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-8

Economics has been defined as a science of unlimited ends having scarce means having alternative uses by:

A) Adam Smith B) Alfred Marshall C) A. C. Pigou D) Robbins

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Answer & Solution

Answer: Option D

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An isoquant curve will be a straight line if inputs are

A) perfect substitutes B) good substitutes C) poor substitutes D) used in a fixed ratio

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Answer: Option A

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If price does not cover even the variable cost, the seller would-

A) sell at a loss, even if commodity is non-perishable B) the seller would incur high expenditure on advertisement C) would seek subsidies from the government D) would convert the supplies back to stock and wait for price to rise

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Answer: Option D

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The value of the US dollar on the foreign exchange market will tend to

A) Increase if there is an increase in the demand for US exports by foreign countries B) Decrease if there is an increase in the demand for foreign imports by the United States C) Decrease if monetary authorities intervene in the foreign exchange market by selling US dollars for foreign currencies D) All of the above

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Answer: Option D

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Which economist used to term 'selling cost' for the first time?

A) P. A. Samuelson B) A. Marshall C) E. Chamberlin D) Joan Robinson

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Answer & Solution

Answer: Option C

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Law of Production was propounded by

A) Robbins B) Stiggler C) Marshall D) None of these

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Answer: Option C

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Which one of the following is not U Shaped curve?

A) AVC B) AFC C) MC D) All of these

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Answer & Solution

Answer: Option B

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Balance of trade receivables is not affected by the following:

A) Level of sales B) Number of employees C) Credit terms D) Collection policy

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Answer: Option B

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Who was closely associated with industrial relations in India?

A) B. Kurien B) Gadgil C) V. V. Giri D) Vinoba Bhave

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Answer: Option C

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The law of diminishing return is related to

A) The total product of all resources B) Marginal product of a variable factor C) Average product of variable factors D) Marginal product of fixed factors

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Answer & Solution

Answer: Option B

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