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-5

Each section contains 100 MCQs on Economics .

Which of the following equation is correct?

A) Net national product = total national product - Depreciation + indirect tax B) Net national product = total national product - Depreciation - indirect tax C) Net national product = total national product - Depreciation D) Net national product = total national product - indirect tax

Discuss

Answer & Solution

Answer: Option C

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

Which of the following goods or services will not be provided by a free trade economy?

A) Public transport system B) Pension C) National security D) Education

Discuss

Answer & Solution

Answer: Option C

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

A low rate of interest

A) brings down wages B) increases wages C) itself insufficient to raise investment D) is always due to central bank's order to the entire money market

Discuss

Answer & Solution

Answer: Option C

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

According to the law of diminishing marginal utility,

A) utility is at a maximum with the first unit B) increasing units of consumption increase the marginal utility C) marginal product will fall as more units are consumed D) total utility will rise at a falling rate as more units are consumed

Discuss

Answer & Solution

Answer: Option D

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

Assume that a farmer sells his product to an agricultural marketing board. He is not allowed to sell to any other institution or to any other persons. In effect, the board is, from his view, a

A) monopoly B) oligopoly C) monopsony D) duopoly

Discuss

Answer & Solution

Answer: Option C

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

What is an opportunity cost? Choose the most appropriate option.

A) The cost of availing an opportunity B) The cost of advantage forgone C) The situational cost D) Cost of speculative activities E) The minimum cost to carry out a project

Discuss

Answer & Solution

Answer: Option B

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

Consider the following.
1. Output × Price = Total Revenue
2. MR cannot be zero
3. TR = MR × Q
Select the correct answer

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

Discuss

Answer & Solution

Answer: Option A

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

The reason for India's unfavourable balance of payments is

A) Increase in the price of petrol B) Payments of interest on foreign debts C) Liberalization of imports D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Statement I The objective of finance function is wealth maximisation.
Statement II The objective of finance function is profit maximisation.

A) Both statements are correct B) Both statements are incorrect C) Statement I is correct, Statement II is incorrect D) Statement I is incorrect, Statement II is correct

Discuss

Answer & Solution

Answer: Option A

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

Which of the following marketing strategies is/are not used in 'growth stage' of the product life cycle?

A) Improving quality and adding new features B) Adding new models of product C) Entering new market segments D) Using awareness and trial communications

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