Business Economics Quiz Question with Answer

11. Which of the following does not have non linear shape?

  1. Total cost curve
  2. Total Variable cost curve
  3. Total fixed cost curve
  4. None of above

12. which method of data collection covers the widest area?

  1. Telephone Interview
  2. Mailed Questionnaire
  3. Direct Interview
  4. All of these

13. When the price of a complementary of commodity X falls, the demand for X

  1. Falls
  2. Rises
  3. Remains unchanged
  4. Any of the above

14. When marginal product (MP) & average product (AP) both falls

  1. AP lies below MP
  2. AP & MP intersect
  3. MP Lies below AP
  4. None of above

15. Under a Command economy

  1. State plays a major role
  2. Market plays major role
  3. Both a & b
  4. Neither a nor b

16. Uncommon thing between law of variable proportions & returns to scale is

  1. Increasing Returns
  2. Decreasing Returns
  3. Constant Returns
  4. None of above

17. Total Product, Marginal Product & Average Product for 1st unit of labor aree

  1. Identical
  2. Different
  3. Unable to be determined
  4. None of above

18. To economists, the common thing between the short run and the long is that

  1. In both, capital is fixed
  2. In both, labor is variable
  3. In both, production is absent
  4. None of above

19. The unit of measurement in tabulation is shown in

  1. Box head
  2. Body
  3. Caption
  4. stub

20. The rising part of the LAC curve is due to which of the following?

  1. Economies of scale
  2. Diminishing returns
  3. The coordination problems in firm
  4. Diseconomies of scale

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