(A) Water.
(B) Cigarettes.
(C) Toothpaste.
(D) Rap music.
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.
As one moves along a convex isoquant, which of the following does not change?
(A) The marginal rate of technical substitution.
(B) The capital-labor ratio.
(C) The marginal product of labor relative to the marginal product of capital.
(D) The level output produced.
If the cross-price elasticity between home personal computers and video game units for TV is positive, one can conclude that?
(A) These products are substitutes for one another.
(B) These products complement one another.
(C) These products are over-priced.
(D) Consumers are irrational.
A resource is something that:
(A) Is used to produce goods and services.
(B) Is provided by nature, not made by society.
(C) Exists in unlimited quantities.
(D) Must be produced by a firm.
If a good is a luxury, its income elasticity of demand is:
(A) positive and less than 1
(B) negative but greater than -1
(C) positive and greater than 1
(D) zero
The price elasticity of demand is defined as the absolute value of the ratio of:
(A) Price over quantity demanded.
(B) Change in price over change in quantity demanded.
(C) Percentage change in price over the percentage change in quantity demanded.
(D) Percentage change in quantity demanded over the percentage change in
price.
The transformation of resources into economic goods and services is:
(A) Technical efficiency
(B) Input
(C) Production
(D) Increasing returns
Normative economics:
(A) Deals solely with the facts
(B) Is never studied in the colleges
(C) Involves opinions and interpretations
(D) Is clearly preferable to positive economics