Economics MCQ Questions and Solutions with Explanations | Commerce

Monopoly is based on-

The study of ups and down in economics is

A monopoly may determine

The best measure of economic development will be

Which of the following is correct?
(i) National income = gross national product - Depreciation
(ii) National income = Rent + Wages + Salary + interest + profit
(iii) Variable cost Average variable cost = $$\frac{{{\text{Variable cost}}}}{{{\text{Production}}}}$$
Select your answer

According to the Kaldor-Hicks compensation criterion, a change in economic policy leads to an improvement in social welfare, if

In the case consumers equilibrium to be explained through an ordinal approach, when there are two commodities with their prices given and with limited income of the consumer, the following information is required:
I. Price line/budget line
II. Indifference map
III. Point of tangency between IC and budget line
IV. Equality of the slopes of IC and budget line
Arrange the information required in the correct sequence and choose the right option from those below

In a perfectly competitive market, a firm in the long run operates at the level of output where:

In case, law of constant returns is applicable,

Consider the following statements.
1. TV increases so long as MU is positive.
2. TU = $$\sum $$AU
3. When MU is negative, TV starts increasing.
Which of the statement(s) given above is/are correct?