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Business Economics mcq questions and answers for competitive exams

Posted on Jun 9, 2022 10:12 PM - 2 years ago

Business Economics mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online

31.

Law of diminishing marginal utility states

a

The additional benefit which a person derives from a given increase of his stock of a thing diminishes with every increase in stock that he has already

b

Total utility diminishes with the consumption of every additional unit

c

Utility always diminishes whether something is consumed or not

d

Utility first increases and after that diminishes at every point

32.

As per indifference curve and price line, a consumer will not be in equilibrium when

a

The marginal rate of substitution is decreasing

b

Ratios of marginal utilities and price of the respective goods are equal

c

The marginal rate of substitution is equal to the ratio of prices of the two goods

d

Ratio of marginal utilities of the two goods is equal to the ratio of their respective prices

33.

Which of the following is an important dynamic variable?

a

Cultural variables

b

The task structure

c

Organisational nature

d

Superior's style and behaviour

34.

Diminishing returns are due to and increasing returns are due to .

a

Internal diseconomies, external economies

b

External diseconomies, internal economies

c

Internal economies, internal diseconomies

d

Internal diseconomies, internal economies

35.

The nature of Cross-price elasticity of demand in case of complementary product will be

a

Zero

b

Positive

c

Negative

d

None of these

36.

Which one of the following is not a common property of an indifference curve

a

Two indifference curves can intersect each other

b

Convex to the origin

c

Downward sloping

d

None of the above

37.

A market situation in which there are only few sellers & each seller can influence its price-output policy is called

a

Duopoly

b

Oligopoly

c

Monopoly

d

Monopolistic

38.

Bilateral monopoly means -

a

Two rival buyers only

b

Two rival sellers only

c

A monopolist facing a monopsonist

d

A monopoly seller buying his input from many suppliers

39.

Market with one buyer and one seller is called

a

BilateralMonopoly

b

Monopsony

c

Monopoly

d

None of the above

40.

Which of the following economies accrue all the firm in an industry?

a

Labour Economies

b

Marketing Economies

c

Managerial Economies

d

Economies of Concentration

41.

A perfectly competitive firm will always expand output as long as

a

Rising marginal cost is less than price

b

Rising marginal cost is less than the average cost

c

Rising marginal cost is less than the marginal revenue

d

None of the above

42.

The Law of equi-marginal utility tells that if price of commodity falls

a

Same units of it will be bought

b

More units of it will be bought

c

Less units of it will be marginal bought

d

Nothing of it will be bought

43.

Value maximization theory fails to address the problem of

a

risk

b

uncertainty

c

sluggish growth

d

self-serving management

44.

Which of the following is true at equilibrium in monopolistic competition?

a

Average revenue is greater than marginal revenue

b

Price is greater than marginal cost

c

Both (a) and (b)

d

Average revenue is equal to marginal revenue

45.

Selling costs have to be incurred in case of

a

Perfect competition

b

Imperfect competition

c

Monopolistic competition

d

None of these