Economics MCqs Test

 ECNOMICS MCQS TEST

      i.        The Quantity of good which is offered for sale at a given price is called

             *  Supply            * Demand           *  Stock             *   Goods

 

     ii.        Law of diminishing marginal utility is also called

         *Gossen’s first law        * Gossen’s second law       

          * Law of rational behavior       * None of these

 

    iii.        Same price more demand means

      *Rise in demand      *Expansion in demand 

       *Contraction in demand     *None of these

 

   iv.        This is the only factor of production whose supply remains fixed

            * Labor       * Land           * Capital         * Organization

 

     v.        According to classical school of thought Economics is the science of :

           * Wealth         *   Welfare          *Scare resources          *Economic development

 

   vi.        Human wants are :

            * Limited       *  Unlimited           *Few          *Zero

 

  vii.        Theory of population is presented by

           *Malthus        * Ricardo              * Smith         * Marshall

 

Viii.      _________ Elasticity of demand is used to measure the price elasticity of demand where distance 
between two points on a demand curve is visible . 

            *Arc                * point                   *Both of these               * none of these

 

ix.       When total utility is maximum , the marginal utility is
           *zero                * negative             * positive                         * hundred

 

x.        Cross elasticity of demand for substitute is
          * Positive           * Negative             * always one                    * Zero

 

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