Economics Objective Questions and Answers

727. Match List-I with List-II and select the correct answer:

List-I List-II

a. Real cost 1. Aggregate of accounting costs and implicit costs

b. Money cost 2. Physical quantities of factors used in production

c. Opportunity Cost 3. Monetary expenditure on inputs

d. Economic cost 4. Sacrifice of alternative use of given resources

A. a-4, b-1, c-3, d-2

B. a-2, b-3, c-4, d-1

C. a-2, b-4, c-3, d-1

D. a-3, b-1, c-4, d-2

Discussion

728. Hicks substitution effect for a fall in the price of a commodity, other things remaining constant, is given by

A. a movement up a given indifference curve

B. a movement down a given indifference curve

C. a movement from a lower to a higher indifference curve

D. a movement from a higher to a lower indifference curve

Discussion

List-I	List-II
a. Real cost	1. Aggregate of accounting costs and implicit costs
b. Money cost	2. Physical quantities of factors used in production
c. Opportunity Cost	3. Monetary expenditure on inputs
d. Economic cost	4. Sacrifice of alternative use of given resources

Economics MCQs