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-7

Each section contains 100 MCQs on Economics .

A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are

A) maximum possible positive B) minimum possible positive C) equal D) zero

Discuss

Answer & Solution

Answer: Option C

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

A demand curve regressive at the lower end depicts the case of

A) A normal good B) A good commonly demanded C) An inferior good D) A good demanded urgently

Discuss

Answer & Solution

Answer: Option C

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

If the short-run average variable costs of production for a firm are rising, then it indicates that

A) The average total costs are at a maximum B) The average fixed costs are constant C) The marginal costs are above average variable costs D) The average variable costs are below average fixed costs

Discuss

Answer & Solution

Answer: Option D

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

If an imperfectly competitive firm is producing a level of output where marginal cost is equal to marginal revenue, marginal revenue is below average variable cost, and the price is equal to the average total cost, then the firm is

A) In long-run equilibrium B) In short-run equilibrium C) Minimizing short-run average total cost D) Breaking even

Discuss

Answer & Solution

Answer: Option C

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

Which of the following commodities has the lowest elasticity of demand?

A) Milk B) Black pepper C) Eggs D) Car

Discuss

Answer & Solution

Answer: Option B

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

Assertion (A): Want - the satisfying power of commodity is called its utility.
Reason (R): Utility may not have the characteristic of morality codes.

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

Discuss

Answer & Solution

Answer: Option A

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

Shifts in demand curve as shown in the figure below represents
Economics mcq question image

A) extension of demand B) increment of demand C) increase of demand D) expansion of demand

Discuss

Answer & Solution

Answer: Option C

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

The total area under the demand curve of a good, measures

A) marginal utility B) total utility C) consumer's surplus D) producer's surplus

Discuss

Answer & Solution

Answer: Option A

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

Normally when price per unit of a good falls, its

A) quantity demanded increases B) quantity demanded decreases C) quantity demanded remains constant D) none of these happens

Discuss

Answer & Solution

Answer: Option A

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

If the market demand curve for a commodity has a negative slope, then the market structure must be

A) Perfect competition B) Monopoly C) Imperfect competition D) The market structure cannot be determined from the given information

Discuss

Answer & Solution

Answer: Option D

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

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Economics MCQ Questions and Solutions with Explanations | Commerce