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The concept of consumer’s surplus is propounded by ………….*
Adam Smith
Alfred Marshall
Hicksian
Robbins
……………….. is the starting point for every business concern.*
Demand analysis
Demand forecasting
Consumption analysis
Selection of employees
……………….. represents the consumer’s scale of preferences.*
Elasticity of demand
Indifference curve
Increasing returns
Decreasing returns
Factors of production may be of ………………. types.*
4
3
2
5
………………. is the reward for entrepreneurs.*
Rent
Interest
Wages
Profit
Production creates ……………… utilities.*
Form
Time
Place
Possession
The law of variable proportions is propounded by …………….*
Alfred Marshall
Ricardo
Adam Smith
Robinson
The law of variable proportions has …………….. stages of production.*
2
3
4
5
Economies of scale may be of …………….. types.*
5
4
3
2
The law of variable proportion relates to …………. only.*
Long run
Short run
Very long run
None of the above
The technique of ISOQUANT curves is similar to that of the technique of ……………….. curve.*
Demand
Indifference
Supply
Cost
……………….. cost is also known as alternative cost.*
Opportunity
Actual
Real
Money
In the long run …………….. costs are variable.*
Fixed
Variable
All
None of the above
………………. costs are irrelevant with regard to future business decisions.*
Product
Fixed
Variable
Sunk
Under perfect competition, demand curve of the firm is ………………..*
Elastic
Perfectly elastic
Inelastic
Perfectly inelastic
The concept of optimum firm was first introduced by ……………….*
Adam Smith
E.A.G. Robinson
Ricardo
Alfred Marshall
The movement of average variable cost has ……………. phases.*
2
3
4
5
When average cost rises as a result of increase in output, marginal cost is ……………….. average cost.*
More than
Less than
Equal to
None of these
Transporting an object from one place to another creates ………………. utility.*
Form
Place
Time
Possession
When two or more different goods are produced together by a single firm, it is called as ……………… supply.*
Joint
Composite
Excess
Short
…………….. is the price per unit multiplied by the number of units sold.*
Total revenue
Average revenue
Marginal revenue
Net income
Under ……………. competition, every firm will be of optimum size.*
Pure
Perfect
Monopoly
Monopolistic
………………. monopoly refers to a market situation where a monopolist has control the sale of all goods and services in the country as a whole.*
Relative
Private
Pure
Natural
The act of selling the same commodity at different prices to different buyers is known as …………….*
Price leadership
Differential pricing
Pricing policy
Skimming pricing
Prestige pricing is adopted for ………………*
Luxury goods
Necessaries
Comforts
None of the above