economics MCQ

What is the cost per unit of output called?

• Opportunity Cost

• Total Cost

• Average Cost

• Marginal Cost

What are articles of distinction like Diamond and luxury cars also known as?

• Giffen Good

• Prestige Good

• Normal Good

• Inferior Good

What does the production function explain?

• Monetary relationship between input and output.

• Techniques of production

• Physical relationship between input and output

• The ratio of input to that of output.

What is the price elasticity of perfectly Inelastic demand

• Equal to one

• Zero

• Less than one

• More than one

When is profit maximization achieved?

• When total revenue is less then total cost

• When the total Revenue exceeds the total cost by the greatest amount

• When total revenue and total cost are equal to each other

• When total cost exceeds total revenue by the leat amount

Output per unit of variable input is called __________.

• Average fixed cost

• Average product

• Average revenue

• Average variable product

When the demand curve shift to the right, it indicate __________.

• An increase in demand

• An extention of demand

• A decrease in demand

• A contraction of demand

When the demand curve shift to the lef, it indicate ______

• An increase in demand

• An extention of demand

• A decrease in demand

• A contraction of demand

Extension of demand is shown by _______

• A shift in the demand curve to the right

• An upward movement along demand curve

• A downword movement along demand curve

• A shift in demand curve to right

A family if indiiference curves is called _____.

• Budget set

• Indifference Map

• Indiierence curve

• Production possibility curve