ECO402 Economics MCQS virtual University past papers

ECO402 Economics MCQS virtual University past papers.eco402 midterm solved mcqs papers by moaaz.eco403 finalterm solved mcqs papers by moaaz

Q: Amount of total money spent on a good having price "P" and quantity "Q" can be obtained by which of the following??

A. PQ
B. P/Q
C. P+Q
D. P−Q


View Answer

Q: Amount of one good that a consumer gives up to obtain more of another good is known as marginal rate of: ?

A. Utility
B. Disutility
C. Substitution
D. Technical substitution


View Answer

Q: The supply curve slopes upward demonstrating that at: ?

A. Higher prices firms will increase output
B. Higher prices firms will decrease output
C. Lower prices firms will increase output
D. None of the given


View Answer

Q: Suppose a firm produces 10 units of output, its average variable cost is Rs. 100 and average total cost is Rs.250. Firms average fixed cost is: ?

A. Rs. 100
B. Rs. 150
C. Rs. 350
D. Rs. 200


View Answer

Q: When we buy a product at low price in one location and sell it at high price in another location, it is known as ________ in economics.?

A. Arbitrage
B. Market parameter
C. Consumer theory
D. Price discrimination


View Answer

Q: Cross-price elasticity of demand for the substitute goods will always be: ?

A. Zero
B. Infinity
C. Negative
D. Positive


View Answer

Q: The difference between the economic and accounting costs of a firm are: ?

A. The accountants fees.
B. The corporate taxes on profits.
C. The opportunity costs of the factors of production that the firm owns.
D. The sunk costs incurred by the firm.


View Answer

Q: Which of the following concepts shows the maximum output that a firm can produce for every specified combination of inputs given the state of technology??

A. Isocost line
B. Isoquants
C. Production function
D. Production possibility curve


View Answer

Q: Which of the following is included in economic depreciation to make it equal to the user cost of capital??

A. Interest Rate * Vlue of Capital
B. Interest Rate − Vlue of Capital
C. Interest Rate / Vlue of Capital
D. Interest Rate + Vlue of Capital


View Answer

Q: Entrepreneur gets its reward in shape of: ?

A. Wages
B. Interest
C. Profit
D. Both Interest and profit


View Answer