Economics: Multiple Choice Questions with Answers

21. Demand for factors of production is –

A. Derived demand

B. Joint demand

C. Composite demand

D. None of the Above

22. Under conditions of perfect competition in the product market –

A. MRP=VMP

B. MRP > VMP

C. VMP > MRP

D. None of the Above

23. One of the methods to find out Mode is –

A. Mode = 3 Median + 2 Mean

B. Mode=3 Median – 3 Mean

C. Mode = 2 Median – 3 Mean

D. Mode=3 Median – 2 Mean

Read Also: Geographical Terms and Definitions

24. Mean Deviation can be calculated from –

A. Mean

b. Median

C. Mode

D. All of these

25. Which statistical measure helps in measuring the purchasing power of money?

A. Arithmetic average

B. Index numbers

C. Harmonic mean

D. Time series

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