Basics of Economics MCQ Question with Answer

Basics of Economics MCQ with detailed explanation for interview, entrance and competitive exams. Explanation are given for understanding.

Question No : 29
Extension (expansion) and contraction of demand are result of:

Change in consumers income

Change in consumers tastes

Change in price

None of the above

Question No : 30
Who developed the concept of Representative Firm?

A.C.Pigou

Alfred Marshal

J.M.Keynes

D.H.Robertson

Question No : 31
If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:

Equal to unity

Less than unity

More than unity

Zero

Question No : 32
Nash Equilibrium is stable:

They involve dominant strategies

They involves constant-sum games

Once the strategies are chosen, no player has an incentive to deviate unilaterally from them

None of the above

Question No : 33
The ordinal approach was presented by:

Marshal

J.R.Hicks

Adam smith

Rostow

Question No : 34
Robbins definition of economics was criticised by:

Alfred Marshal

Adam Smith

J.B.Clark

Hicks, Longe and Durbin

Question No : 35
Cross-elasticity of demand is measured as:

Percentage change in the quantity of a commodity demanded divided by the percentage change in the price of that commodity

Percentage change in the quantity of commodity X divided by percentage change in the price of commodity Y

Percentage change in the quantity demanded of commodity X

Percentage change in the quantity demanded of commodity X divided by percentage change in the quantity demanded of commodity Y