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MCQs

Total Questions : 874 | Page 4 of 88 pages
Question 31. A mixed economy is characterized by the co-existence of
  1.    Modern and traditional industries
  2.    Public and private sectors
  3.    Foreign and domestic investments
  4.    Commercial and subsistence farming
 Discuss Question
Answer: Option B. -> Public and private sectors
Question 32. Which of the following is NOT a feature of iso-product curve? Iso-product curves
  1.    Are downward sloping to the right
  2.    Show different input combination producing the same output
  3.    Intersect each other
  4.    Are convex to the origin
 Discuss Question
Answer: Option C. -> Intersect each other
Question 33. This is an assumption of law of demand
  1.    Price of the commodity should not change
  2.    Quantity should not change
  3.    Supply should not change
  4.    Income of consumer should not change
 Discuss Question
Answer: Option D. -> Income of consumer should not change
Question 34. Some economists refer to iso-product curves as
  1.    Engels curve
  2.    Production indifference curve
  3.    Budget line
  4.    Ridge line
 Discuss Question
Answer: Option B. -> Production indifference curve
Question 35. Microeconomics deals with the
  1.    Allocation of resources of the economy as between production of different goods and services
  2.    Determination of prices of goods and services
  3.    Behavior of industrial decision makers
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 36. According to Joseph Schumpeter, profit is the reward for
  1.    Innovation
  2.    Uncertainty-bearing
  3.    Risk-taking
  4.    Management
 Discuss Question
Answer: Option A. -> Innovation
Question 37. If quantity demanded is completely unresponsive to changes in price, demand is
  1.    Inelastic
  2.    Unit elastic
  3.    Elastic
  4.    Perfectly inelastic
 Discuss Question
Answer: Option D. -> Perfectly inelastic
Question 38. Other things equal, if a good has more substitutes, its price elasticity of demand is
  1.    Larger
  2.    Smaller
  3.    Zero
  4.    Unity
 Discuss Question
Answer: Option A. -> Larger
Question 39. Which of the following is Microeconomics concerned with?
  1.    The size of national output
  2.    The level of employment
  3.    Changes in general level of prices
  4.    None of the above
 Discuss Question
Answer: Option D. -> None of the above
Question 40. Which of the following is also known as plant curves?
  1.    Long-run average cost (LAC) curves
  2.    Short-run average cost (SAC) curves
  3.    Average variable cost (AVC) curves
  4.    Average total cost (ATC) curves
 Discuss Question
Answer: Option B. -> Short-run average cost (SAC) curves

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