MCQs Economics – 1

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

2. Factors of production are

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

4. The other name of law decreasing return is

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

6. Average revenue is equal to

7. Economics deals primarily with the concept of

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

9. The word economy comes from the Greek word for

10. A monopsony is

11. The national income period is

12. Both households and societies face many decisions because

13. Price discrimination is

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

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

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

17. In monopoly the number of firms is

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

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

20. Personal income means