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

31.
A mixed economy is characterized by the co-existence of

A. Modern and traditional industries

B. Public and private sectors

C. Foreign and domestic investments

D. Commercial and subsistence farming

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32.
Which of the following is NOT a feature of iso-product curve?

A. Are downward sloping to the right

B. Show different input combination producing the same output

C. Intersect each other

D. Are convex to the origin

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33.
This is an assumption of law of demand

A. Price of the commodity should not change

B. Quantity should not change

C. Supply should not change

D. Income of consumer should not change

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34.
Microeconomics deals with the

A. Allocation of resources of the economy as between production of different goods and services

B. Determination of prices of goods and services

C. Behavior of industrial decision makers

D. All of the above

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35.
Some economists refer to iso-product curves as

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

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36.
According to Joseph Schumpeter, profit is the reward for

A. Innovation

B. Uncertainty-bearing

C. Risk-taking

D. Management

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37.
If quantity demanded is completely unresponsive to changes in price, demand is

A. Inelastic

B. Unit elastic

C. Elastic

D. Perfectly inelastic

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38.
Which of the following is Microeconomics concerned with?

A. The size of national output

B. The level of employment

C. Changes in general level of prices

D. None of the above

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39.
Which of the following is also known as plant curves?

A. Long-run average cost (LAC) curves

B. Short-run average cost (SAC) curves

C. Average variable cost (AVC) curves

D. Average total cost (ATC) curves

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40.
Other things equal, if a good has more substitutes, its price elasticity of demand is

A. Larger

B. Smaller

C. Zero

D. Unity

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Economics MCQ Questions and Solutions with Explanations | Commerce

31. A mixed economy is characterized by the co-existence of

Answer & Solution

32. Which of the following is NOT a feature of iso-product curve?

Answer & Solution

33. This is an assumption of law of demand

Answer & Solution

34. Microeconomics deals with the

Answer & Solution

35. Some economists refer to iso-product curves as

Answer & Solution

36. According to Joseph Schumpeter, profit is the reward for

Answer & Solution

37. If quantity demanded is completely unresponsive to changes in price, demand is

Answer & Solution

38. Which of the following is Microeconomics concerned with?

Answer & Solution

39. Which of the following is also known as plant curves?

Answer & Solution

40. Other things equal, if a good has more substitutes, its price elasticity of demand is

Answer & Solution

Read More Section(Economics)

31.
A mixed economy is characterized by the co-existence of

32.
Which of the following is NOT a feature of iso-product curve?

33.
This is an assumption of law of demand

34.
Microeconomics deals with the

35.
Some economists refer to iso-product curves as

36.
According to Joseph Schumpeter, profit is the reward for

37.
If quantity demanded is completely unresponsive to changes in price, demand is

38.
Which of the following is Microeconomics concerned with?

39.
Which of the following is also known as plant curves?

40.
Other things equal, if a good has more substitutes, its price elasticity of demand is