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-2 section-13

Each section contains 100 MCQs on Economics .

Ridge line refers to the locus of points of

A) isoquants where marginal product of one of the factors is zero B) isoquants where marginal product of two factors is zero C) isoquants where marginal product of two factors is infinity D) isoquants where marginal product of two factors is one

Discuss

Answer & Solution

Answer: Option A

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

The negative slope of the price consumption curve (PCC) shows the relationship between good X and Y

A) Complete B) Complementary C) Substitute D) None of these

Discuss

Answer & Solution

Answer: Option B

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

Which of the following market comes close to satisfying the assumptions of a perfectly competitive market structure?

A) Stock market B) Market for agricultural commodities such as wheat or corn C) Market for petroleum and natural gas D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

'Discriminating Monopoly' is possible if two markets have-

A) rising cost curves B) rising and Declining cost curves C) different elasticities of demand D) equal elasticities of demand

Discuss

Answer & Solution

Answer: Option C

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

Price floor is an important instrument of protecting seller's interest how ever if has following implications.

A) Hoarding and black marketing B) Rationing and buffer stock C) Illegal sales D) Buffer stock and minimum support price

Discuss

Answer & Solution

Answer: Option D

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

When average cost is declining

A) Marginal cost must be declining B) Marginal cost must be above average cost C) Marginal cost must be below average cost D) Marginal cost must be rising

Discuss

Answer & Solution

Answer: Option C

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

Ordinal approach is based on

A) law of maximum satisfaction B) utility cannot be measured in cardinal numbers C) utility could not be measured in ordinal numbers D) utility can be measured

Discuss

Answer & Solution

Answer: Option B

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

In a developing economy, an entrepreneur is

A) Risk taker B) Resoruce organizer C) Professional person D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Which type of elasticity plays a crucial role in determining international trade?

A) Elasticity of demand B) Price elasticity of demand C) Income elasticity of demand D) Cross elasticity of demand

Discuss

Answer & Solution

Answer: Option B

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

Who among the following accepted the importance of time element in the determination of price?

A) J. R. Hicks B) David Ricardo C) A. Marshall D) Adam Smith

Discuss

Answer & Solution

Answer: Option C

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

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Economics MCQ Questions and Solutions with Explanations | Commerce