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MCQs

Total Questions : 874 | Page 2 of 88 pages
Question 11. The economist's objections to monopoly rest on which of the following grounds?
  1.    There is a transfer of income from consumers to the monopolist
  2.    There is welfare loss as resources tend to be misallocated under monopoly
  3.    Both A and B are incorrect
  4.    Both A and B are correct
 Discuss Question
Answer: Option D. -> Both A and B are correct
Question 12. In which of the following market structure is the degree of control over the price of its product by a firm very large?
  1.    Imperfect competition
  2.    Perfect competition
  3.    Monopoly
  4.    In A and B both
 Discuss Question
Answer: Option C. -> Monopoly
Question 13. The offer curves introduced by Alfred Marshall, helps us to understand how the ___ is established in international trade.
  1.    Terms of trade
  2.    Equilibrium price ratio
  3.    Exchange rate
  4.    Satisfaction level
 Discuss Question
Answer: Option A. -> Terms of trade
Question 14. The producer's demand for a factor of production is governed by the ____ of the factor.
  1.    Price will decrease
  2.    Marginal productivity
  3.    Availability
  4.    Profitability
 Discuss Question
Answer: Option B. -> Marginal productivity
Question 15. Demand for factors of production is
  1.    Derived demand
  2.    Joint demand
  3.    Composite demand
  4.    None of the above
 Discuss Question
Answer: Option A. -> Derived demand
Question 16. Under conditions of perfect competition in the product market
  1.    MRP = VMP
  2.    MRP > VMP
  3.    VMP > MRP
  4.    None of the above
 Discuss Question
Answer: Option A. -> MRP = VMP
Question 17. Fisher's ideal index number is
  1.    Arithmetic mean of Laspeyre's and Paasche's index
  2.    Harmonic mean of Laspeyre's and Paasche's index
  3.    Geometric mean of Laspeyre's and Paasche's index
  4.    None of the above
 Discuss Question
Answer: Option C. -> Geometric mean of Laspeyre's and Paasche's index
Question 18. Which statistical measure helps in measuring the purchasing power of money?
  1.    Arithmetic average
  2.    Index numbers
  3.    Harmonic mean
  4.    Time series
 Discuss Question
Answer: Option B. -> Index numbers
Question 19. Which among the following statement is INCORRECT?
  1.    Floating exchange rate system works on the market mechanism
  2.    Floating exchange rate breeds uncertainties and speculation
  3.    Economic and political factors and value judgement influence the choice of the exchange rate system
  4.    The system of floating exchange rate requires comprehensive government intervention
 Discuss Question
Answer: Option D. -> The system of floating exchange rate requires comprehensive government intervention
Question 20. Which among the following statement is INCORRECT?
  1.    Welfare economics is based on value judgements
  2.    Welfare economics is also called 'economics with a heart'
  3.    Welfare economics focuses on questions about equity as well as efficiency
  4.    The founder of Welfare economics was Alfred Marshall
 Discuss Question
Answer: Option D. -> The founder of Welfare economics was Alfred Marshall

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