Economics MCQ Questions and Solutions with Explanations

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-8 section-6

After recession, comes

A) Prosperity B) Depression C) Recovery D) Stagnation

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Answer & Solution

Answer: Option B

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The subject matter of economics is

A) To ensure the economic progress of the people B) To run a business C) To satisfy unlimited wants with limited means D) To mobilize resources and use them

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Answer & Solution

Answer: Option C

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Marginal rate of technical substitution in production is the ratio of-

A) marginal productivities B) marginal utilities C) marginal subsidies D) factor quantities

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Answer & Solution

Answer: Option A

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Which of the following is not a type of market structure?

A) Competitive monopoly B) Oligopoly C) Perfect competition D) All of the above are types of market structures

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Answer & Solution

Answer: Option A

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In the following diagram, consumer's surplus is shown by
Economics mcq question image

A) OPEX B) ODEX C) PDE D) None of these

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Answer & Solution

Answer: Option C

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A marginal firm is one which

A) will be the first to leave the industry, if the price falls B) will be the last to leave the industry, if the price falls C) will be the first to reduce price to continue its business D) none of the above

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Answer & Solution

Answer: Option A

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Which one of the following is not a function of the new issue market:

A) Origination of Securities B) Underwriting of Securities C) Distribution of Securities D) Administration of Securities

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Answer & Solution

Answer: Option D

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Which one of the following is not an assumption of the theory of revealed preference developed by P. A. Samuelson?

A) There is transitivity in consumer's preferences B) There is consistency of choice in consumer's behaviour C) Consumer always behaves rationally to maximise his satisfaction from a given income D) Consumer prefers a combination of more goods to less in any situation

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Answer & Solution

Answer: Option C

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If a seller faces a demand curve $$p = 16 - \frac{1}{{sq}},$$ then marginal revenue will be:

A) 16 B) 8 C) 4 D) $$\frac{1}{4}$$

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Answer & Solution

Answer: Option A

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In an indifference curve/budget line diagram, at consumer equilibrium, the slope of the budget line

A) Is less than the slope of the indifference curve B) Is greater than the slope of the indifference curve C) Equals the slope of the indifference curve D) May be greater than, equal to, or less than the slope of the indifference curve

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Answer & Solution

Answer: Option C

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