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Worksheetseconomics MCQ
Total questions: 20
Worksheet time: 10mins
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
A positive income effect in the case of normal goods suggests that ________
When income increases, demand decrease
When income decreases, demand increases
When income increases, demand remains constant
When income increases, demand increases
Using geometric method of measurement, what is the price elasticity demand at the mind point of demand curve?
E(d) = 1
E(d) > 1
E(d) < 1
E (d) = 0
If the total revenue of the firm is Rs. 20,000 after selling 50 units of a product, its Average revenue is _____
Rs. 500
Rs. 100
Rs. 400
Rs. 2000
The price elasticity of demand where the demand curve is a straight line, parallel to the Y - axis is ______.
Unitary elasticitic demand
Perfectly elastic demand
Perfectly Inelastic demand
Relatively Elastic demand
A rise in quantity demanded for to rise in population is a case of _______.
Expansion in demand
Increase in demand
Decrease in demand
Contraction in demand
When change in price brings about a less than proportionate change in demand, the elasticity of demand is _________.
Perfectly elastic
Perfectly Inelastic
Relatively Inelastic
Unitary elastic
Rise in demand due to change in price alone is called ______.
Contraction
Extention
Increase
Decrease
A Rise in qunatity demanded due to rise in population is a case of _____.
Expansion in demand
Increase in demand
Contraction in demand
Decrease in demand
What does Elasticity of demand less than one indicate?
Unit Elastic demand
Relatively Elastic demand
Relatively Inelastic Demand
Perfectly Inelastic demand
When Total Utility (TU) starts decreasing what happens to Marginal Utility (MU).
Increases
Decreases
Positive
Negative
