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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-4 section-13

Each section contains 100 MCQs on Economics .
31
The nature of unemployment in agriculture sector is
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Answer: Option C
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32
Short-run demand and total cost functions for a monopoly firm are as under:
Demand function : Q = 100 - 0.2 P
Price function : P = 500 - 5 Q
Cost function : TC = 50 + 20 Q + Q2 Where Q = Total quantity of the product in physical units.
P = Price of the product per unit
TC = Total cost
What is the profit maximizing output of the pure monopoly firm?
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Answer: Option C
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33
Which of the following statement(s) is/are not correct?
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Answer: Option D
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34
In all forms of imperfect competition, the average revenue curve facing the individual slopes
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Answer: Option B
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35
A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand
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Answer: Option B
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36
"Economics is what Economists do" was stated by
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Answer: Option D
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37
Assuming that a firm's total revenue curve takes the form of a straight line which passes through the origin, we may deduce that
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Answer: Option A
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38
Which one is not a type of demand?
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Answer: Option C
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39
A commodity, the price of which has risen but is expected to become scarce, will present a demand curve
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Answer: Option B
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40
Giffen goods may be defined as those goods whose price effect is . . . . . . . . and income effect is . . . . . . . .
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Answer: Option A
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