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


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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


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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


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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


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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


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

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


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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.


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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


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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


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Q: Entrepreneur gets its reward in shape of: ?

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


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