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

91.
The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.

A. 1 and 4

B. 3 and 4

C. 1 and 3

D. Only 1

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92.
The world economic crisis of which period has been called as the worldwide recession?

A. 1929-33

B. 1930-40

C. 1935-45

D. 1950-60

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93.
A supply curve will have a price elasticity equal to 1 only when it is

A. a straight line with a positive intercept

B. a straight line with a negative intercept

C. a straight line passing through the origin

D. horizontal

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94.
Cardinal utility measurement is required in

A. indifference curve analysis

B. utility theory

C. revealed preference theory

D. consumption analysis

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95.
In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be

A. more than unity

B. equal to unity

C. equal to a fraction of unity

D. equal to zero

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96.
Prof. Gossen has talked about two psychological law of consumption. One of which is law of DMU. The second law is known as

A. law of equi-marginal utility

B. law of equi-product

C. theory of indifference curve

D. law of diminishing marginal utility

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97.
Given the demand function $${\text{q}} = \frac{{20}}{{\text{p}}},$$ where p = price of product and q = quantity of product, the elasticity of demand at p = 10 would be

A. 0

B. -1

C. -2

D. ∞

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98.
'Economics is the science of wealth'. This definition is given

A. Adam Smith

B. Marshall

C. Robbins

D. None of the above

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99.
In the long run, equilibrium in perfect competition is attained when

A. Price = Average Cost = Marginal Cost

B. Price = Average Cost = Total Cost

C. Price = Marginal Revenue = Total Cost

D. Total Revenue = Total Variable Cost

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100.
Who played the role of a catalyst in the green revolution of India?

A. M. M. Swaminathan

B. B. Kurien

C. B. V. Rao

D. Venkateshwar Rao

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Economics MCQ Questions and Solutions with Explanations | Commerce

Answer & Solution

92. The world economic crisis of which period has been called as the worldwide recession?

Answer & Solution

93. A supply curve will have a price elasticity equal to 1 only when it is

Answer & Solution

94. Cardinal utility measurement is required in

Answer & Solution

95. In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be

Answer & Solution

96. Prof. Gossen has talked about two psychological law of consumption. One of which is law of DMU. The second law is known as

Answer & Solution

97. Given the demand function $${\text{q}} = \frac{{20}}{{\text{p}}},$$ where p = price of product and q = quantity of product, the elasticity of demand at p = 10 would be

Answer & Solution

98. 'Economics is the science of wealth'. This definition is given

Answer & Solution

99. In the long run, equilibrium in perfect competition is attained when

Answer & Solution

100. Who played the role of a catalyst in the green revolution of India?

Answer & Solution

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92.
The world economic crisis of which period has been called as the worldwide recession?

93.
A supply curve will have a price elasticity equal to 1 only when it is

94.
Cardinal utility measurement is required in

95.
In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be

96.
Prof. Gossen has talked about two psychological law of consumption. One of which is law of DMU. The second law is known as

97.
Given the demand function $${\text{q}} = \frac{{20}}{{\text{p}}},$$ where p = price of product and q = quantity of product, the elasticity of demand at p = 10 would be

98.
'Economics is the science of wealth'. This definition is given

99.
In the long run, equilibrium in perfect competition is attained when

100.
Who played the role of a catalyst in the green revolution of India?