McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Arts in Economics (BA Economics) .
| 401. |
When there are only two sellers, the market is called as: |
| A. | Oligopoly |
| B. | Monopsony |
| C. | Duopoly |
| D. | Bilateral monopoly |
| Answer» C. Duopoly | |
| 402. |
Perfect competition is a market situation under which a commodity is sold at: |
| A. | Uniform price |
| B. | Different price |
| C. | Higher price |
| D. | Lower price |
| Answer» A. Uniform price | |
| 403. |
The demand curve of a firm under perfect competition is : |
| A. | Inelastic |
| B. | Perfectly inelastic |
| C. | Infinitely elastic |
| D. | Unitary elastic |
| Answer» C. Infinitely elastic | |
| 404. |
The price of a commodity under the perfect competition is determined by: |
| A. | Buyer |
| B. | Seller |
| C. | Firm |
| D. | Market forces |
| Answer» D. Market forces | |
| 405. |
Equilibrium literally means: |
| A. | Balance |
| B. | Imbalance |
| C. | Change |
| D. | None of these |
| Answer» A. Balance | |
| 406. |
The price at which the demand and supply are equal is called: |
| A. | Normal price |
| B. | Support price |
| C. | Equilibrium price |
| D. | Fair price |
| Answer» C. Equilibrium price | |
| 407. |
Cost of advertisement and salesmanship is called: |
| A. | Sales cost |
| B. | Selling cost |
| C. | Dual price |
| D. | None of these |
| Answer» B. Selling cost | |
| 408. |
Price leadership is a feature of: |
| A. | Monopoly |
| B. | Oligopoly |
| C. | Duopoly |
| D. | Monopolistic Competition |
| Answer» B. Oligopoly | |
| 409. |
The market situation characterized by one buyer is: |
| A. | Monopsony |
| B. | Monopoly |
| C. | Bilateral monopoly |
| D. | Oligopsony |
| Answer» A. Monopsony | |
| 410. |
Under the Perfect competition, products are: |
| A. | Heterogeneous |
| B. | Homogenous |
| C. | Semi-homogeneous |
| D. | All of these |
| Answer» B. Homogenous | |
| 411. |
The demand curve of Monopoly firm is ----------slopped. |
| A. | Downward |
| B. | Upward |
| C. | Positively |
| D. | None of these |
| Answer» A. Downward | |
| 412. |
The payment given to the factor labour is known as: |
| A. | Rent |
| B. | Wage |
| C. | Interest |
| D. | profit |
| Answer» B. Wage | |
| 413. |
The demand for a factor of production is: |
| A. | Derived |
| B. | Direct |
| C. | Indirect |
| D. | None of these |
| Answer» A. Derived | |
| 414. |
Monopoly is: |
| A. | Presence of competition |
| B. | Absence of competition |
| C. | Both A & B |
| D. | None of these |
| Answer» B. Absence of competition | |
| 415. |
A monopolist is a: |
| A. | Price taker |
| B. | Price maker |
| C. | Policy maker |
| D. | All of these |
| Answer» B. Price maker | |
| 416. |
Long run equilibrium price is also called: |
| A. | Normal price |
| B. | Abnormal price |
| C. | Market price |
| D. | Just price |
| Answer» A. Normal price | |
| 417. |
Under perfect competition: |
| A. | AR and MR are identical |
| B. | AR is greater than MR |
| C. | MR is lower than AR |
| D. | None of these |
| Answer» A. AR and MR are identical | |
| 418. |
Firm and industry are the same under: |
| A. | Perfect competition |
| B. | Oligopoly |
| C. | Monopoly |
| D. | Duopoly |
| Answer» C. Monopoly | |
| 419. |
Kinked demand curve is found under: |
| A. | Monopoly |
| B. | Oligopoly |
| C. | Perfect competition |
| D. | Duopoly |
| Answer» B. Oligopoly | |
| 420. |
The point at which the firm covers its variable cost is called: |
| A. | Point of Inflexion |
| B. | Equilibrium |
| C. | Shut down |
| D. | None of these |
| Answer» C. Shut down | |
| 421. |
The equilibrium price in the short period is called: |
| A. | Normal price |
| B. | Abnormal price |
| C. | Market price |
| D. | Bogus price |
| Answer» C. Market price | |
| 422. |
Cartel is one form of: |
| A. | Monopoly |
| B. | Duopoly |
| C. | Collusive oligopoly |
| D. | Non-collusive oligopoly |
| Answer» C. Collusive oligopoly | |
| 423. |
Competition “among the few” is often called as: |
| A. | Duopoly |
| B. | Perfect competition |
| C. | Bilateral monopoly |
| D. | Oligopoly |
| Answer» D. Oligopoly | |
| 424. |
The equilibrium point in game theory is called: |
| A. | Prisoner’s dilemma |
| B. | Break-even point |
| C. | Saddle point |
| D. | Shut down point |
| Answer» C. Saddle point | |
| 425. |
Equilibrium in the Cournot Model of Duopoly is: |
| A. | Unstable |
| B. | Stable |
| C. | Undefinable |
| D. | None of these |
| Answer» B. Stable | |
| 426. |
The book ‘Theory of Monopolistic Competition’ is written by: |
| A. | J.Robinson |
| B. | J.M. Keynes |
| C. | Adam Smith |
| D. | E. Chamberlin |
| Answer» D. E. Chamberlin | |
| 427. |
‘ The Economics of Imperfect Competition’ is written by; |
| A. | J.Robinson |
| B. | J.M. Keynes |
| C. | Adam Smith |
| D. | E. Chamberlin |
| Answer» A. J.Robinson | |
| 428. |
The Theory of Glut is the contribution of: |
| A. | Ricardo |
| B. | Malthus |
| C. | J.S. Mill |
| D. | Adam Smith |
| Answer» B. Malthus | |
| 429. |
‘Production of commodities by means of commodities’ is related to: |
| A. | Karl Marx |
| B. | Kaldor |
| C. | Steedman |
| D. | Piero Sraffa |
| Answer» D. Piero Sraffa | |
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