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-5 section-13

Each section contains 100 MCQs on Economics .

In Cobb-Douglas production function, elasticity of factor substitution is equal to

A) zero B) infinity C) one D) less than 1

Discuss

Answer & Solution

Answer: Option C

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

Microeconomics is known as-

A) Price theory B) Product theory C) Process theory D) Project theory

Discuss

Answer & Solution

Answer: Option A

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

Assertion (A) A monopoly firm's revenue curve is downward sloping from left to right.
Reason (R) The monopoly firm does not simultaneously enjoy the freedom to determine both price and quantity to be sold according to its whims and fancy.

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

Discuss

Answer & Solution

Answer: Option C

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

If there is perfect substitution between two factors of production the shape of isoquant is

A) non-linear B) linear C) right-angled D) positively sloped

Discuss

Answer & Solution

Answer: Option B

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

The slope of the consumer's indifference curve is

A) Positive B) Negative C) Vertical D) Parallel

Discuss

Answer & Solution

Answer: Option B

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

Break-even point in units is given by

A) $$\frac{{{\text{TFC}}}}{{{\text{SP}} - {\text{MC}}}}$$ B) $$\frac{{{\text{P/V}}\,{\text{Ratio}}}}{{{\text{Fixed}}\,{\text{Cost}}}}$$ C) $$\frac{{{\text{TFC}} \times {\text{SP}}}}{{{\text{SP}} - {\text{VC}}}}$$ D) None of these

Discuss

Answer & Solution

Answer: Option A

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

Who has given the concept of consumer surplus?

A) Marshall B) Robbins C) Pigou D) J. M. Keynes

Discuss

Answer & Solution

Answer: Option A

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

If the supply curve is perfectly inelastic, the supply curve is

A) Vertical B) Horizontal C) Upward sloping D) Downward sloping

Discuss

Answer & Solution

Answer: Option A

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

Which of the following statement is incorrect?

A) Even monopolistic can earn losses B) Firms in a perfectly competitive market are price takers C) Itis always beneficial for a firm in a perfectly competitive market to discriminate prices D) Kinked demand curve is related to an oligopolistic market

Discuss

Answer & Solution

Answer: Option C

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

If two factors are perfect substitutes, the isoquant will be

A) a straight line B) a parabola C) a rectangular hyperbola D) an L-shaped curve

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