Economics Mcq’s From Books Chapters
1: Which of the following laws are exact…
a: moral law
b: statutory law
c: laws of physical sciences
d: economic lawÂ
e: none of these
2: which of the following represent by Marshall …
a: multiplicity of wantsÂ
b: scarcity of resources
c: wealth
d: material welfare
e: all of these
3: which person requires to maintain social status in life …
a: comforts of life
b: bank balance
c: luxuries of life
d: bare necessities of life
e: all of them
4: Law of equal marginal utility alternate name is…
a: law of demand
b: a law of diminishing marginal utility
c: the law of supply
d: law of substitutionÂ
e: none of these
5: …….. is the talent of professor…
a: international wealth
b: national wealth
c: personal wealth
d: both a and b
e: none of them
6: When the price of a product rises then quantity demand will be…
a: rise
b: fallÂ
c: fluctuate
d: remain the same
e: none of these
7: Product is generally the composite demand is…
a: equal to zero
b: elastic
c: inelastic
d: equal to unity
e: all of them
8: Which method apply to measure the elasticity of demand…
a: geometric approach
b: percentage method
c: total outlay approach
d: both a and b
e: all the first three
9: what will it show about the goods when income elasticity is positive…
a: Giffen good
b: normal good
c: superior good
d: inferior good
c: none of them
10: supply curve slope is…
a: finite
b: infinite
c: positive
d: negitive
e: zero
11: Elasticity of a product goes upto 100% , th price of product becomes…
a: 75%
b: 50%
c: 100%
d: 150%
e: 200%
12: The supply curve of perishable goods is…
a: positive
b: negitive
c: vertical
d: horizontal
e: zigzag