Economics MCQ Questions and Solutions with Explanations | Commerce

A. Modern and traditional industries

B. Public and private sectors

C. Foreign and domestic investments

D. Commercial and subsistence farming

A. Are downward sloping to the right

B. Show different input combination producing the same output

C. Intersect each other

D. Are convex to the origin

A. Price of the commodity should not change

B. Quantity should not change

C. Supply should not change

D. Income of consumer should not change

A. Allocation of resources of the economy as between production of different goods and services

B. Determination of prices of goods and services

C. Behavior of industrial decision makers

D. All of the above

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

A. Innovation

B. Uncertainty-bearing

C. Risk-taking

D. Management

A. Inelastic

B. Unit elastic

C. Elastic

D. Perfectly inelastic

A. The size of national output

B. The level of employment

C. Changes in general level of prices

D. None of the above

A. Long-run average cost (LAC) curves

B. Short-run average cost (SAC) curves

C. Average variable cost (AVC) curves

D. Average total cost (ATC) curves

A. Larger

B. Smaller

C. Zero

D. Unity