Economics MCQ Questions and Solutions with Explanations | Commerce

A. isoquants where marginal product of one of the factors is zero

B. isoquants where marginal product of two factors is zero

C. isoquants where marginal product of two factors is infinity

D. isoquants where marginal product of two factors is one

A. Complete

B. Complementary

C. Substitute

D. None of these

A. Stock market

B. Market for agricultural commodities such as wheat or corn

C. Market for petroleum and natural gas

D. All of the above

A. rising cost curves

B. rising and Declining cost curves

C. different elasticities of demand

D. equal elasticities of demand

A. Hoarding and black marketing

B. Rationing and buffer stock

C. Illegal sales

D. Buffer stock and minimum support price

A. Marginal cost must be declining

B. Marginal cost must be above average cost

C. Marginal cost must be below average cost

D. Marginal cost must be rising

A. law of maximum satisfaction

B. utility cannot be measured in cardinal numbers

C. utility could not be measured in ordinal numbers

D. utility can be measured

A. Risk taker

B. Resoruce organizer

C. Professional person

D. All of the above

A. Elasticity of demand

B. Price elasticity of demand

C. Income elasticity of demand

D. Cross elasticity of demand

A. J. R. Hicks

B. David Ricardo

C. A. Marshall

D. Adam Smith