Economics MCQ CSEET - revision

1-Demand is determined by

1. Price of the product

2. Relative prices of other goods

3. Tastes and habits

4. All of the above

(Ans: d)

2-When a firm’s average revenue is equal to its average cost, it gets ________.

1. Super profit

2. Normal profit

3. Sub normal profit

4. None of the above

(Ans: b)

3-Managerial economics generally refers to the integration of economic theory with business

1. Ethics

2. Management

3. Practice

4. All of the above

(Ans: c)

4-Given the price, if the cost of production increases because of higher price of raw materials, the supply

1. Decreases

2. Increases

3. Remains same

4. Any of the above

(Ans: a)

5-The cost recorded in the books of accounts are considered as

1. Total cost

2. Marginal cost

3. Average cost

4. Explicit cost

(Ans: d)

6-A Joint Stock Company is managed by the Board of Directors elected by _____ .

1. Top management

2. Shareholders

3. Employees of company

4. None of the above

(Ans: b)

7-Under ______, price is determined by the interaction of total demand and total supply in the market.

1. Perfect competition

2. Monopoly

3. Imperfect competition

4. All of the above

(Ans: a)

8-Under perfect competition, price is determined by the interaction of total demand and ________.

1. Total supply

2. Total cost

3. Total utility

4. Total production

(Ans: a)

9-The out of pocket costs are ________.

1. Sunk costs

2. Marginal costs

3. Explicit costs

4. Social costs

(Ans: b)

10-The short run Average Cost curve is __ shaped

1. V

2. U

3. L

4. Any of the above

(Ans: b)

11-Distinction between private sector and public sector is determined on the basis of

1. Economic system

2. Motive

3. Principle of pricing

4. All of the above

(Ans: d)

12-Goods produced on small scale have

1. Relatively inelastic supply

2. Highly elastic supply

3. Perfectly elastic supply

4. None of the above

(Ans: a)

13-Oligopoly is a type of ________ market. A ________ exists in the industry

1. Perfect, few firms

2. Imperfect, few firms

3. Perfect, many firms

4. Imperfect, many firms

(Ans: b)

14-The management of the _________ form of business organization is totalitarian in nature.

1. Cooperative

2. Partnership

3. Individual proprietorship

4. All of the above

(Ans: a)

15-The demand curve has a _____ slope.

1. Undefined

2. Zero c

3. Negative

4. Positive