Question

Which of the following is an economic activity?

(a) Production (b) Consumption

(c) Investment (d) All of these

2. According to Law of Demand, if other things remain constant, there is ………….. relationship

between price and demand of a commodity?

(a) Positive (b) Negative (c) Proportional (d) No

3. If the total revenue received by selling 10 units of output is Rs. 200 and by selling 11 units of output

is Rs. 225, then what will be the value of Marginal revenue of 11th unit of output?

(a) Rs. 200 (b) Rs. 425 (c) Rs. 225 (d) Rs. 25

4. In short run, the factors of production can be classified as:

(a) Fixed Factors (b) Variable Factors

(c) Both a and b (d) None of these

5. If total fixed cost of producing 5 units of output is Rs. 20 and total variable cost is Rs. 50, then what

will be the value of Total cost of producing 5 units of output?

(a) Rs. 30 (b) Rs. 70 (c) Rs. 1000 (d) Rs. 50

6. In a perfectly competitive market, there is/are ………………. seller/s in the market.

(a) One (b) Two (c) Three (d) Large number of

7. When Total utility is maximum, Marginal utility is:

(a) Maximum (b) Minimum (c) Zero (d) Negative

8. Supply curve shows relationship between:

(a) Price and Supply (b) Income and Supply

(c) Profit and Supply (d) Taste and Supply

9. As a result of 10 percent increase in the price of a commodity, its quantity demanded decreases by 30

percent, what will be the value of price elasticity of demand of that commodity?
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Answer 1

Answer:

1)))) All of these is right