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-3 section-5

Each section contains 100 MCQs on Economics .

The wage rate paid by Easy Day producers falls, and at the same time, the price of raw material used in the production of Easy Day rises. You predict that the supply curve of Easy Day will

A) Surely shift leftward B) Surely become steeper C) Shift either leftward or rightward D) Surely shift rightward

Discuss

Answer & Solution

Answer: Option C

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

Tendulkar committee is concerned with

A) Poverty Estimation B) Cricket C) Export Promotion D) Fiscal Policy Reforms

Discuss

Answer & Solution

Answer: Option A

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

If in a purely competitive market with downward-sloping demand and upward sloping supply curves, a specific excise tax per unit of output is imposed, then

A) price rises by the amount of the tax B) the price-rise is less than the amount of the tax C) the price-rise is greater than the amount of the tax D) the price remains the same

Discuss

Answer & Solution

Answer: Option B

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

Assertion (A) The demand curve has negative slope showing inverse relationship between price and the quantity demanded.
Reason (R) It applies only to giffen goods.

A) Both (A) and (R) are true B) (A) is true, but (R) is false C) (A) is false, but (R) is true D) Both (A) and (R) are false

Discuss

Answer & Solution

Answer: Option B

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

According to monetarists, the great depression in the united states largely resulted from

A) excessive imports relative to exports B) significant changes in technology and resources Availability C) inappropriate monetary policy D) excessive export relative to imports

Discuss

Answer & Solution

Answer: Option A

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

Which of the following measures has been able to improve India's balance of payments?

A) Promoting import substitution B) Emphasis on exports C) High octroi on imports D) Devaluation of money

Discuss

Answer & Solution

Answer: Option D

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

An increase in demand combined with no changes in the supply curve will cause

A) A decrease in demand because the supply curve does not shift B) The equilibrium price to fall C) A movement rightward along the demand curve D) The equilibrium price to rise

Discuss

Answer & Solution

Answer: Option D

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

With reference to the cost, which of the following statement is/are correct?
1. Variable cost per unit remain constant
2. Fixed cost per unit remains constant
Select the correct answer

A) Only 1 B) Only 2 C) Both 1 and 2 D) Neither 1 nor 2

Discuss

Answer & Solution

Answer: Option A

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

Restricting competition is a:

A) Unfair trade practice B) Monopolistic trade practice C) Restrictive trade practice D) All of these

Discuss

Answer & Solution

Answer: Option C

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

Which of the following statements is true?

A) All Giffen goods are inferior goods B) All inferior goods are citizen goods C) Giffen goods have positive income effect and negative substitution effect D) Giffen goods have positive substitution effect

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