Economics MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14 Section 15 Section 16

1.
Which of the following should be balanced the foreign trade of a country?

A. Balance of trade

B. Balance of payment

C. Balance of current account

D. None of these

Answer & Solution Discuss in Board Save for Later

2.
Which one is not the characteristics of oligopoly firm?

A. Conflicting attitude of firms

B. Advertising and sales promotion

C. One firm

D. Few sellers

Answer & Solution Discuss in Board Save for Later

3.
A market

A. necessarily refers to a meeting place between buyers and sellers where goods are bought and sold

B. does not necessarily refer to a meeting place between buyers and sellers

C. extends over the entire nation

D. extends over a city

Answer & Solution Discuss in Board Save for Later

4.
Bilateral monopoly refers to the market situation of

A. two sellers

B. two buyers

C. one seller and two buyers

D. None of the above

Answer & Solution Discuss in Board Save for Later

5.
The extent of the change of demand for a commodity to a given change in . . . . . . . ., other demand determinants remaining constant, is termed as the . . . . . . . . of demand.

A. price, price elasticity

B. price, cross elasticity

C. income, price

D. None of these

Answer & Solution Discuss in Board Save for Later

6.
The difference in return between a chosen investment and a necessary one passed up in the law of variable proportion indicates:

A. Increasing returns

B. Constant returns

C. Diminishing returns

D. Negative returns

Answer & Solution Discuss in Board Save for Later

7.
For a commodity giving large consumer's surplus, the demand will be

A. Less elastic

B. Unit elastic

C. More elastic

D. Perfectly elastic

Answer & Solution Discuss in Board Save for Later

8.
Put these concepts in chronological order of their development.
1. Law of demand
2. Law of indifference
3. Law of DMU
4. Revealed preference theory
5. Indifference curve

A. 1, 3, 2, 4, 5

B. 1, 2, 3, 4, 5

C. 1, 3, 2, 5, 4

D. 1, 5, 2, 4, 3

Answer & Solution Discuss in Board Save for Later

9.
In a market economy, the allocation of resources between different productive activities is determined mainly by:

A. The decision of the government

B. The wealth of entrepreneurs

C. The pattern of consumer expenditure

D. The supply of factors of production

Answer & Solution Discuss in Board Save for Later

10.
The central statistical organization was

A. On 15^th March, 1949

B. On 12^th March, 1950

C. On 2^nd March, 1948

D. On 2^nd May, 1951

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10

Economics MCQ Questions and Solutions with Explanations | Commerce

1. Which of the following should be balanced the foreign trade of a country?

Answer & Solution

2. Which one is not the characteristics of oligopoly firm?

Answer & Solution

3. A market

Answer & Solution

4. Bilateral monopoly refers to the market situation of

Answer & Solution

5. The extent of the change of demand for a commodity to a given change in . . . . . . . ., other demand determinants remaining constant, is termed as the . . . . . . . . of demand.

Answer & Solution

6. The difference in return between a chosen investment and a necessary one passed up in the law of variable proportion indicates:

Answer & Solution

7. For a commodity giving large consumer's surplus, the demand will be

Answer & Solution

8. Put these concepts in chronological order of their development. 1. Law of demand 2. Law of indifference 3. Law of DMU 4. Revealed preference theory 5. Indifference curve

Answer & Solution

9. In a market economy, the allocation of resources between different productive activities is determined mainly by:

Answer & Solution

10. The central statistical organization was

Answer & Solution

Read More Section(Economics)

1.
Which of the following should be balanced the foreign trade of a country?

2.
Which one is not the characteristics of oligopoly firm?

3.
A market

4.
Bilateral monopoly refers to the market situation of

5.
The extent of the change of demand for a commodity to a given change in . . . . . . . ., other demand determinants remaining constant, is termed as the . . . . . . . . of demand.

6.
The difference in return between a chosen investment and a necessary one passed up in the law of variable proportion indicates:

7.
For a commodity giving large consumer's surplus, the demand will be

8.
Put these concepts in chronological order of their development.
1. Law of demand
2. Law of indifference
3. Law of DMU
4. Revealed preference theory
5. Indifference curve

9.
In a market economy, the allocation of resources between different productive activities is determined mainly by:

10.
The central statistical organization was