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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

The profit per sale is a measure of ?
A Profit
B Profitability
C Feasibility
D Realism
Correct Answer: Realism
In the long term a firm will produce provided the revenue covers ?
A Fixed costs
B Variable costs
C Total costs
D Revenue
Correct Answer: Total costs
If the price is less than the average costs but higher than the average variable costs ?
A The firm is making a loss and will shutdown in the short term
B The firm is making a profile
C The firm is making a loss but will continue to produce in the short term
D The firm is making a loss and is making a negative contribution to fixed costs
Correct Answer: The firm is making a loss but will continue to produce in the short term
If marginal product is below average product ?
A The total product will fall
B The average product will fall
C Average variable cost will fall
D Total revenue will fall
Correct Answer: The average product will fall
Total increases from Rs500 to Rs600 when output increases from 20 to 30 units. Fixed costs are Rs200 Which of the following is true ?
A Marginal cost is Rs20
B Average cost falls
C Variable cost rises by Rs100
D Average fixed cost is Rs10
Correct Answer: Variable cost rises by Rs100
The average variable cost curve ?
A is derived from the average fixed costs
B Converges with the average cost as output increases
C Equals the total costs divided by the output
D Equals revenue minus profits
Correct Answer: Converges with the average cost as output increases
When internal economies of scale occur ?
A Total costs fall
B Marginal costs increase
C Average costs fall
D Revenue falls
Correct Answer: Average costs fall
According the law of diminishing returns ?
A The marginal product fall as more units of a variable factor are added to a fixed factor
B Marginal utility falls as more unity of a product are consumed
C The total product falls as more units of a variable factor are added to a fixed factor
D The marginal product increases as more units of a variable factor are added to a fixed factor
Correct Answer: The marginal product fall as more units of a variable factor are added to a fixed factor
Which of the following is true ?
A If the marginal cost is greater than the average cost the average cost falls
B If the marginal cost is greater than the average cost the average cost increase
C If the marginal cost is positive total costs are miximised
D If the marginal cost is negative total costs increase at a decreasing rate if output increases
Correct Answer: If the marginal cost is greater than the average cost the average cost increase
Any combination of products inside the production possibility frontier is ?
A Allocatively inefficient
B X inefficient
C Consumer inefficient
D Productively inefficient
Correct Answer: Productively inefficient
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