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MCQs

Total Questions : 874 | Page 20 of 88 pages
Question 191. Which of the following is a producer good?
  1.    Pen
  2.    Cycle
  3.    Mobile phone
  4.    Hammer
 Discuss Question
Answer: Option D. -> Hammer
Question 192. He described economics as a science of material welfare
  1.    Robbins
  2.    Marshall
  3.    Ricardo
  4.    Keynes
 Discuss Question
Answer: Option B. -> Marshall
Question 193. Economic profit is
  1.    Part of total cost
  2.    Total revenue minus total cost
  3.    Total revenue minus explicit cost
  4.    Total variable cost minus total fixed cost
 Discuss Question
Answer: Option B. -> Total revenue minus total cost
Question 194. Unit cost is another name for
  1.    MC
  2.    AVC
  3.    ATC
  4.    AFC
 Discuss Question
Answer: Option C. -> ATC
Question 195. Which statement relates to macroeconomics?
  1.    Oil prices are rising in Pakistan
  2.    Profit rate is high on textile industry
  3.    The firms try to make huge profits
  4.    The government has failed to control inflation
 Discuss Question
Answer: Option D. -> The government has failed to control inflation
Question 196. Ceteris Paribus means
  1.    Other things remaining same
  2.    All variables are independent
  3.    Enable economists to simplify reality
  4.    That no other assumptions are made
 Discuss Question
Answer: Option A. -> Other things remaining same
Question 197. A firm earns economic profit when total profit exceeds
  1.    Normal profit
  2.    Implicit costs
  3.    Explicit costs
  4.    Variable costs
 Discuss Question
Answer: Option A. -> Normal profit
Question 198. All inputs can be varied in
  1.    Short run
  2.    Long run
  3.    Both periods
  4.    None of the period
 Discuss Question
Answer: Option B. -> Long run
Question 199. Scarcity means
  1.    Non-availibility of goods
  2.    High price of goods
  3.    Less supply than demand
  4.    High profit of the firms
 Discuss Question
Answer: Option C. -> Less supply than demand
Question 200. Who is the 'father of economics'?
  1.    Max Muller
  2.    Adam Smith
  3.    Karl Marx
  4.    None of the above
 Discuss Question
Answer: Option B. -> Adam Smith

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