Economics MCQs

Commerce Objective Questions

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519. Under Marginal utility analysis, utility is assumed to be a

A. Cardinal concept

B. Ordinal concept

C. Indeterminate concept

D. None of the above

520. The elasticity of demand is on the basis of which of the following factor?

A. Range of substitute available

B. Joint demand

C. Proportion of income spent on the commodity

D. All of the above

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

List-I	List-II
a. Risk Bearing Theory of profit	1. Prof. Clark
b. Dynamic Theory of profit	2. Prof. Hawley
c. The innovation theory of profit	3. Prof. Knight
d. Uncertainity theory of profit	4. Prof. Schumpeter

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

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

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

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

522. Match the following.

List-I (Characteristics of Perfect Competition)	List-II (Explanations)
a. Many small sellers	1. No seller is able to exert a significant influence over price
b. Many small buyers	2. No buyer's is able to exert a significant influence over price
c. Product undifferentiated	3. Decision to buy are made on the basis of price
d. Easy entry and exit	4. Resources are easily transferable among industries

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

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

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

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

523. The behaviour of Average total cost curve is jointly determined by:

A. Average Fixed Cost and Average Variable Cost

B. Total Fixed Cost and Average Variable Cost

C. Average Fixed Cost and Total Variable Cost

D. Total Fixed Cost and Total Variable Cost

524. The responsiveness of changes in quantity demanded to change in price is known as

A. price elasticity of demand

B. income elasticity of demand

C. cross elasticity of demand

D. None of the above

525. The short run equilibrium level of output for monopolistic competitor is given by the point where

C. the MR curve intersects the SMC curve

D. the MR curve intersects the SMC curve from below and P = AVC

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