Mumbai University M.COM PART 1 ECONOMIC MCQ PDF | Mumbai University MCQ

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1 When competition is ___________there will be inefficient allocation of resources.
A.   perfect
B.   imperfect
C.   monopolistic
D.   duopoly
ANS: B
 
2 In case of __________externality one individual’s actions impose a cost on other.
A.   negative
B.   positive
C.   economic
D.   saving
ANS: A
 
3 An accountant’s concept of profit is the _________profit
A.   business
B.   economic
C.   maximum
D.   industry
ANS: A
 
4 In a market economy price act as both incentives and_________
A.   profit
B.   motivation
C.   signals
D.   cost
ANS: C
 
5 The __________ costs are the opportunity costs of the factors.
A.   implicit
B.   explicit
C.   production
D.   accounting
ANS: A
 
6 The ………….. information possess the problem of asymmetric information. 
A.   perfect
B.   sensitive
C.   open
D.   imperfect
ANS: D
 
7 A bumper harvest bring about substantial increase in farm output but lowers _______income.
A.   farmer’s
B.   investor’s
C.   trader’s
D.   shopkeeper’s
ANS: A
 
8 Market failures arise when_________ Goods are present.
A.   public
B.   private
C.   merit
D.   clubbed
ANS: A
 
9 Business Economics is _________________
A.   applied economics
B.   public economics
C.   monetary economics
D.   ergonomics
ANS: A
 
10 ___________________efficiency means goods and services are are distributed according to consumers preference.
A.   productive
B.   allocative
C.   technical
D.   consumption
ANS: B
 
11 The production possibility curve represent a ………… between the consumer goods and defense goods.
A.   positive relationship
B.   trade-off
C.   functional relationship
D.   linear relationship
ANS: B
 
12 Net benefits are maximised when the marginal benefits is equal to marginal __________
A.   revenue
B.   cost
C.   production
D.   saving
ANS: B
 
13 in the market economy resources are allocated according to _______________.
A.   consumer demand
B.   cost of production
C.   revenue collection targets
D.   price policy
ANS: B
 
14 In the absence of any alternative use, the opportunity cost is______________.
A.   greater than one
B.   zero
C.   less than one
D.   infinite
ANS: B
 
15 _______________ costs are the opportunity costs of the factors owned and used by entrepreneur.
A.   implicit
B.   explicit
C.   production
D.   incremental
ANS: A
 
16 under imperfect competition the firm will produce _________output than under perfect competition.
A.   maximum
B.   less
C.   medium
D.   efficient
ANS: B
 
17 The free rider problem that accompanies ______goods.
A.   merit
B.   private
C.   public
D.   free
ANS: B
 
18 The imperfect information leads to problem of __________.
A.   optimum allocation
B.   positive externalities
C.   negative externalities
D.   missing market
ANS: D
 
19 The market failures takes place because the firm fails to take into account _________ in deciding to much to produce.
A.   asymmetric information
B.   social cost
C.   positive externalities
D.   free riders
ANS: B
 
20 The term __________ refers to the additional cost of implementing a managerial decision
A.   marginal
B.   social
C.   incremental
D.   external
ANS: B
 
21 If demand is elastic (Ep > 1) with a decline in price total revenue_________ 
A.   increases
B.   decreases
C.   constant
D.   zero
ANS: A
 
22 When price effect is negative , PCC slopes_________. 
A.   backward
B.   vertical
C.   horizontal
D.   upward
ANS: A
 
23 _________ goods are type of inferior goods.
A.   Public
B.   Merit
C.   Geffen
D.   Private
ANS: C
 
24 The Veblen effect give rise to a ______market demand curve.
A.   M' shape
B.   J' shape
C.   L' shape
D.   Z’ shape
ANS: D
 
25 ___________ price is minimum price which the seller must get in order to offer a part of or the whole stock of goods for sale.
A.   Administered price
B.   Reserved price
C.   Transfer price
D.   Marginal price
ANS: B

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