Introductory Economics 1 Set 1

Bachelor of Arts in History (BA History)

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This set of Introductory Economics 1 Multiple Choice Questions & Answers (MCQs) focuses on Introductory Economics 1 Set 1

Q1 | When individuals income falls (everything remain the same) his demand for a normalgood
Q2 | Cardinal utility analysis to consumer equilibrium was developed by
Q3 | MC at any level of output is given by
Q4 | If a firm’s average cost is Rs.32 at 6 units of output and Rs.34 at 7 unit, which oneamong the following is the marginal cost of producing the 7th unit
Q5 | The cost that cannot be recovered once spent
Q6 | The saucer-type of modern Short run Average Variable Cost (SAVC) represents
Q7 | The Long run Average Cost curve (LAC) in modern cost theory is roughly
Q8 | Under increasing returns to scale, which of the following is the nature of the long runaverage cost curve?
Q9 | Which of the following has a U shape?
Q10 | AFC curve will always be
Q11 | Implicit cost of a factor of production is determined by its
Q12 | Economic cost include both
Q13 | The U shape of MC curve reflects
Q14 | Envelope curve is
Q15 | In long run, which factor of production is fixed?
Q16 | The U shape of the average total cost curve reflects
Q17 | The total fixed cost is a
Q18 | When AC minimum in short run
Q19 | The shape of TVC and TC are
Q20 | The cost expressed not in terms of money but in terms of efforts of workers undergonefor making the commodity
Q21 | The MC curve cuts the AC curve at
Q22 | The minimum point of ATC is at.............. position of the minimum point of AVC
Q23 | If the long run cost curve shifts down wards it is an indication of
Q24 | The U shape of the LAC reflects
Q25 | A production possibility curve is concave to the point of origin because of
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