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-7 section-15

Each section contains 100 MCQs on Economics .

Which aspect of taxation involves normative economics?

A) The incidence of the tax B) The effect of the tax on incentives to work C) The "fairness" of the tax D) All of the above

Discuss

Answer & Solution

Answer: Option C

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

For a cotton seller in India, dumping refers to selling the cotton at

A) Lower price in Mumbai and higher price in Delhi B) Lower price in Mumbai and higher price in Paris C) Higher price in Mumbai and lower price in Paris D) Higher price in Paris and lower price in Mumbai

Discuss

Answer & Solution

Answer: Option A

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

Cost plus pricing is considered appropriate for which combination of the following?
i. Product Tailoring
ii. Public Utility pricing
iii. Refusal pricing
iv. Monopoly pricing
Choose the correct answer

A) Only (i) and (ii) B) Only (ii), (iii) and (iv) C) Only (i), (ii) and (iii) D) Only (iii) and (iv)

Discuss

Answer & Solution

Answer: Option C

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

If all inputs are increased in the same proportion, than it is the case of
1. short-run production function
2. long-run production function
3. laws of variable proportion
4. laws of returns to scale
Select the correct answer

A) Both 1 and 2 B) Both 2 and 3 C) Both 1 and 4 D) Both 2 and 4

Discuss

Answer & Solution

Answer: Option D

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

Which of the following statement is false?

A) A consumer has only one indifference curve B) A consumer possesses a preference map C) The marginal rate of substitution is equal to the magnitude of the slope of the indifference curve D) The diminishing marginal rate of substitution means that the marginal rate of substitution decreases as more of the good is consumed

Discuss

Answer & Solution

Answer: Option A

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

Match the following.

List-I	List-II
a. Input-output isoquant	1. Arrow and Chenery
b. CES production function	2. Loniet
c. Duopoly model	3. P. Sweezy
d. Kinked demand curve	4. Cournot

A) a-1, b-3, c-2, d-4 B) a-2, b-1, c-4, d-3 C) a-1, b-2, c-3, d-4 D) a-2, b-1, c-3, d-4

Discuss

Answer & Solution

Answer: Option B

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

Derived demand means

A) More demand due to inflation B) Aggregate demand for goods C) More demand due to higher income D) Demand for a factor of production

Discuss

Answer & Solution

Answer: Option D

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

Match the following.

List-I	List-II
a. Indifference curve	1. Slopes downward to the right
b. Demand curve	2. P = AR = MR = d
c. Perfect competition	3. Oligopoly
d. Price leadership	4. Convex to the origin

A) a-2, b-3, c-4, d-1 B) a-3, b-4, c-1, d-2 C) a-4, b-1, c-2, d-3 D) a-1, b-2, c-3, d-4

Discuss

Answer & Solution

Answer: Option C

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

The price elasticity of demand is the

A) ratio of the percentage change in quantity demanded to the percentage change in price B) ratio of the change in price to the change in quantity demanded C) ratio of the change in quantity demanded to the change in price D) ratio of the percentage change in price to the percentage change in quantity demanded

Discuss

Answer & Solution

Answer: Option A

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

The average fixed cost curve of the firm will be like a:

A) parabola B) circle C) straight line D) rectangular hyperbola

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