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MCQs

Total Questions : 874 | Page 25 of 88 pages
Question 241. The most efficient scale of production of a firm is where
  1.    LAC is minimum
  2.    SAC is minimum
  3.    LMC is minimum
  4.    SMC is minimum
 Discuss Question
Answer: Option A. -> LAC is minimum
Question 242. A firm should shut down in the short run if it is not covering its
  1.    Variable cost
  2.    Fixed cost
  3.    Total cost
  4.    Explicit cost (money outlays)
 Discuss Question
Answer: Option A. -> Variable cost
Question 243. Economic problems arise because
  1.    Wants are unlimited
  2.    Resources are scarce
  3.    Scare resources have alternative uses
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 244. In the short run, when the output of a firm increases, its average fixed cost
  1.    Increases
  2.    Decreases
  3.    Remains constant
  4.    First declines and then rises
 Discuss Question
Answer: Option B. -> Decreases
Question 245. Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published?
  1.    1767
  2.    1764
  3.    1761
  4.    1758
 Discuss Question
Answer: Option D. -> 1758
Question 246. Identify the author of "The principles of Political Economy and Taxation"
  1.    Alfred Marshall
  2.    J.S.Mill
  3.    David Ricardo
  4.    A. Turgot
 Discuss Question
Answer: Option C. -> David Ricardo
Question 247. Who is generally regarded as the founder of the 'Classical School'?
  1.    David Ricardo
  2.    Adam Smith
  3.    T.R.Malthus
  4.    J.S.Mill
 Discuss Question
Answer: Option B. -> Adam Smith
Question 248. Which is not a central problem of an economy?
  1.    What to produce
  2.    How to produce
  3.    How to maximize private profit
  4.    For whom to produce
 Discuss Question
Answer: Option C. -> How to maximize private profit
Question 249. A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is
  1.    Equal to 1
  2.    More than 1
  3.    Less than 1
  4.    0
 Discuss Question
Answer: Option A. -> Equal to 1
Question 250. Union leaders are in better position to bargain for higher wages if demand for labour is
  1.    Elastic
  2.    Inelastic
  3.    Very large
  4.    Permanent
 Discuss Question
Answer: Option B. -> Inelastic

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