MCQs Economics – 1

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