Q. Which of the following is true?
✅ Correct Answer: (B)
gnp = gdp + net factor income from abroad
Basics of Economics MCQs and Notes
Q. The difference between GDP and NDP equals:
✅ Correct Answer: (D)
depreciation
Q. Supply curve represents -------- relationship between quantity and price
✅ Correct Answer: (A)
direct
Q. There is ------- relationship between price and quantity supplied
✅ Correct Answer: (A)
positive
Q. The cost of next best alternative is called
✅ Correct Answer: (C)
opportunity cost
Q. A fall in the market demand, supply remaining the same results in
✅ Correct Answer: (D)
both equilibrium price and quantity falls
Q. There is no distinction between firm and industry in
✅ Correct Answer: (B)
monopoly
Q. An increase in market demand, supply remaining the same results in
✅ Correct Answer: (D)
both equilibrium price and quantity rises