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-7

Each section contains 100 MCQs on Economics .

Who said, "The problem of population is not only with size but with efficient production and equitable distribution"?

A) J. K. Mehta B) Cooley and Hoover C) Seligman D) Malthus

Discuss

Answer & Solution

Answer: Option C

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

Income elasticity of demand can be measured with the help of which of the following formula?

A) $$\frac{{\Delta q}}{{\Delta y}} \times \frac{y}{q}$$ B) $$\frac{{\Delta q}}{{\Delta y}} \times \frac{q}{y}$$ C) $$\frac{{\Delta y}}{{\Delta q}} \times \frac{y}{q}$$ D) $$\frac{{\Delta y}}{{\Delta q}} \times \frac{q}{y}$$

Discuss

Answer & Solution

Answer: Option A

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

Density of population means number of persons per:

A) Square foot B) Square metre C) Square inch D) Square kilometre

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is true if Clarice is at her consumer equilibrium?
(i) Clarice is on her budget line.
(ii) Clarice is on her highest attainable indifference curve.
(iii) Clarice is dividing her budget equally across all goods.

A) (ii) and (iii) B) (i) only C) (iii) only D) (i) and (ii)

Discuss

Answer & Solution

Answer: Option A

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

Income effect towards Giffin Commodities will be

A) Positive B) Negative C) Zero D) None of these

Discuss

Answer & Solution

Answer: Option B

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

'Reasoning from the general to the particular' in Economics is called:

A) deductive method B) inductive method C) experimental method D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

The main difference between positive economics and normative economics is that the former

A) discusses the ethical implications of its laws B) concerns itself only with hypothesis which can generally be tested C) is based on the value judgements of economists D) considered carefully the political significance of its laws for a democratic society

Discuss

Answer & Solution

Answer: Option B

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

Which one of the following is not an objective of the public sector in India?

A) To provide more economic power to the states B) Providing public service C) Removal of regional disparities D) Providing the basis for industrialization

Discuss

Answer & Solution

Answer: Option A

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

Under perfect competition market price can be influenced by-

A) one single seller B) one single buyer C) neither sellers nor buyers D) both buyers and sellers

Discuss

Answer & Solution

Answer: Option C

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

100

In the short-run firms, perfect competition will still be produced provided

A) The price cover averages the variable cost B) The price covers the variable cost C) The price cover averages fixed cost D) The price covers fixed costs

Discuss

Answer & Solution

Answer: Option B

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

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Economics MCQ Questions and Solutions with Explanations | Commerce