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Free download in PDF Engineering Economics Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for competitive exams. These short solved questions or quizzes are provided by Gkseries.
(1)
What is another term for “perfect competition”?
[A]
Atomistic competition
[B]
No-limit competition
[C]
Free-for-all competition
[D]
Heterogeneous market
Answer: Atomistic competition
(2)
Duopoly is a market situation where there is/are:
[A]
Few sellers and few buyers
[B]
Few sellers and many buyers
[C]
Many sellers and few buyers
[D]
One seller and few buyers
Answer: Few sellers and many buyers
(3)
Duopsony is a market situation where there is/are:
[A]
Few sellers and few buyers
[B]
Few sellers and many buyers
[C]
Many sellers and few buyers
[D]
One seller and few buyers
Answer: Many sellers and few buyers
(4)
Oligopoly exists when there is/are:
[A]
Few sellers and few buyers
[B]
Few sellers and many buyers
[C]
Many sellers and few buyers
[D]
One seller and few buyers
Answer: Few sellers and many buyers
(5)
If there are many sellers and few buyers, the market situation is _________ .
[A]
Duopsony
[B]
Oligopoly
[C]
Oligopsony
[D]
Monopoly
(6)
If there is only one seller and many buyers, the market situation is ________ .
[A]
Duopsony
[B]
Oligopoly
[C]
Oligopsony
[D]
Monopoly
(7)
What is the market situation exist when there are many buyers and many sellers?
[A]
Perfect competition
[B]
Oligopoly
[C]
Oligopsony
[D]
Monopoly
Answer: Perfect competition
(8)
What market situation exists where there is only one buyer and only one seller?
[A]
Monopsony
[B]
Monopoly
[C]
Bilateral monopsony
[D]
Bilateral monopoly
Answer: Bilateral monopoly
(9)
What market situation exists where there are few sellers and few buyers?
[A]
Oligopoly
[B]
Oligopsony
[C]
Bilateral oligopoly
[D]
Bilateral Oligopsony
Answer: Bilateral oligopoly
(10)
What is a market situation whereby there is only one buyer of an item for which there is no goods substitute?
[A]
Monopsony
[B]
Monopoly
[C]
Oligopoly
[D]
Oligopsony
(11)
What is defined as an entity which makes product, good or services available to buyer or consumer in exchange of monetary consideration?
[A]
Seller
[B]
Manufacturer
[C]
Producer
[D]
Buyer or consumer
(12)
What is considered as the basic consuming or demanding unit of a commodity?
[A]
Seller
[B]
Manufacturer
[C]
Producer
[D]
Buyer or consumer
Answer: Buyer or consumer
(13)
What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security?
[A]
Mall
[B]
Market
[C]
Store
[D]
Office
(14)
What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied?
[A]
Producer products
[B]
Consumer products
[C]
Luxury
[D]
Necessity
(15)
What refers to the goods and services that are required to support human life, needs and activities?
[A]
Producer products
[B]
Consumer products
[C]
Luxury
[D]
Necessity
(16)
What are the two classifications of goods and services?
[A]
Local and imported
[B]
Raw and finished
[C]
Consumer and producer
[D]
Ready-made and made-to-order
Answer: Consumer and producer
(17)
What is defined as any tangible economic activity that contributes directly or indirectly to the satisfaction of human want?
[A]
Services
[B]
Goods
[C]
Commodities
[D]
Goods or commodities
(18)
What is defined as any tangible economic product that contributes directly or indirectly to the satisfaction of human want?
[A]
Services
[B]
Goods
[C]
Commodities
[D]
Goods or commodities
Answer: Goods or commodities
(19)
What is considered as the standard unit which forms the basis of a country’s domestic money supply?
[A]
Monetary unit
[B]
Currency
[C]
Foreign exchange
[D]
Cash or check
(20)
What is defines as the analysis and evaluation of the monetary consequences by using the theories and principles of economics to engineering applications, designs and projects?
[A]
Economic Analysis
[B]
Engineering cost analysis
[C]
Engineering economy
[D]
Design cost analysis
Answer: Economic Analysis
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