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Economics MCQ Questions and Solutions with Explanations | Commerce

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-2

Each section contains 100 MCQs on Economics .
61
When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?
Discuss
Answer & Solution
Answer: Option C
Solution:
In 1776, Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" was published.
62
The standard of living of workers depends upon their
Discuss
Answer & Solution
Answer: Option B
Solution:
The amount of goods and services which the labourer actually gets is called his real wages. The standard of living and the prosperity of a labourer depend not on his money wages but on his real wages.
63
Which of the following is example of external economies of scale?
Discuss
Answer & Solution
Answer: Option B
Solution:
Technical progress leads to development of machine at low price is example of external economies of scale.
64
TC curve
Discuss
Answer & Solution
Answer: Option B
Solution:
TC curve does not start from origin. The shape of the total cost curve is based on short-run production returns, especially the law of diminishing marginal returns. Another observation is that the total cost curve does not go through the origin, but rather begins at a positive value on the vertical axis. This vertical intercept indicates fixed cost.
65
"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?
Discuss
Answer & Solution
Answer: Option C
Solution:
"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. David Ricardo made this statement.
66
As for the cost of production of an individual farmer, the rent paid by him
Discuss
Answer & Solution
Answer: Option A
Solution:
As for the cost of production of an individual farmer, the rent paid by him enters into the price of his product. The classical political economists found value to be determined in production; since most of the cost of production could be reduced to labor, this approach was refined into the Labor Theory of Value.
67
Human wants are
Discuss
Answer & Solution
Answer: Option C
Solution:
Human wants are Innumerable. With the passage of time and human progress, we find a marked growth in the number and variety of wants. Modern man has countless wants.
68
TVC curve
Discuss
Answer & Solution
Answer: Option A
Solution:
TVC curve starts from origin. TVC starts from origin which shows TVC is zero when output is zero. TC curve is derived by adding the TFC and TVC curve.
69
"Rent is a creation of value, not of wealth". Who made this observation?
Discuss
Answer & Solution
Answer: Option B
Solution:
"Rent is a creation of value, not of wealth". David Ricardo made this observation.
70
These are kinds of rent EXCEPT
Discuss
Answer & Solution
Answer: Option C
Solution:
These are kinds of rent except mobility rent.