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MCQs

Total Questions : 874 | Page 22 of 88 pages
Question 211. According to Marshall, the basis of consumer surplus is
  1.    Law of diminishing MU
  2.    Law of Equi-MU
  3.    Law of proportions
  4.    All of the above
 Discuss Question
Answer: Option A. -> Law of diminishing MU
Question 212. Which of the following bodies finalizes the Five Year Plan Proposals?
  1.    Planning Commission
  2.    Union Cabinet
  3.    National Development Council
  4.    Ministry of Planning
 Discuss Question
Answer: Option C. -> National Development Council
Question 213. What implication does resource scarcity have for the satisfaction of wants?
  1.    Not all wants can be satisfied
  2.    We will never be faced with the need to make choices
  3.    We must develop ways to decrease our individual wants
  4.    The discovery of new natural resources is necessary to increase our ability to satisfy wants
 Discuss Question
Answer: Option A. -> Not all wants can be satisfied
Question 214. Who expressed the view that 'Economics should be neutral between ends'?
  1.    Robbins
  2.    Marshall
  3.    Pigou
  4.    Adam Smith
 Discuss Question
Answer: Option A. -> Robbins
Question 215. Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?
  1.    The individual firm must have fewer than 10 employees
  2.    The individual firm faces a downward-sloping demand curve
  3.    The individual firm has assets less than Rs. 20 lakhs
  4.    The individual firm is unable to affect market price through its output decisions
 Discuss Question
Answer: Option D. -> The individual firm is unable to affect market price through its output decisions
Question 216. Which one of the following is true about Planning Commission?
  1.    It is a Ministry
  2.    It is a Government Department
  3.    It is an Advisory Body
  4.    It is an Autonomous Corporation
 Discuss Question
Answer: Option C. -> It is an Advisory Body
Question 217. A firm encounters its 'shutdown point' when
  1.    Average total cost equals price at the profit-maximizing level of output
  2.    Average variable cost equals price at the profit-maximizing level of output
  3.    Average fixed cost equals price at the profit-maximizing level of output
  4.    Marginal cost equals price at the profit-maximizing level of output
 Discuss Question
Answer: Option B. -> Average variable cost equals price at the profit-maximizing level of output
Question 218. Under ______ market condition, firms make normal profits in the long run.
  1.    Perfect competition
  2.    Monopoly
  3.    Oligopoly
  4.    None of the above
 Discuss Question
Answer: Option A. -> Perfect competition
Question 219. Economic survey is published by
  1.    Ministry of Finance
  2.    Planning Commission
  3.    Government of India
  4.    Indian Statistical Institute
 Discuss Question
Answer: Option A. -> Ministry of Finance
Question 220. Larger production of ___ goods would lead to higher production in future
  1.    Consumer goods
  2.    Capital goods
  3.    Agricultural goods
  4.    Public goods
 Discuss Question
Answer: Option B. -> Capital goods

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