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This set of Basics of Economics Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Economics Set 4

Q1 | The horizontal supply curve parallel to quantity axis represents
Q2 | When output is zero, variable cost is --------
Q3 | Change in quantity supplied of a product can result from
Q4 | At prices above the equilibrium price
Q5 | When MC cuts AC, AC is at its ------------
Q6 | Cost function relates cost to
Q7 | An increase in market demand, supply remaining the same results in
Q8 | There is no distinction between firm and industry in
Q9 | A fall in the market demand, supply remaining the same results in
Q10 | The cost of next best alternative is called
Q11 | When MC is greater than AC, AC
Q12 | There is ------- relationship between price and quantity supplied
Q13 | Supply curve represents -------- relationship between quantity andprice
Q14 | National Income means:
Q15 | The difference between GDP and NDP equals:
Q16 | Which of the following is true?
Q17 | NNP is equal to:
Q18 | Which of the following is not a method of national income estimation?
Q19 | An accounting year in India is:
Q20 | Increase in real National Income (NI) means increase in:
Q21 | Net indirect taxes means:
Q22 | Net factor income from abroad shows the difference between:
Q23 | Per capita income is equal to:
Q24 | National income in India is estimated by:
Q25 | The first estimate of National income in India was done by: