Q. According to the ‘Law of Demand, demand varies ________ with price.
✅ Correct Answer: (D)
Inversely
Fundamentals of Economics MCQs and Notes
Q. The Growth definition of Economics was introduced by
✅ Correct Answer: (A)
J.M.Keynes and P.A. Samuelson
Q. Quantity Theory of Money states that 3
✅ Correct Answer: (A)
Price Level is directly proportional to Money Supply
Q. Gresham’s Law is true where
✅ Correct Answer: (D)
Both Paper and Metal Currencies operates
Q. All the following functions are associated with commercial bank except that
✅ Correct Answer: (A)
Commercial Bank cannot issue Paper Notes
Q. PT = MV is the equation suggested by
✅ Correct Answer: (C)
Irving Fisher
Q. Dynamic Pricing is mostly followed by
✅ Correct Answer: (C)
On-line Companies
Q. Cartel is one form of
✅ Correct Answer: (C)
collusive oligopoly
Q. In the case of a perfectly competitive firm, the demand curve for product is
✅ Correct Answer: (C)
perfectly elastic
Q. Which one of the following is a feature of a perfect competition?
✅ Correct Answer: (C)
Homogenous Product