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MCQs

Total Questions : 874 | Page 83 of 88 pages
Question 821. At equilibrium under ordinal approach the MRS should be equal to
  1.    MRTS
  2.    Price Ratio
  3.    Price
  4.    Income
 Discuss Question
Answer: Option B. -> Price Ratio
Question 822. "------------------ of demand is the proportional change of amount purchased in response to small change in price
  1.    Elasticity
  2.    bend backward
  3.    Both A & B
  4.    None of these
 Discuss Question
Answer: Option A. -> Elasticity
Question 823. Demand Function explain relationship between demand for Commodity and its___________
  1.    Determinants
  2.    Elasticity
  3.    Only Price
  4.    Elements
 Discuss Question
Answer: Option A. -> Determinants
Question 824. Market situation where there is single seller
  1.    Perfect Competition
  2.    Monopoly
  3.    Oligopoly
  4.    Monopolistic Competition
 Discuss Question
Answer: Option B. -> Monopoly
Question 825. ________________ are activities that satisfy people’s needs and wants
  1.    Goods
  2.    Services
  3.    Needs
  4.    Wants
 Discuss Question
Answer: Option B. -> Services
Question 826. ________________ resources are the things that people use to make the goods or provide their services
  1.    Natural
  2.    Capital
  3.    Company
  4.    Human
 Discuss Question
Answer: Option B. -> Capital
Question 827. What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?
  1.    Least Developed Country
  2.    Less Developed Country
  3.    More Developed Country
  4.    Third World County
 Discuss Question
Answer: Option C. -> More Developed Country
Question 828. Why did Europeans "claim" colonies in the 1800s? (choose all that apply)
  1.    To gain access to new technologies
  2.    To obtain more raw materials
  3.    To have new markets for selling goods
  4.    To learn about new cultures and traditions
 Discuss Question
Answer: Option C. -> To have new markets for selling goods
Question 829. _____________ are things that people make or use to satisfy their needs and wants
  1.    Goods
  2.    Services
  3.    Producers
  4.    Consumers
 Discuss Question
Answer: Option A. -> Goods
Question 830. Something we use
  1.    resource
  2.    scarcity
  3.    demand
  4.    supply
 Discuss Question
Answer: Option A. -> resource

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