Q. The ____ states that bad money drives good money out of circulation.
✅ Correct Answer: (C)
Gresham’s Law
Fundamentals of Economics MCQs and Notes
Q. ________ competition exists when the basic features of Perfect Competition are not present.
✅ Correct Answer: (C)
Imperfect
Q. On the basis of time element, markets can be classified into __________ types.
✅ Correct Answer: (B)
3
Q. The additional cost incurred to produce an additional unit of output is _______
✅ Correct Answer: (A)
Marginal cost
Q. __________ cost is also known as Alternative Cost.
✅ Correct Answer: (A)
Opportunity
Q. ________ means transformation of physical inputs into output.
✅ Correct Answer: (B)
Production
Q. Which factor of production is considered as a produced means of production?
✅ Correct Answer: (C)
Capital
Q. There are _______ stages of the Law of Variable Proportions
✅ Correct Answer: (B)
3
Q. ___________ is a gift of nature.
✅ Correct Answer: (A)
Land
Q. When two or more different goods are produced together by a single firm, it is called as _________ supply.
✅ Correct Answer: (A)
joint