Q. The most simple and popular method of measuring economic development is to calculate the trend of gross national product (GNP) at __________
✅ Correct Answer: (B)
Constant prices
Principles of Economics and Management MCQs | Page - 3
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. By __ growth rate of an economy can be speeded up.
✅ Correct Answer: (C)
Investment in human capital formation
Q. When national income is calculated with reference to a base year, it is called:
✅ Correct Answer: (C)
Real national income
Q. Which market structure symbolizes the existence of ‘few sellers’?
✅ Correct Answer: (A)
Oligopoly
Q. Which among the following are the factors that determine the national income of a country?
✅ Correct Answer: (D)
All of the above
Q. Quantity of a certain goods producers are willing to supply when receiving a certain price is known as ______.
✅ Correct Answer: (A)
Supply
Q. A point where the quantity of goods being supplied is exactly the same as the quantity of goods being demanded is known as _______
✅ Correct Answer: (D)
Equilibrium
Q. If all other factors remain equal, the higher the price of a good, the fewer people will demand that good means what?
✅ Correct Answer: (A)
The law of demand
Q. Producers supply more at a higher price because selling more quantity at higher price increase revenue means what?
✅ Correct Answer: (B)
The law of supply
Q. Which are the factors of production?
✅ Correct Answer: (D)
All of the above
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