MCQs Economics – 1

MCQs Economics for the preparation of different Job and educational degree-related tests and examinations.

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1. If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost, economic profits must be

 
 
 
 

2. If a monopolist has only fixed costs and chooses that output at which marginal cost equals price, it will

 
 
 
 

3. In monopoly the number of firms is

 
 
 
 

4. The word economy comes from the Greek word for

 
 
 
 

5. Average revenue is equal to

 
 
 
 

6. Both households and societies face many decisions because

 
 
 
 

7. Price discrimination is

 
 
 
 

8. The word that comes from te Greek word for “One who manages a household” is

 
 
 
 

9. The other name of law decreasing return is

 
 
 
 

10. Which of the following is NOT included in the decisions that every society must make?

 
 
 
 

11. If a monopolist had no costs, the best possible price would be where demand is

 
 
 
 

12. The national income period is

 
 
 
 

13. Personal income means

 
 
 
 

14. Who has given the concept of “Wage fund Theory”

 
 
 
 

15. Factors of production are

 
 
 
 

16. Economics deals primarily with the concept of

 
 
 
 

17. If a monopoly is unable to cover its short-run variable costs, it should

 
 
 
 

18. A monopsony is

 
 
 
 

19. Households and economics have each of the following in common EXCEPT both

 
 
 
 

20. “The true national income is that part of the annual net produce that is directly consumed during that year” who said this