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This set of Basics of Economics Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Economics Set 2

Q1 | In short-run
Q2 | In long-run
Q3 | The variable cost of a firm vary in direct proportion to the
Q4 | Law of variable proportions is concerned with
Q5 | The ‘point of inflection’ come in which stage of the law of variable proportions
Q6 | A rational producer will select his level of production in which stage ofthe law of variable proportions
Q7 | Total product reaches at maximum when
Q8 | Returns to scale refers to the production function where
Q9 | In the case of diminishing returns to scale, a given proportionateincrease in all factors causes
Q10 | Increasing returns to scale occurs due to
Q11 | The cause for diminishing returns to scale is:
Q12 | The solution to diminishing returns to scale is :
Q13 | Which one of the following is not related to economies of scale:
Q14 | The law of Diminishing returns is applicable to:
Q15 | labourers are employed the firm produces 136 units of output. Thenthe marginal product is ---
Q16 | Other things remaining the same, the quantity of a product demandedincreases with ------------ in price.
Q17 | When total utility is maximum, marginal utility is:
Q18 | For complementary goods, the cross elasticity of demand:
Q19 | Relation between price of a commodity and demand for anothercommodity is measured by:
Q20 | When TU falls, MU is:
Q21 | Demand varies ------------- with price.
Q22 | When Q = f (P), the elasticity coefficient is measured by:
Q23 | Income elasticity of demand for inferior good is:
Q24 | In the case of luxury goods, the income elasticity of demand will be:
Q25 | Income elasticity is positive, but less than unity in the case of: