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This set of Basics of Economics Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Economics Set 8

Q1 | The want satisfying power of a commodity:
  • satisfaction
  • utility
  • value
  • marginal utility
Q2 | Supply curve represents -------- relationship between quantity andprice.
  • direct
  • inverse
  • either direct or inverse
  • none of the above
Q3 | Laws of return shows ---------production function.
  • short-term
  • medium term
  • long term
  • annual
Q4 | In classical theory the level of employment is a function of:
  • price level
  • money wage rate
  • quantity of money
  • real wage rate
Q5 | Consumption of capital good in the process of production is called as:
  • capital consumption
  • depreciation
  • decay of capital
  • none of the above
Q6 | Economic Laws are:
  • statement of tendencies
  • exact and predictable
  • definite
  • none