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

71.
The short-run cost function of a firm is as follows:
TC = 200 + 5Q + 2Q²
Where TC = Total Cost, Q = Physical units of the product of the firm
What would be the level of optimum output ?

A. 5

B. 10

C. 12

D. 15

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72.
"Money is the pivot around which the economic science clusters." This statement was stated by:

A. Adam Smith

B. Alfred Marshall

C. J. M. Keynes

D. Koutilya

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73.
Which one is odd?

A. Economic Policies

B. Economic Planning

C. Socio-cultural factors

D. Macro-economic scenario

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74.
In monopolistic competition

A. There are some firms selling differentiated product

B. There are many firms selling similar goods

C. There are some firms selling same product

D. There are many firms selling differentiated product

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75.
A firm having least cost combination is-

A. Optimum Firm

B. Equilibrium Firm

C. Representative Firm

D. Marginal Firm

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76.
Which of the following prosperity rate is affected by population growth in Harrod model?

A. Real rate

B. Natural rate

C. Deprieved rate

D. None of the above

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77.
Under a simple Cournot duopoly model, each duopolist will produce

A. half the output

B. one-fourth the output

C. one-third the output

D. one-fifth the output

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78.
With reference to indifference curve, which of the following statement is/are correct?
1. It represents all those combinations of goods which give same satisfaction to consumer.
2. A consumer selects or buy the combination of equilibrium goods that maximise utility.
Select the correct answer

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

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79.
Which one of the following formulae based on the given diagram would be appropriate for measuring the elasticity of demand at point R?

A. $$\frac{{RS}}{{SB}} = \frac{{RS}}{{RA}} = \frac{{OU}}{{PU}}$$

B. $$\frac{{RS}}{{RA}} = \frac{{RS}}{{SB}} = \frac{{PU}}{{OU}}$$

C. $$\frac{{RA}}{{RB}} = \frac{{OQ}}{{OB}} = \frac{{PA}}{{PO}}$$

D. $$\frac{{RB}}{{RA}} = \frac{{QB}}{{OQ}} = \frac{{OP}}{{PA}}$$

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80.
Arrange the following in chronological order.
1. Diminishing returns
2. Negative returns
3. Increasing returns

A. 1, 2, 3

B. 3, 2, 1

C. 2, 3, 1

D. 3, 1, 2

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Economics MCQ Questions and Solutions with Explanations | Commerce

71. The short-run cost function of a firm is as follows: TC = 200 + 5Q + 2Q2 Where TC = Total Cost, Q = Physical units of the product of the firm What would be the level of optimum output ?

Answer & Solution

72. "Money is the pivot around which the economic science clusters." This statement was stated by:

Answer & Solution

73. Which one is odd?

Answer & Solution

74. In monopolistic competition

Answer & Solution

75. A firm having least cost combination is-

Answer & Solution

76. Which of the following prosperity rate is affected by population growth in Harrod model?

Answer & Solution

77. Under a simple Cournot duopoly model, each duopolist will produce

Answer & Solution

78. With reference to indifference curve, which of the following statement is/are correct? 1. It represents all those combinations of goods which give same satisfaction to consumer. 2. A consumer selects or buy the combination of equilibrium goods that maximise utility. Select the correct answer

Answer & Solution

79. Which one of the following formulae based on the given diagram would be appropriate for measuring the elasticity of demand at point R?

Answer & Solution

80. Arrange the following in chronological order. 1. Diminishing returns 2. Negative returns 3. Increasing returns

Answer & Solution

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71.
The short-run cost function of a firm is as follows:
TC = 200 + 5Q + 2Q²
Where TC = Total Cost, Q = Physical units of the product of the firm
What would be the level of optimum output ?

72.
"Money is the pivot around which the economic science clusters." This statement was stated by:

73.
Which one is odd?

74.
In monopolistic competition

75.
A firm having least cost combination is-

76.
Which of the following prosperity rate is affected by population growth in Harrod model?

77.
Under a simple Cournot duopoly model, each duopolist will produce

78.
With reference to indifference curve, which of the following statement is/are correct?
1. It represents all those combinations of goods which give same satisfaction to consumer.
2. A consumer selects or buy the combination of equilibrium goods that maximise utility.
Select the correct answer

79.
Which one of the following formulae based on the given diagram would be appropriate for measuring the elasticity of demand at point R?

80.
Arrange the following in chronological order.
1. Diminishing returns
2. Negative returns
3. Increasing returns