General Economics MCQs

Which of the following is true regarding land?

Land is active factor
Land has indestructible powers
Land is mobile
Land is persishable

Answer

Total Fixed cost curve is parallel to x axis and average fixed cost curve is __

Rising from left to right
Falling from left to right
Parallel to axis
U shaped curve

Answer

A firm`s average fixed cost is Rs. 20 to 10 units of output. What will be AFC for 20 units of output?

20
30
10
40

Answer

An usual equation is _________ with which the price elasticity of demand is determined.

Ep=(Δq/Δp).q/p
Ep=(Δp/Δq).p/q
Ep=(Δp/Δq).q/p
Ep=(Δq/Δp).p/q

Answer

Which curve shows the different rates of combinations of two goods, which the economy can produce with a given amount of limited resources?

Iso-product curve
Production possibility curve
Demand curve
Indifference curve

Answer

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