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-9 section-6

Each section contains 100 MCQs on Economics .

For the success of the penetration price policy, which one of the following is not desirable?

A) Short-run demand for the product to have elasticity greater than unity B) Availability of economies of large scale production C) Easy acceptance and adoption of the product by the consumers D) Product to have very low cross-elasticity of demand

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is called Gossen's first law?

A) Law of substitution B) Law of equimarginal utility C) Law of diminishing Marginal utility D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

When the economist speaks of an increase in demand, he is usually referring to a

A) shift in demand curve to right B) movement along demand curve downwards right C) shift in demand curve to left D) movement along demand curve upwards

Discuss

Answer & Solution

Answer: Option A

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

A perfectly competitive firm cannot earn super normal profit or incur losses in the long run due to which of the following reasons?

A) Freedom of entry and exit of firms B) Perfect knowledge C) Perfect mobility of factors D) All of the above

Discuss

Answer & Solution

Answer: Option A

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

For most consumers apples and oranges are substitute goods. Therefore, we would expect a rise in the price of apples to lead to

A) a right ward shift in the demand curve of oranges B) a left ward shift in the supply curve of apples C) a downward change in the demand curve of oranges D) a fall in the price of oranges

Discuss

Answer & Solution

Answer: Option A

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

There is no exceptions to the law of demand in the case of

A) Giffen goods B) Normal goods C) Articles of conspicuous consumption D) Ignorance of the buyer

Discuss

Answer & Solution

Answer: Option B

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

The law of diminishing returns depend on the assumption that

A) The total output is constant B) The stage of technical knowledge is unchanged C) Land is the constant factor D) The average output declines faster than marginal output

Discuss

Answer & Solution

Answer: Option B

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

Entrepreneurship in relation to Indian industries is

A) necessary B) unnecessary C) weight D) waste of time and money

Discuss

Answer & Solution

Answer: Option A

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

For substitutes, cross-elasticity of demand is

A) positive B) negative C) zero D) infinite

Discuss

Answer & Solution

Answer: Option A

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

The 'Principle of Equal pay for Equal work' is contained in which Article of the Indian Constitution?

A) Article 7 B) Article 36 C) Article 39 D) None of these

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