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Economics MCQs for Lecturer Test download in pdf

Economics MCQs for Lecturer Test download for B.Com Part-1 Solved in pdf economics sample past papers for lecturer and subject specialist exam preparation

Founder of Neo-Classical thought.
A. Marshall
B. Robbins
C. Canon
D. Adam Smith
ANSWER: A

Methods of deriving economic laws.
A. Two
B. Three
C. Four
D. Five
ANSWER: A

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When marginal utility is negative then total utility is.
A. Minimum
B. Maximum
C. Decreasing
D. Zero
ANSWER: C

Convexity is property of.
A. Supply
B. Total utility
C. Consumer’s surplus
D. Indifference curve
ANSWER: D

Supply curve always slopes upward.
A. True
B. False
C. Both true and false
D. None of these
ANSWER: B

At same price demand continously increases, elasticity is.
A. Perfectly Elastic
B. Perfectly Inelastic
C. Ed >1
D. Ed <1
ANSWER: A

Price rises, supply remains constant.
A. Extension of supply
B. Contraction of supply
C. Rise in supply
D. Fall in supply
ANSWER: D

At equilibrium price, demand and supply.
A. Increase
B. Become equal
C. Decrease
D. None of these
ANSWER: B

When total product increases, marginal product.
A. Is positive
B. remains constant
C. Is zero
D. Is negative
ANSWER: A

Law of returns are.
A. Two
B. Three
C. Four
D. None of these
ANSWER: B

Apply soon on agricultural sector.
A. Law of increasing returns
B. Law of decreasing returns
C. Law of constant returns
D. None of these
ANSWER: B

The shape of average cost curve in short period is.
A. Horizontal
B. Vertical
C. Concave
D. like English alphabet U
ANSWER: D

To increase profit, a firm minimizes.
A. Revenue
B. Demand
C. Cost
D. Supply
ANSWER: C

A firm will be in equilibrium position when.
A. MC=MR
B. MC < MR
C. MC > MR
D. None of these
ANSWER: A

A firm earns normal profit when.
A. TR > TC
B. Price=AC
C. Price > AC
D. Prics < Ac
ANSWER: B

Founder of classical school of thought.
A. Marshall
B. Robbins
C. Canon
D. Adam Smith
ANSWER: D

How many kinds are of theoretical economics.
A. Two
B. Three
C. Four
D. Five
ANSWER: A

When marginal utility is zero then total utility is.
A. Minimum
B. Maximum
C. Negative
D. Zero
ANSWER: B

Income effect + substitution effect is equal to.
A. Consumer’s equilibrium
B. No Effect
C. Price Effect
D. Total utility
ANSWER: C

Demand curve is always sloping downward.
A. Correct
B. Both true and False
C. Incorrect
D. None of these
ANSWER: C

Price decreases, demand remains constant, elasticity is.
A. Perfectly Elastic
B. Perfectly Inelastic
C. Ed >1
D. Ed <1
ANSWER: B

Elasticity of demand between two points is called.
A. Arc elasticity
B. Point elasticity
C. Income elasticity
D. Cross elasticity
ANSWER: A

In which direction demand and supply curve move.
A. Vertical
B. Horizontal
C. Same
D. Opposite
ANSWER: D

When average product increases, marginal product.
A. Also increases
B. Decreases
C. Is zero
D. Is negative
ANSWER: A

In law of increasing cost, marginal cost _________ .
A. Both increase and decrease
B. Remains constant
C. Decreases
D. Increases
ANSWER: D

According to classical economists, production process is under laws.
A. Law of increasing returns
B. Law of decreasing returns
C. Law of constant returns
D. None of these
ANSWER: B

When average cost curve falls, then marginal cost curve.
A. Remains above it
B. Remains below it
C. Remains parallel
D. Is horizontal
ANSWER: B

Average revenue is equal to.
A. Price
B. MR
C. TR
D. Average cost
ANSWER: A

In short run a firm will be in equilibrium position when.
A. MC=TR
B. MC<MR
C. MC>MR
D. MC=MR
ANSWER: D

Under imperfect competition MR and AR curves.
A. Remain parallel
B. Horizontal
C. Moves downward from left to right
D. Moves upward from left or right
ANSWER: C

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