Nature and Scope of Economics MCQs - Page 2 | Economics

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Choose the Antonym of "Expand" is :

If the household consumes along the budget constraint where MU_x/P_x > MU_y/P_y then assuming normal preferences, we are sure that:

A MU_x > MU_y B Price of X is greater than price of Y C The household could increase his total utility by consuming more of X and less of Y D The household could increase his total utility by consuming less of X and more of Y

The term "crowding out" refers to:

A The decrease in private investment that occurs when government borrowing increases B The increase in private investment that occurs when government borrowing decreases C The increase in government spending that occurs when private investment increases D The increase in government spending that occurs when private investment decreases

The difference between the Gross value added and Net value added is:

A purely competitive firm will produce where P = MC because this:

All profit-maximizing firm will hire more labour up to the point where the:

A Average physical product of labour equals the nominal wage B Last unit of labour adds equally to total revenue and total cost C Marginal product of Labour is at its maximum value D Value of output most greatly exceeds labour's marginal factor cost

What synonym of "Lethargy" is:

What is the Antonym of "Ubiquitous"?

A company has a cost function C(Q) = 2 Q² + 10Q + 50 . What is the marginal cost of producing the 11th unit of output?

Total revenue equals:

Nature and Scope of Economics MCQs for Competitive Exams

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