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-9

Each section contains 100 MCQs on Economics .

The price discrimination policy helps in increasing profits in the case of

A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly

Discuss

Answer & Solution

Answer: Option B

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

If the consumer expects the price to be higher in the future

A) They substitute current purchases for future purchases of perishable goods B) Stockpiling will happen when products are durable C) The position of the demand will not change D) The demand for automobiles today will not change

Discuss

Answer & Solution

Answer: Option B

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

According to the law of returns to factor, the third stage of production begins when

A) The TPP starts falling B) The MPP starts falling C) The APP starts falling D) The MPP becomes equal to APP

Discuss

Answer & Solution

Answer: Option A

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

Formula for price elasticity of demand is

A) $$\frac{{{Q_1} - {Q_0}}}{{{P_1} - {P_0}}} \times \frac{{{P_1} + {P_0}}}{{{Q_1} + {Q_0}}}$$ B) $$\frac{{\Delta Q}}{{\Delta P}} \times \frac{P}{Q}$$ C) $$\frac{{dQ}}{{dP}} \times \frac{P}{Q}$$ D) $$\frac{{\frac{{\Delta P}}{P}}}{{\frac{{\Delta Q}}{Q}}}$$

Discuss

Answer & Solution

Answer: Option B

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

Demand for safety pins is

A) elastic B) inelastic C) unity D) None of these

Discuss

Answer & Solution

Answer: Option B

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

When goods in a domestic market are sold at a high price and in the foreign market at a low price, it is a situation of

A) Dumping B) Perfect competition C) Oligopoly D) Duopoly

Discuss

Answer & Solution

Answer: Option C

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

When total utility increases, marginal utility is

A) negative and increasing B) negative and declining C) positive and increasing D) positive and declining

Discuss

Answer & Solution

Answer: Option D

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

Normal profit is a part of

A) implicit cost B) explicit cost C) real cost D) opportunity cost

Discuss

Answer & Solution

Answer: Option B

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

How can GNP be defined?

A) NNP + Direct taxes B) NNP + Exports C) NNP + Indirect taxes D) NNP + Depreciation

Discuss

Answer & Solution

Answer: Option D

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

A normal demand curve slopes down from left to right. This is based on the assumption that-

A) price varies directly with quantity demanded B) marginal utility diminishes as price rises C) there will be a fewer purchases at a higher price than at a lower price D) income is fixed and so total expenditure on the commodity is limited

Discuss

Answer & Solution

Answer: Option C

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

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Economics MCQ Questions and Solutions with Explanations | Commerce