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-6

Each section contains 100 MCQs on Economics .

Who is called the father of modern economics
Or
called the father of economics

A) Molthus B) Adam Smith C) Robbins D) Marshall

Discuss

Answer & Solution

Answer: Option B

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

Compared to the case of perfect competition, a monopolistis more likely to

A) charge a higher price B) produce a lower quantity of the product C) make a greater amount of economic profit D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

If the demand of a commodity is inelastic, an increase in its price will cause the total expenditure of the consumers of the goods to

A) Increase B) Decrease C) Remain the same D) Become zero

Discuss

Answer & Solution

Answer: Option A

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

Which of the following committees presented suggestions for reforms in the financial sector of India

A) Abid Hussain committee B) Bhagwat committee C) Chailaiya committee D) Narasimhan committee

Discuss

Answer & Solution

Answer: Option D

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

Maximum loss of a firm (in short period) will be

A) equal to variable cost B) equal to fixed cost C) zero D) equal to average cost

Discuss

Answer & Solution

Answer: Option B

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

Cartels under oligopoly do not survive for long because of

A) Inter-firm rivalry B) Low profits C) High cost of marketing D) Heavy losses

Discuss

Answer & Solution

Answer: Option A

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

If for a producer, the stage of negative returns to a given variable factor is prevailing, then the TPP will be

A) Increasing at an increasing rate B) Increasing at a diminishing rate C) Constant D) Falling

Discuss

Answer & Solution

Answer: Option B

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

Which of the following is not the assumption of consumer's equilibrium in demand theory?

A) Transitivity B) Optimum Satisfaction C) Consumer's Choices are Consistent D) None of these

Discuss

Answer & Solution

Answer: Option D

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

Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income. Which type of goods have negative income elasticity of demand?

A) Inferior goods B) Normal goods C) Substitute goods D) Complementary goods

Discuss

Answer & Solution

Answer: Option A

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

'Kinked' demand curve is related with

A) Monopoly B) Discriminating monopoly C) Oligopoly D) Perfect competition

Discuss

Answer & Solution

Answer: Option C

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

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Economics MCQ Questions and Solutions with Explanations | Commerce