(A) Useless
(B) Require
(C) Necessary
(D) Satisfaction
Category: Economics Mcqs
Users will find here Economics Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer and all other types of Competitive Exams and Interviews. Economics students can prepare their Economics Portion for all test from here.
The burden of a tax is shifted toward buyers if:
(A) Demand is perfectly elastic.
(B) Demand is relatively more elastic than supply.
(C) Demand is relatively more inelastic than supply.
(D) Demand and supply have equal elasticities.
We know that the demand for a product is elastic if:
(A) When price rises, revenue rises
(B) When price rises, revenue falls
(C) When price rises, quantity demanded rises
(D) When price falls, quantity demanded rises
__ measures the percentage change in demand given a percentage change in consumer’s income.
(A) Price elasticity of demand
(B) Income elasticity of demand
(C) Supply price elasticity
(D) Cross price elasticity
It is calculated as the percentage change in quantity demanded of a given good, with respect to the percentage change in the price of “another”good?
(A) Price elasticity of demand
(B) Income elasticity of demand
(C) Cross price elasticity of demand
(D) Supply price elasticity
The cross elasticity of demand of complements goods is:
(A) Less than 0.
(B) Equal to 0.
(C) Greater than 0.
(D) Between 0 and 1.
The rate at which one input can be reduced per additional unit of the other input, while holding output constant, is measured by the:
(A) Marginal rate of substitution.
(B) Marginal rate of technical substitution.
(C) Slope of the isocost curve.
(D) Average product of the input.
The short run is:
(A) Less than a year.
(B) Three years.
(C) However long it takes to produce the planned output.
(D) A time period in which at least one input is fixed.