Online Economics Mock Test 01

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The difference between what a consumer like to pay for a product and what actually the consumer pays is called

Marginal utility

Consumer's surplus

Producer's Surplus

Total utility

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Which of the following has the lowest elasticity of demand ?

luxury goods

Durable goods

Necessary goods

Normal goods

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The demand for a diamond ring is said to be -

Perfectly elastic

Unitary elastic

Relatively inelastic

Perfectly inelastic

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The desire to have a commodity or service is called

Utility

Want

Goods

Consumption

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The demand for most product varies directly with the change in consumer income. Such products are known as

Normal Goods

Inferior goods

Substitute goods

Complementary goods

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Which one of the following is not factor of production ?

Land

A bank loan

Labour

Capital

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Which of the following shows the different input points required to produce the same level of output ?

Isocost

Isoquant

Production possibility curve

Indifference curve

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With which of the following is the concept of marginal cost closely related?

Variable cost.

Fixed cost.

Opportunity cost.

Economic cost.

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Average product is defined as

total product divided by the total cost.

total product divided by marginal product.

total product divided by the number of units of variable input.

marginal product divided by the number of units of variable input.

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When marginal costs are below average total costs,

average fixed costs are rising.

average total costs are falling.

average total costs are rising.

average total costs are minimized.

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