economics MCQ

economics MCQ

12th Grade

20 Qs

quiz-placeholder

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economics MCQ

economics MCQ

Assessment

Quiz

Others

12th Grade

Practice Problem

Hard

Created by

Namrata Naik

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost per unit of output called?

Opportunity Cost

Total Cost

Average Cost

Marginal Cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Giffen Good

Prestige Good

Normal Good

Inferior Good

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the price elasticity of perfectly Inelastic demand

Equal to one

Zero

Less than one

More than one

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Output per unit of variable input is called __________.

Average fixed cost

Average product

Average revenue

Average variable product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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