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 concept of national income lays down the basis of

A. Macro economic analysis

B. Micro economic analysis

C. Business cycle analysis

D. Analysis of government budget

Answer & Solution Discuss in Board Save for Later

92.
In the short-run, when a simple monopoly firm attains equilibrium and earns only normal profit, its level of output will correspond to:

A. Lowest average cost

B. Average cost above optimum level of output

C. Average cost equals marginal cost

D. Marginal cost much below average cost

Answer & Solution Discuss in Board Save for Later

93.
According to Malthus, the supply of food increases

A. Arithmetic increase

B. Average increase

C. Geometric increase

D. None of these

Answer & Solution Discuss in Board Save for Later

94.
From the following, identify the tools of fiscal policy:
(i) Public expenditure
(ii) Open market operations
(iii) Deficit financing
(iv) Taxation
(v) Reserve requirements

A. (i), (iii), (iv) and (v)

B. (i), (ii), (iv) and (v)

C. (ii) and (v)

D. (i), (iii) and (iv)

Answer & Solution Discuss in Board Save for Later

95.
. . . . . . . . is also known as optimal pricing.

A. Perfect price discrimination

B. Second degree price discrimination

C. Third degree price discrimination

D. All of the above

Answer & Solution Discuss in Board Save for Later

96.
Which of the following approach adopted by NITI Aayog are not included?

A. Five year planning approach

B. Three year action agenda

C. Seven year strategy

D. Fifteen year vision

Answer & Solution Discuss in Board Save for Later

97.
The equilibrium level of output for the pure monopolist is where

A. MR = MC

B. P < AC

C. MR < MC

D. MR > MC

Answer & Solution Discuss in Board Save for Later

98.
Of the following goods, the one where the law of diminishing marginal utility is least likely to apply is

A. water

B. cigarettes

C. toothpaste

D. rap music

Answer & Solution Discuss in Board Save for Later

99.
Price discrimination involves

A. firms selling different products at different prices to different consumers

B. firms selling the same product at different prices to different consumers

C. consumers discriminating between different sellers on the basis of the different prices they quote for different products

D. consumers discriminating between different sellers on the basis of the different prices they quote for the same product

Answer & Solution Discuss in Board Save for Later

100.
A monopolist has a downward sloping demand curve because

A. it has an inelastic demand

B. typically, it sells only to a few large buyers

C. its demand curve is the same as the industry's demand curve

D. consumers prefer that product

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

91. The concept of national income lays down the basis of

Answer & Solution

92. In the short-run, when a simple monopoly firm attains equilibrium and earns only normal profit, its level of output will correspond to:

Answer & Solution

93. According to Malthus, the supply of food increases

Answer & Solution

94. From the following, identify the tools of fiscal policy: (i) Public expenditure (ii) Open market operations (iii) Deficit financing (iv) Taxation (v) Reserve requirements

Answer & Solution

95. . . . . . . . . is also known as optimal pricing.

Answer & Solution

96. Which of the following approach adopted by NITI Aayog are not included?

Answer & Solution

97. The equilibrium level of output for the pure monopolist is where

Answer & Solution

98. Of the following goods, the one where the law of diminishing marginal utility is least likely to apply is

Answer & Solution

99. Price discrimination involves

Answer & Solution

100. A monopolist has a downward sloping demand curve because

Answer & Solution

Read More Section(Economics)

91.
The concept of national income lays down the basis of

92.
In the short-run, when a simple monopoly firm attains equilibrium and earns only normal profit, its level of output will correspond to:

93.
According to Malthus, the supply of food increases

94.
From the following, identify the tools of fiscal policy:
(i) Public expenditure
(ii) Open market operations
(iii) Deficit financing
(iv) Taxation
(v) Reserve requirements

95.
. . . . . . . . is also known as optimal pricing.

96.
Which of the following approach adopted by NITI Aayog are not included?

97.
The equilibrium level of output for the pure monopolist is where

98.
Of the following goods, the one where the law of diminishing marginal utility is least likely to apply is

99.
Price discrimination involves

100.
A monopolist has a downward sloping demand curve because