Micro Economics Question Paper. We covered all the Micro Economics Question Paper MCQs in this post for free so that you can practice well for the exam.
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Micro Economics Objective Question Paper for Students
Which one of the following is NOT correct?
(a) The Average Revenue and Marginal Revenue curves of a perfectly competitive firm are perfectly elastic
(b) The Marginal Revenue curve of the monopoly firm is above its Average Revenue curve
(c) In the long run, a competitive firm earns only normal profits
(d) In equilibrium, the Marginal Cost Curve of the monopoly firm may be rising, falling, or constant
Option b – The Marginal Revenue curve of the monopoly firm is above its Average Revenue curve
Zero price elasticity of demand means
(a) whatever the change in price, there is absolutely no change in demand
(b) for a small change in price, there is a small change in demand
(c) for a small change in price, there is a large change in demand
(d) for a large change in price, there is a small change in demand
Option a – whatever the change in price, there is absolutely no change in demand
In a closed economy with no taxes, if the marginal propensity to consume is always 0.90, then the value of the multiplier will be
(a) 10.00
(b) 1.00
(c) 0.90
(d) 0.10
Option b – 1.00
According to simple Keynesian theory, the slope of the aggregate consumption curve against income is
(a) Positive
(b) Negative
(c) Zero
(d) Infinity
Option b – Negative
In economics, if a diagram has a line passing through the origin and has a 45° angle with either axis and it is asserted that along the line X = Y, what is tacitly assumed?
(a) Both variables are pure numbers.
(b) Both variables are in the same unit.
(c) Both variables are in different units.
(d) At least one variable is a pure number.
Option b – Both variables are in the same unit
Normally, there will not be a shift in the demand curve when
(a) price of a commodity falls
(b) consumers want to buy more at any given price
(c) average income rises
(d) population grows
Option a – price of a commodity falls
A market, in which there are a large number of firms, homogeneous products, infinite elasticity of demand for an individual firm, and no control over a price by firms, is termed as
(a) Oligopoly
(b) Imperfect competition
(c) Monopolistic competition
(d) Perfect competition
Option d – Perfect competition
According to the Law of Diminishing Returns, in a production function when more and more units of the variable factor are used, holding the quantities of a fixed factor constant, a point is reached beyond which
(a) the marginal revenue will diminish
(b) the average revenue will diminish
(c) the marginal product will diminish
(d) the marginal product will increase
Option a – the marginal revenue will diminish
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