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-1 section-10

The stages for the law of variable proportions are

A) One B) Three C) Four D) Five

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Answer & Solution

Answer: Option B

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India's rank in world population is

A) First B) Second C) Third D) Fifth

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Answer: Option B

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Movement along a demand curve as a result of change in price is known as

A) change in quantity demanded B) change in demand C) increase or decrease in demand D) None of the above

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Answer: Option A

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"Ceteris paribus" term is related to

A) monetary theory B) law of demand C) partial equilibrium theory D) all of the above

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Answer: Option C

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The 'Concept of cross Elasticity of Demand' was given by

A) Moor B) Marshall C) Robert Triffin D) None of these

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Answer: Option A

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Each short-run AC curve coincides with LAC at

A) Upper point B) Lower point C) Middle point D) Do not intersect

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Answer: Option C

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The law of equi-marginal utility states the condition of equilibrium as

A) $$M{U_x},\,{P_x} = M{U_y},\,{P_y} = M{U_z},\,{P_z}$$ B) $$\frac{{M{U_x}}}{{{P_x}}} = \frac{{M{U_y}}}{{{P_y}}} = \frac{{M{U_z}}}{{{P_z}}} = M{U_m}$$ C) $$\frac{{M{U_x}}}{{{P_y}}} = \frac{{M{U_y}}}{{{P_x}}} = M{U_m}$$ D) $$\frac{{M{U_x}}}{{{P_x}}} < \frac{{M{U_y}}}{{{P_y}}} < \frac{{M{U_z}}}{{{P_z}}}$$

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Answer: Option B

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In a typical demand schedule, quantity demanded

A) varies directly with price B) varies proportionately with price C) varies inversely with price D) is independent of price

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Answer: Option C

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Rent earned by a factor of production equals

A) what this factor can earn in its next best use B) the sum of what this factor earns in its current use and what it can earn in its next best use C) its current earnings D) the difference between what this factor is currently earning and what it can earn in its next best use

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Answer: Option D

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An ethical or value judgement must be made in order to derive the

A) transformation curve B) grand utility possibility curve C) consumption contract curve D) social welfare function

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Answer: Option D

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