GM Statistics Economics MCQs Economics – 1

MCQs Economics – 1


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

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1. A monopsony is


2. In monopoly the number of firms is


3. Factors of production are


4. The word economy comes from the Greek word for


5. Price discrimination is


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


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


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


9. The national income period is


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


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


12. Economics deals primarily with the concept of


13. Both households and societies face many decisions because


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


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


16. The other name of law decreasing return is


17. Personal income means


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


19. Average revenue is equal to


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


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