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Micro Economics Test Questions 2
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Micro Economics Test Questions 2
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25 Questions

1. Whenever marginal product is increasing with increasing use of an input,
2. Which is not a fixed cost?
3. Whenever marginal product is declining with increasing use of an input,
4. The fundamental problem faced by an economy is one of :
5. If the demand curve is linear and negatively sloped, the marginal revenue curve has a slope:
6. Implicit costs are:
7. Find out the correct statement:
8. In drawing an individual demand curve for a commodity, all but which of the following are kept constant:
9. The ordering of combinations on an indifference curve is:
10. Utility is the concept which is:
11. The validity of an economic theory is judged by its power to:
12. The word micro was first used in Economics by:
13. Income elasticity of demand for inferior goods is:
14. Which of the following statements has been drawn by inductive method?
15. A hypothesis is a :
16. If average variable costs fall as output grows:
17. Of the following economists who is considered as master of partial analysis?
18. What is true for deductive method?
19. A market:
20. The factor earning of entrepreneur is:
21. Supply curve represents -------- relationship between quantity and price
22. In a free enterprise economy, the problems of what, how and for whom to produce are solved by :
23. The marginal product of labor curve shows the change in total product resulting from:
24. Market economy is also known as:
25. In the 19th century _________ argued that ideas pass through three rising stages namely, Theological, Philosophical and Scientific.

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