» Micro Economics 1 solved MCQs

Who argued that “Everything that is produced in the course of a year, every service rendered, every fresh utility brought about is a part of the national wealth.”?

by
Question:

Who argued that “Everything that is produced in the course of a year, every service rendered, every fresh utility brought about is a part of the national wealth.”?

A.

JS Mill

B.

Stanley Jevons

C.

Alfred Marshall

D.

Robert Malthus

Answer» c. Alfred Marshall

Note: The above multiple-choice question is for all general and Competitive Exams in India. 

With fixed costs of Rs. 400, a firm has average total costs of Rs. 3 and average variable costs of Rs. 2.50. Its output is:

by
Question:

With fixed costs of Rs. 400, a firm has average total costs of Rs. 3 and average variable costs of Rs. 2.50. Its output is:

A.

200 units.

B.

400 units.

C.

800 units.

D.

1,600 units.

Answer» c. 800 units.

Note: The above multiple-choice question is for all general and Competitive Exams in India. 

The short run is a time period in which:

by
Question:

The short run is a time period in which:

A.

All resources are fixed.

B.

The level of output is fixed.

C.

The size of the production plant is variable.

D.

Some resources are fixed and others are variable.

Answer» d. Some resources are fixed and others are variable.

Note: The above multiple-choice question is for all general and Competitive Exams in India.