earning of entrepreneur is:

Average Revenue is equal to:

Income elasticity of demand for inferior goods is:

The addition to the total revenue by the sale of an additional unit is:

Economics: Definitions, Methods, and Concepts

Economics and Social Science

Economic Concepts and Principles in Business Operations

Production, Costs, and Demand Analysis

Demand Analysis and Utility Theory in Economics

Supply and Demand Elasticity

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Exam 6: Economics: Demand, Supply, and Market Equilibrium

A market:

The change in demand is due to the change in :

The Scarcity definition of Economics is the contribution of:

The demand curve for Giffen's goods:

Indifference Approach is related with:

Total Revenue is the maximum when Marginal Revenue is ----------

Which cost is to be incurred by a firm even if output is zero:

Which one of the following is an example of close substitute:

For complementary goods, the cross elasticity of demand:

The marginal utility theory is contributed by:

The Wealth of Nations is the work of:

Market economy is also known as:

A fall in the price of the commodity holding everything else constant results in:

The factor earning of entrepreneur is:

Average Revenue is equal to:

Income elasticity of demand for inferior goods is:

The addition to the total revenue by the sale of an additional unit is:

Economics: Definitions, Methods, and Concepts

Economics and Social Science

Economic Concepts and Principles in Business Operations

Production, Costs, and Demand Analysis

Demand Analysis and Utility Theory in Economics

Supply and Demand Elasticity

Filters