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Economics Mcqs 4423 MCQs [All-Courses]

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Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

All Topics  4423

If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve ?
A is liner (a straight line)
B could be any of these answers
C becomes steeper as the quantity of output increases
D become flatter as the quantity of output increases.
Correct Answer: becomes steeper as the quantity of output increases
If there are implicit costs of production ?
A accounting profit will exceed economic profit
B economic profit will always be zero
C economic profit will exceed accounting profit
D accounting profit will always be zero
Correct Answer: accounting profit will exceed economic profit
Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The accounting profit at Naila’s pottery factory is ?
A Rs30,000
B Rs35,000
C Rs75,000
D Rs70,000
Correct Answer: Rs75,000
Accounting profit is equal to total revenue minus ?
A implicit costs
B variable costs
C the sum of implicit and explicit costs.
D explicit costs.
Correct Answer: explicit costs.
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