XII Economics Practice MCQ 1
Quiz by Cassendra Gopinath
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- Q1
Labour demand is
Complementary demand
Individual demand
Joint demand
Derived demand
30s - Q2
Normal goods are those goods whose
none of the above
demand decreases with increase in income
demand is constantwith change in income
demand increases with increase in income
30s - Q3
Marginal utility is thechange in the total utility from the consumption of
an additional unit of a commodity
a specific quantity
a minimum quantity
a maximum quantity
30s - Q4
Private Cost is
the cost that the society has to bear
none of the above
the summation of social cost and external cost
the cost of production incurredby an individual firm
30s - Q5
Monopsony is a form of market where
there is a single seller
there are many buyer
there is a single buyer
there are few buyer
30s - Q6
TC curvestarts from
Origin
a point on X axis
the starting point of TFC
none of the above
30s - Q7
Producer's Equilibrium refers to the stage of that level of output when
firm bears minimum cost
firm has no inclination to expand or contract the output
firm earns maximum profit
all of the above
30s - Q8
What does breakeven point indicate?
TC=0
TR >TC
TR<TC
TR=TC
30s - Q9
In the above figure AB represents
Equilibrium price
Excess Demand
Equilibrium quantity
Excess Supply
60s - Q10
Which of the following statement is NOT true
DD represents demand curve
Point E represents Producer's equilibrium point
OQ represents equilibrium output
OP represents equilibrium price
60s - Q11
In relation to figure , which statement is true
Movement from Ato C is expansion of supply
Movement from A to B isincrease in supply
Movement from A to C is increasein Supply
Movement from Ato B is contraction of supply
60s - Q12
In figure , the movementfrom A to C is because of
Rise in tax on production
Decrease in no. of sellers
Rise in input prices
All of the above
60s - Q13
In figure ,Price Elasticity of demand of AD is
ep=1
ep>1
ep=0
ep<1
60s - Q14
Which optionis correct in relation with figure,
S1curve ( es=∞) , S2curve( es=0) , S3curve(es>1) , S4curve(es<1)
S1curve(es>1), S2curve(es=1) , S3curve(es<1) , S4curve(es<1)
S1curve (es=1), S2curve (es<1) , S3curve (es>1), S4curve(es<1)
S1curve (es=0), S2curve (es=1), S3curve (es>1), S4curve(es<1)
60s - Q15
The Figure represents
Producer's Equilibrium by MR and MC approach
Consumer's Equilibrium by Cardinal Approach
Producer's Equilibrium by TR &TCapproach
Consumer's Equilibrium by Ordinal approach
60s
