Tests of Economics Economics MCQs 66 Welcome to Shaheen Leader Academy We expect 100% result. Click on Start Button. Your time is Ended. Thanks Economics Quiz 1 / 25 Who was exponent of welfare economics:- Alfred Adler Alfred Marshal Adam Smith None of them 2 / 25 If injections are greater than withdrawl:- National income will decrease prices will fall National income will increase National income will stay in equilibrium 3 / 25 Macroeconomics deals with:- the economy as a whole all of them competitive market long run adjustment 4 / 25 The law of demand state that:- as the demand rise, the price rises as the price rise, the demand rises a supply rise, the demand rises as the price rise, the demand falls 5 / 25 The average propensity to consume gets nearer in value to the marginal propensity to consume as _____ increases:- Income Supply Demand Expenditure 6 / 25 The first level of output at which the long run average costs are minimized is called:- The Minimum Efficient Scale The Maximum Effective Scale The Maximum External Scale The Minimum External Scale 7 / 25 The first clear and satisfactory explanation of rent was given by :- Ricardo Marshall Adam smith 8 / 25 A demand switching policy could be:- Reduce government spending Higher income tax Tariffs Higher interest rate 9 / 25 Census is conducted in India each :-- in 10 years in 7 years in 15 years 10 / 25 An increase in aggregate demand is more likely to be demand pull inflation if:- None Aggregate supply is inelastic Aggregate supply is elastic Both 11 / 25 Normal goods have ______ income elasticity :- Zero Positive Negative 12 / 25 The demand for necessities is inelastic :- True False 13 / 25 When we assume that what is true for the part is also true for the whole, we are committing:- the fallacy of composition failure to hold other things constant the post hoc fallacy none of them 14 / 25 In perfect competition , the demand curve of a firm is :- Horizontal Vertical Positively sloped 15 / 25 At the point of inflexion , the marginal product is :- Increasing Maximum Decreasing 16 / 25 Pakistan started its planning experience with:- Karachi plan London plan Colombo plan Tokyo plan 17 / 25 Which is the first order condition for the profit of a firm to be maximum :- MR = AR MC = MR AC = MR 18 / 25 If the state bank reduce the money supply, a floating exchange rate will help in reducing inflation:- False True 19 / 25 In monopoly, in long run equilibrium:- The firm produced where the marginal cost is greater than marginal revenue The firm produced where the marginal cost is less than marginal revenue The firm is allocatively inefficient The firm is productively inefficient 20 / 25 A firm should shut down in the short run if it is not covering its :- variable cost total cost fixed cost 21 / 25 Larger production of __________ goods would lead to higher production in future :- Capital goods Consumer goods Public goods 22 / 25 In perfect competition:- Short run abnormal profits are competed away by the firm leaving the industry Short run abnormal profits are competed away by the firm entering the industry Short run abnormal profits are competed away by government Short run abnormal profits are competed away by the greater advertising 23 / 25 The capital that is consumed by an economy or a firm in the production process is known as :- Depreciation Capital loss Production loss 24 / 25 Total consumption divided by total income gives us:- The marginal propensity to consume The average propensity to consume The average propensity to save The marginal propensity to expenditure 25 / 25 Ten rupees is the equilibrium price for good X. If government fixes the price at Rs 5. there is :- Loss A surplus a shortage ' Your score is LinkedIn Facebook Twitter VKontakte Restart quiz Apply Here for Online Registration
