Economics Practice MCQs -XII
Quiz by Cassendra Gopinath
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
- Q1
What is the formula for calculating MC?
TCn-TCn+1
TCn-TCn-1
none of the above
TCn+TCn+1
60s - Q2
Producer will be at equilibrium when
AR=AC
AR=MR
MR=MC
TR=TFC
60s - Q3
What relation do you noticebetween Price and Demand in the given table :-
Extension of Demand
Increase in Demand
Decrease in Demand
Contraction of Demand
60s - Q4
When supply curveis parallel to Y axis , its elasticity will be
E<1
E = 0
E >1
E= ∞
60s - Q5
Demand curve slopesdownward to the right because of
Law of Diminishing Marginal Uitility
All of the above
Substitution effect
Income effect
60s - Q6
The horizontal demand curveparallel to x axis implies that the elasticity of demandis
equal to 1
greater than 1
Infinite
Zero
60s - Q7
How willyou calculate AFC ?
TFC/Q
Both the given option
AC-AVC
none of the above
60s - Q8
Which of the given optionshows the application of negative returns?
inefficiency of factors
managerial problems
all of the above
overcrowding of variable factor
60s - Q9
When demand decreases due to decreasein income , it is known as
Increase in Demand
Decrease in Demand
Extension of Demand
Contraction of Demand
60s - Q10
An increase in supply of a commodity is caused by
improvements in technology
all of the above
fall in priceof other commodity
fall in priceof factors of production
60s - Q11
The cost whicha firm incurs for purchasing or hiringfactors is called
Real cost
Social cost
Implicit cost
Explicit cost
60s - Q12
Which cost increasescontinuously with the increase in production
Variable Cost
Average Cost
Marginal Cost
Fixed Cost
60s - Q13
What is the correct formulafor calculating the Average Total Cost ?
NONE OF THE ABOVE
ATC = TC/Q
ATC = AFC – AVC
ATC = ∆AVC
60s - Q14
Which of the following is correct under Perfect Competition
AR = MR = P
AR = MR
ALL OF THE ABOVE
MR = P
60s - Q15
Which of the following statement is true
MR = ∆ TR/ ∆ Q
TP =∑ AP
AR = MR/Q
TVC = TFC +TC
60s
