Q. Demand for a commodity refers to:
✅ Correct Answer: (C)
Amount of the commodity demanded at a particular price and at a particular time
Principles of Economics and Management MCQs | Page - 1
Dear candidates you will find MCQ questions of Principles of Economics and Management here. Learn these questions and prepare yourself for coming examinations and interviews. You can check the right answer of any question by clicking on any option or by clicking view answer button.
Q. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
✅ Correct Answer: (A)
Increase
Q. Income elasticity of demand is defined as the responsiveness of:
✅ Correct Answer: (A)
Quantity demanded to a change in income
Q. The supply of a good refers to:
✅ Correct Answer: (D)
D. Quantity of the good offered for sale at a particular price per unit of time
Q. In the short run, when the output of a firm increases, its average fixed cost:
✅ Correct Answer: (B)
Decreases
Q. The cost of one thing in terms of the alternative given up is called:
✅ Correct Answer: (D)
Opportunity cost
Q. In which of the following market structure is the degree of control over the price of its product by a firm very large?
✅ Correct Answer: (C)
Monopoly
Q. The producer’s demand for a factor of production is governed by the ___ of that factor.
✅ Correct Answer: (B)
Marginal productivity
Q. Who is the ‘lender of the last resort’ in the banking structure of India?
✅ Correct Answer: (B)
Reserve Bank of India
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