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-11

Each section contains 100 MCQs on Economics .

A negative income elasticity of demand for a commodity indicates that as income falls the amount of the commodity purchased

A) rises B) falls C) remains unchanged D) any of the above

Discuss

Answer & Solution

Answer: Option A

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

A model of game theory of oligopoly is known as

A) Prisoner dilemma B) Monopoly cell C) Jailhouse sentence D) Jury box

Discuss

Answer & Solution

Answer: Option A

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

Name the first person to get nobel prize in economics-

A) Ragner Frisch and Jan-Tinbergen B) Gunuar Mirdal and F. Von Hayek C) Paul Samuelson D) Milton Friduran

Discuss

Answer & Solution

Answer: Option A

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

A depreciation of the US dollar relative to foreign currencies will make

A) Foreign imports less expensive in the United States B) US exports less expensive in foreign countries C) The demand for US exports decrease D) All of the above

Discuss

Answer & Solution

Answer: Option B

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

When the TR curve and TC curve moves in parallel and TR exceeds TC

A) normal profit is maximised B) abnormal profit is maximised C) total profit is maximised D) total profit is minimised

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is not the reason for increasing returns to scale?

A) Indivisibility of the factors B) Fuller utilisation of fixed factors C) Greater specialisation of factors D) Dimensional economies

Discuss

Answer & Solution

Answer: Option B

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

In which of the following year the industrial policy resolution was not announced?

A) 1948 B) 1956 C) 1979 D) 1985

Discuss

Answer & Solution

Answer: Option C

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

In a free-enterprise economy, the problems of what, how and for whom are solved by

A) a planning committee B) the elected representatives of the people C) the price-mechanism D) none of the above

Discuss

Answer & Solution

Answer: Option C

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

If ATC curve is a rising straight line, then as output expands, MC curve will

A) lie above the ATC curve B) lie below the ATC curve C) Both coincide D) None of these

Discuss

Answer & Solution

Answer: Option A

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

If capital 'K' is plotted on the vertical axis and labour 'L' on the horizontal axis, then the slope of the straight line iso-cost curve will be

A) $$\frac{{{P_K}}}{{{P_L}}}$$ B) $$\frac{{{P_L}}}{{{P_K}}}$$ C) $$ - \frac{{{P_L}}}{{{P_K}}}$$ D) $$ - \frac{{{P_K}}}{{{P_L}}}$$

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