Economics MCQs

Commerce Objective Questions

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1443. Microeconomics deals with the

A. Allocation of resources of the economy as between production of different goods and services

B. Determination of prices of goods and services

C. Behavior of industrial decision makers

D. All of the above

1444. In monopolistic competition of firm remains in equilibrium in the long run

A. At the lowest point of the long run average cost curve

B. In the descending segment of the long run average cost curve

C. In rising segment of the long run average cost curve

D. When price is equal to marginal cost

1445. In perfect competition, in the long run, there will be

A. Normal profits

B. Super normal profits

C. Less production

D. Cost will be falling

1446. Price discrimination will always lead to

A. increase in output

B. decrease in output

C. no change in output

D. None of these

1447. The Human Development Index (HDI) is introduced by:

1448. If the demand is absolutely/perfectly inelastic, then the demand for the good increases by 15% in the price

A. Will increase by 15%

B. Will decrease by 15%

C. Will decrease by 7.5%

D. No increase or decrease

1449. Ordinal utility analysis of the consumer's behaviour is considered superior to the cardinal utility analysis mainly due to

A. assumption of the rationality of the consumer's behaviour

B. possibility of the derivation of the consumer's demand

C. bifurcation of price effects into income and substitution effects

D. consideration of the available limited resources for satisfying consumer's demand

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