introduction to micro economics section 1 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 8 EXERCISES
-
Top 500+ Micro Economics Introduction GK MCQ Quiz For SSC »
-
499+ Micro Economics Basic GK MCQ Quiz PDF For BANK Exams »
-
New Microeconomics Fundamental Concepts MCQ Quiz For UPSC »
-
499+ Micro Economics Key Concepts Basic GK MCQ Quiz PDF »
-
Top 500+ Indian Micro Economics Basic Concepts GK MCQ PDF »
-
New 500+ Macroeconomics Basic GK Questions & Answers PDF »
-
New 500+ Microeconomic Policies & Concepts Based MCQ PDF »
-
Top Microeconomics Questions And Answers MCQ PDF For IBPS »
The following question based on Introduction to Micro Economics topic of indian economy mcq
(a) Price determined to maximise profit
(b) Price determined by demand and supply
(c) Price determined by Cost and Profit
(d) Price determined by Cost of production
The correct answers to the above question in:
Answer: (b)
The equilibrium price is a state in an economy where the supply of goods matches demand. When a major index experiences a period of consolidation or sideways momentum, it can be said that the forces of supply and demand are relatively equal and that the market is in a state of equilibrium.
In short, it is the market price at which the supply of an item equals the quantity demanded.
Discuss Form
Read more introduction to micro economics Based Indian Economy Questions and Answers
Question : 1
Division of labour is the result of
a) specialisation
b) Complicated work
c) excessive pressure
d) excess supply of labour
Answer »Answer: (a)
Division of Labor is the “specialization” of cooperative labour in specific, circumscribed tasks and like roles.
It is a process whereby the production process is broken down into a sequence of stages and workers are assigned to particular stages.
Question : 2
A ‘Market Economy’ is one which
a) All of these
b) is controlled by the Government
c) is free from the Government control
d) in influenced by international market forces
Answer »Answer: (c)
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country’s individual citizens and businesses.
There is little government intervention or central planning. The United States is the world’s premier market economy.
Question : 3
Which one of the following is having elastic demand ?
a) Match boxes
b) Electricity
c) Medicines
d) Rice
Answer »Answer: (b)
In economics, the demand elasticity refers to how sensitive the demand for a good is to changes in other economic variables. The demand for those goods having more than one use is said to be elastic.
Electricity can be used for a number of purposes like heating, lighting, cooking, cooling etc.
If the electricity bill increases people utilize electricity for certain important urgent purposes and if the bill falls people use electricity for a number of other unimportant uses. Thus the demand for electricity is elastic.
Question : 4
The fixed cost on such factors of production which are neither hired nor bought by the firm is called
a) surcharged cost
b) social cost
c) opportunity cost
d) economic cost
Answer »Answer: (b)
Social cost is defined as a sum of the private cost and external costs. The social cost is generally not borne by an individual. It may be borne by the entire society, city or even country.
This is not a one-time cost like a private cost. This cost is recurrent and it is very difficult to calculate due to the inclusion of external costs.
The cost may result from an event, action, or policy change. Social costs are not calculated whenever a seller sells any product or item to the buyer. This cost is added up from the use of that product.
Question : 5
Seller's market denotes a situation where :
a) supply and demand are evenly balanced
b) commodities are available at competitive rates
c) demand exceeds supply
d) supply exceeds demand
Answer »Answer: (c)
A seller’s market is a market that has more buyers than sellers. High prices result from this excess of demand oversupply.
The opposite of the seller’s market is the buyer’s market, where supply greatly exceeds demand.
Question : 6
Knowledge, technical skill, education etc. in economics, are regarded as
a) working capital
b) social-overhead capital
c) human capital
d) tangible physical capital
Answer »Answer: (c)
Human capital is the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labour so as to produce economic value.
It is an aggregate economic view of the human being acting within economies, which is an attempt to capture the social, biological, cultural and psychological complexity as they interact in explicit and/or economic transactions.
GET Introduction to Micro Economics PRACTICE TEST EXERCISES
introduction to micro economics section 1
introduction to micro economics section 2
introduction to micro economics section 3
introduction to micro economics section 4
introduction to micro economics section 5
introduction to micro economics section 6
introduction to micro economics section 7
introduction to micro economics section 8
Introduction to Micro Economics Shortcuts and Techniques with Examples
Verbal Reasoning
Question & Answer Quiz
Non Verbal Reasoning
Question & Answer Quiz
Quantitative Aptitude
Question & Answer Quiz
Computer MCQ
Question & Answer Quiz
General English
Question & Answer Quiz
History GK
Question & Answer Quiz
Polity GK
Question & Answer Quiz
Geography GK
Question & Answer Quiz
Economy GK
Question & Answer Quiz
General Awareness GK
Question & Answer Quiz
Recently Added Subject & Categories For All Competitive Exams
SSC STENO: Time & Work Questions Solved Problems with PDF
Free Time and work Aptitude-based Practice multiple questions with solutions, Quiz series, Mock Test & Downloadable PDF for SSC Steno (Grade C & D) 2024 Exam
Continue Reading »
SSC STENO 2024: Free Reading Comprehension MCQ Test PDF
Top Reading Comprehension English Section-wise multiple choice questions and answers, Full Mock Test Series & Online Quiz for SSC Steno Grade C & D 2024 Exam
Continue Reading »
Free Percentage Questions Answers for SSC STENO 2024 Exam
Important Top Percentage Aptitude-based multiple choice questions and answers practice quiz series, Online Mock Test PDF for SSC Steno Grade C & D 2024 Exam
Continue Reading »
Free Antonyms (English) MCQ Test for SSC STENO 2024 Exam
Top Antonyms General English Section-based multiple choice questions and answers, Free Full Test Series & Online Quiz PDF for SSC Steno Grade C & D 2024 Exam
Continue Reading »