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XII Economics Practice MCQ 1
Quiz by Cassendra Gopinath
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Labour demand is
Normal goods are those goods whose
Marginal utility is thechange in the total utility from the consumption of
Private Cost is
Monopsony is a form of market where
TC curvestarts from
Producer's Equilibrium refers to the stage of that level of output when
What does breakeven point indicate?
In the above figure AB represents
Which of the following statement is NOT true
In relation to figure , which statement is true
In figure , the movementfrom A to C is because of
In figure ,Price Elasticity of demand of AD is
Which optionis correct in relation with figure,
The Figure represents
At point E , whichoption is not relatable
In figure , whichstatement relate to point D
In figure , MC curveis U - Shaped because
In figure , RQ represents
When price of product rises from Rs.1.50 to Rs. 2 , the quantity demanded of the product decreases from 1000 units to 900units.What is the price elasticity of demand?
A fall in the price of Good X by Rs.5 causes an increase in its demandfrom 20 units to 50units.The new price is Rs.15. Calculate the Elasticity of demand .
A consumer demands 40 kg ofgood X, when its price is rs.1 . If price increases by 0.10, and ep=(-1) , What would be the quantity demanded?
A consumer demands 50unitsof a commodity , when the price is Rs.1 per unit . At what price will he demand 45units of acommodity if ep =(-1).
BASED ON THE GIVEN DATA , CALCULATE MC.
MC for 1,2,3 &4 unitswill be
BASED ON THE GIVENDATA , CALCULATE AVC.
AVC for 1,2,3 &4units will be
CALCULATE TC &TVC, IF , TFC = 20.
TC for 0,1,2&3 units will be
CALCULATE TC &TVC, IF , TFC = 20.
TVC for0,1,2&3 units will be
CALCULATE MR. MR for 1,2,3&4 units will be
READ THE CASE STUDY AND CHOOSE THE CORRECT OPTION
CASE 1
The soft drink marketis dominated by Coke , Pepsi and few other firms . The firmsoften start price wars.
i.The market can be best classified as
CASE 1
The soft drink marketis dominated by Coke , Pepsi and few other firms . The firmsoften start price wars.
ii.The characteristicof this form of market is
CASE 1
The soft drink marketis dominated by Coke , Pepsi and few other firms . The firmsoften start price wars.
iii. Price wars among firms indicate
CASE 2
Maggi noodles is a brand of instantnoodles manufactured by Nestle . Maggi happens to be the number one choice of Indian Customers .
i.Maggi is brand loyal product . Even if its price increases, customersare still ready to purchaseMaggi .Thus ,price Elasticity of Maggi is
CASE 2
Maggi noodlesis a brand of instantnoodles manufactured by Nestle . Maggi happensto be the number one choice of Indian Customers .
ii. If there is increase in the priceof Top Ramen by 20% , then the demandof Maggi will
CASE 2
Maggi noodlesis a brand of instantnoodles manufactured by Nestle . Maggi happensto be the number one choice of Indian Customers .
iii. In short run periodof time , the price elasticity of Maggi is
CASE 3
In shortrun when a producer of a chocolatefactory add variablefactor (labour ) to his fixed factor , initially TPincreases at an increasing rate and later increases at a decreasing rate .
i. How many stagesoperate under this law
CASE 3
In shortrun when a producer of a chocolatefactory add variablefactor (labour ) to his fixed factor , initially TPincreases at an increasing rate and later increases at a decreasing rate .
ii. Producer will operatein which stage and why ?
CASE 3
In shortrun when a producer of a chocolatefactory add variablefactor (labour ) to his fixed factor , initially TPincreases at an increasing rate and later increases at a decreasing rate .
iii. Which of the following statement is true
Income effect in case of inferiorquality goods will be
If with an increasein the price of Good-X,the demand of Good-Y decreases,such goods are called
‘Point of satiety’ is referred to a situation in which