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.

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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
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
Alfred Marshal

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

Remain the same
None of the above