GM Statistics Economics MCQs Economics – 1

MCQs Economics – 1

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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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