Economics MCQ Questions and Solutions with Explanations

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Economics MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Economics MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-12

Each section contains 100 MCQs on Economics .

Marginal cost line intersects the average cost curve

A) From top to bottom at the lowest point B) Lowest point from the bottom C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

What kinds of actions can be taken to put the rivals at a disadvantageous position under oligopoly market?

A) Commitments B) Threats C) Promises D) All the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The elasticity of demand is on the basis of which of the following factor?

A) Range of substitute available B) Joint demand C) Proportion of income spent on the commodity D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

One of the following is a feature of perfect market structure

A) Entry barriers B) Interdependence C) Absence of selling costs D) Non-price competition

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

The fundamental economic problem being faced is one of

A) difference in the living standard of the people B) decision-making by the government C) multiplicity of wants and scarcity of resources D) shortage of labour

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

If the individual firm's demand curve is coincident with the market demand curve then

A) firm is a price-taker B) firm is a monopolist C) firm can set any price it wants without limitation D) marginal revenue is equal to average revenue

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

An isoquant is . . . . . . . . to an iso-cost line at an equilibrium point.

A) Convex B) Concave C) Tangent D) Perpendicular

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

The demand function is a statement of the relationship between

A) quantity of factors of production B) quantity of product demanded and all the factors that affect this quantity C) quantity demanded and profit D) product demand and cost of output

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

The marginal cost is equal to the average variable cost when

A) Equal to; average total cost is minimized B) Less than; total cost is minimized C) Greater than; average fixed cost is minimized D) Average variable cost is minimized

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

100

The total value of goods and services produced within the country during a year is called

A) GDP B) GNP C) NNP D) NDP

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

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Economics MCQ Questions and Solutions with Explanations | Commerce