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-6 section-10

Each section contains 100 MCQs on Economics .

Long-run cost curves are called:

A) operating curves B) fixed curves C) variable curves D) planning curves

Discuss

Answer & Solution

Answer: Option D

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

The Learner index measures

A) market power B) price C) price marginal cost D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

If for a particular combination of labour and capital, the marginal productivity of capital is 4 units of output and the marginal rate of technical substitution is 2 units of capital per unit of labour, then the marginal productivity of labour will be

A) 1/2 B) 4 C) 6 D) 8

Discuss

Answer & Solution

Answer: Option D

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

Starting from a monopoly equilibrium without any policy intervention, market efficiency can be improved by imposing a

A) per-unit production tax B) per-unit sales tax C) profit tax D) price ceiling below the existing equilibrium price

Discuss

Answer & Solution

Answer: Option A

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

Which of the following are consequences of price ceiling strategy by the government.
1. Black marketing
2. Hoarding
3. Rationing

A) Both 1 and 3 B) Both 1 and 2 C) Both 2 and 3 D) All of the above

Discuss

Answer & Solution

Answer: Option B

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

The Cobb-Douglas production function Q = 4K = 0.6, L = 0.3 exhibits

A) constant returns to scale B) increasing returns to scale C) decreasing returns to scale D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Ricardo is famous

A) Population theory B) Cost theory C) Rent theory D) Profit theory

Discuss

Answer & Solution

Answer: Option C

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

The profit no profit of a perfectly competitive firm is

A) At the lowest point of the average variable cost curve B) At the minimum point of the marginal cost curve C) At the maximum point of the marginal cost curve D) At the minimum point of the average fixed cost curve

Discuss

Answer & Solution

Answer: Option A

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

'Doctrine of Caveat Emptor' means

A) buyer should make payment well in time B) buyer should be beware of all aspects of buying C) buyer will be responsible for the whole payment D) buyer will not be responsible at any cost

Discuss

Answer & Solution

Answer: Option B

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

Cost curves are supply curves only when

A) competition is pure B) competition is monopolistic C) competition is imperfect D) competition is absent

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