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.
Unitary elasticity of demand refers to

A. proportionate change in price and quantity

B. more than proportionate change in price

C. less than proportionate change in price

D. None of the above

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32.
Match the following.

List-I List-II

a. Perfectly elastic demand 1. e_D = 1

b. Elastic demand 2. e_D > 1

c. Inelastic demand 3. e_D = 0

d. Perfectly inelastic demand 4. e_D = ∞

e. Unitary elastic demand 5. e_D < 1

A. a-2, b-5, c-3, d-1, e-4

B. a-4, b-2, c-5, d-3, e-1

C. a-3, b-1, c-5, d-2, e-4

D. a-1, b-2, c-3, d-4, e-5

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33.
Mixed Economy is termed as co-existence of the following:

A. Public, private and cooperative sectors

B. Public and cooperative sectors

C. Private and Joint sectors

D. Agricultural and industrial sectors

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34.
Cost theory is the study of total cost contains

A. Fixed cost

B. Variable cost

C. Average cost

D. Both A and B

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35.
In the long-run, for all monopolistic firms

A. MR = AR

B. Price = MR = MC

C. MR = MC = Price = AC

D. None of these

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36.
The condition of long period equilibrium for a firm operating under perfect competition is-

A. AC = MR = MC

B. MC = MR = AR

C. AC = MC

D. AR = MR

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37.
Which of the following statement is correct?

A. Under perfect competition, a firm determines its price where AR = MR

B. In perfect competitive industry, a firm is in equilibrium in the short run only when its AC = AR = MR = MC

C. The short run supply curve has a negative slope

D. A firm is price taken under perfect competition

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38.
Who among the following gives the final approval to the Indian five year plans?

A. Federal Cabinet

B. Planning commission

C. National development council

D. Parliamentary committee on planning

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39.
In the market for oranges, a rise in income with other things remaining unchanged, will lead to

A. an upward movement along the demand curve

B. an upward movement along the supply curve

C. an upward shift of the demand curve

D. a downward shift of the demand curve

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40.
The definition of 'Wantlessness' in economics was given by

A. Marshall

B. J. K. Mehta

C. A. C. Pigou

D. P. Samuelsan

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Perfectly elastic demand	1. e_D = 1
b. Elastic demand	2. e_D > 1
c. Inelastic demand	3. e_D = 0
d. Perfectly inelastic demand	4. e_D = ∞
e. Unitary elastic demand	5. e_D < 1

Economics MCQ Questions and Solutions with Explanations | Commerce

31. Unitary elasticity of demand refers to

Answer & Solution

32. Match the following. List-I List-II a. Perfectly elastic demand 1. eD = 1 b. Elastic demand 2. eD > 1 c. Inelastic demand 3. eD = 0 d. Perfectly inelastic demand 4. eD = ∞ e. Unitary elastic demand 5. eD < 1

Answer & Solution

33. Mixed Economy is termed as co-existence of the following:

Answer & Solution

34. Cost theory is the study of total cost contains

Answer & Solution

35. In the long-run, for all monopolistic firms

Answer & Solution

36. The condition of long period equilibrium for a firm operating under perfect competition is-

Answer & Solution

37. Which of the following statement is correct?

Answer & Solution

38. Who among the following gives the final approval to the Indian five year plans?

Answer & Solution

39. In the market for oranges, a rise in income with other things remaining unchanged, will lead to

Answer & Solution

40. The definition of 'Wantlessness' in economics was given by

Answer & Solution

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31.
Unitary elasticity of demand refers to

32.
Match the following.

List-I List-II

a. Perfectly elastic demand 1. e_D = 1

b. Elastic demand 2. e_D > 1

c. Inelastic demand 3. e_D = 0

d. Perfectly inelastic demand 4. e_D = ∞

e. Unitary elastic demand 5. e_D < 1

33.
Mixed Economy is termed as co-existence of the following:

34.
Cost theory is the study of total cost contains

35.
In the long-run, for all monopolistic firms

36.
The condition of long period equilibrium for a firm operating under perfect competition is-

37.
Which of the following statement is correct?

38.
Who among the following gives the final approval to the Indian five year plans?

39.
In the market for oranges, a rise in income with other things remaining unchanged, will lead to

40.
The definition of 'Wantlessness' in economics was given by