Economics MCQ Questions and Solutions with Explanations

Economics MCQ Questions and Solutions with Explanations | Commerce

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-6

Which is the most commonly accepted principle of business cycle?

A) Hatrey's business trade cycle theory B) Hick's business trade cycle theory C) Hayek's business cycle theory D) Keynes's business cycle theory

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Answer & Solution

Answer: Option B

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Which of the following statements is correct?

A) Malthus's population theory does not directly depend on the law of generation B) Malthus population theory compared population with the total output of a country C) According to Malthus there is a direct relationship between standard of living and population D) In the theory of optimum population, the population is compared from the food grains of the country

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Answer & Solution

Answer: Option C

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Which of the following are features of utility?
1. Subjective in nature
2. Based on urgency of wants
3. Same as usefullness
4. Qualitative
Select the correct answer

A) 1, 2 and 4 B) 2, 3 and 4 C) 1, 3 and 4 D) All of the above

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Answer & Solution

Answer: Option A

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Which one of the following best describes best opportunity cost to society of building a new school?

A) The increased taxation to pay for the school B) The money that was spent on building the school C) The other goods that could have been produced with the resources used to build the school D) The running cost of the school when it is opened

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Answer & Solution

Answer: Option C

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Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer.
Assertion (A) There exists excess capacity of the production for the firms if these incur losses.
Reason (R) Their production level has to remain below their economic capacity level.

A) (A) is correct, but (R) is incorrect B) (A) is incorrect, but (R) is correct C) Both (A) and (R) are correct and (R) is the right explanation of (A) D) Both (A) and (R) are correct, but (R) is not the right explanation of (A)

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Answer & Solution

Answer: Option C

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The cardinal utility made by Marshall-

A) measures the utilities in precise manner though they are immeasurable B) is relative to the level of utilities only C) is the basis of the 'Revealed Preference Curve' D) is the basis of indifference curve analysis

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Answer & Solution

Answer: Option A

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In the longer period permitting adjustment, demand is likely to be

A) inelastic B) elastic C) unit elastic D) cannot be known

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Answer & Solution

Answer: Option B

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In case of two goods, following utility approach, a consumer is in equilibrium when

A) $$\frac{{M{U_x}}}{{{P_x}}} = \frac{{M{U_y}}}{{{P_y}}}$$ B) $$\frac{{M{U_x}}}{{{P_x}}} < \frac{{M{U_y}}}{{{P_y}}}$$ C) $$\frac{{M{U_x}}}{{{P_x}}} > \frac{{M{U_y}}}{{{P_y}}}$$ D) Both B and C

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Answer & Solution

Answer: Option A

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Demand for furniture is a

A) Consumer's demand B) Durable demand C) Producer's demand D) Both A and B

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Answer & Solution

Answer: Option D

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100

The author of 'Economic Theory and Operations Analysis' is

A) Robbins B) Keynes C) Bamol D) Marshall

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Answer & Solution

Answer: Option C

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