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 : 8
According to Cobb-Douglas, in production function the marginal product of labor is:

Question No : 9
The budget-line is also known as the:

Iso-utility curve

Production possibility line

Isoquant

Consumption possibility line

Question No : 10
Opportunity costs are also known as:

Spill-over costs

Money costs

Alternative costs

External costs

Question No : 11
Selling costs are incurred under monopolistic competition to:

Attract more customers

Prevent its customers from going to others

Establish superiority of its product on the others

All of the above

Question No : 12
Price discrimination is possible:

When elasticities of demand in different markets are the same at the ruling price

When elasticities of demand are different in different markets at the ruling price

When elasticities cannot be known

When elasticities of demands are zero in different markets at the rulling price

Question No : 13
Abstinence or Waiting theory of Interest was presented by:

Lord Keynes

J.S.Mill

Alfred Marshal

Prof.Senior

Question No : 14
If the demand curve remains unchanged and supply increases, the price will:

Rise

Fall

Remain the same

None of the above