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 law 

e: none of these

2: which of the following represent by Marshall …

a: multiplicity of wants 

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 substitution 

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: fall 

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