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