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-4 section-5

Each section contains 100 MCQs on Economics .

The supporter of mixed economy was:

A) Karl Marx B) Adam smith C) J. M. Keynes D) Marshall

Discuss

Answer & Solution

Answer: Option C

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

Normal profits refers to the no profit no loss state. This is equal to which type of the cost?

A) explicit costs B) implicit costs C) social costs D) private costs

Discuss

Answer & Solution

Answer: Option B

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

The inverse relationship between variations in the prices and quantity demanded is not due to:

A) future expectation B) income effect C) substitution effect D) law of diminishing marginal utility

Discuss

Answer & Solution

Answer: Option B

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

The short run equilibrium level of output for monopolistic competitor is given by the point where

A) P = SMC B) P = SAC C) the MR curve intersects the SMC curve D) the MR curve intersects the SMC curve from below and P = AVC

Discuss

Answer & Solution

Answer: Option D

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

The 'Concept of Elasticity of Demand' propounded by

A) Samuelson B) Canon C) Marshall D) None of these

Discuss

Answer & Solution

Answer: Option C

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

"Indivisibilities" in production make the production function a case of-

A) increasing returns B) decreasing returns C) constant returns D) negative returns

Discuss

Answer & Solution

Answer: Option B

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

Which of the following is fundamental determinant of a person's wants and behaviour?

A) Culture B) Family C) Perception D) None of these

Discuss

Answer & Solution

Answer: Option A

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

In perfect competition, in the long-run, there will be no

A) Normal profit B) Supernormal profit C) Production D) Costs

Discuss

Answer & Solution

Answer: Option B

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

Marginal-costing technique is useful for

A) Make or Buy decisions B) Profit planning C) Shut-down decisions D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

When the price increases, the demand for some things also increases, this phenomenon is called

A) Vote against Marshall B) Vote against Giffen C) Vote against Veblon D) None of these

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