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

61.
Whose view is that, "Economics is neutral between ends."

A. Adam Smith

B. Robbins

C. Marshall

D. Pigou

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62.
GNP at market prices-Indirect taxes + subsidies is referred to as:

A. GNP at factor cost

B. GDP at factor cost

C. NNP at factor cost

D. NDP at factor cost

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63.
A cost that remains constant per unit but changes with the volume of output is called

A. Fixed cost

B. Semi-variable cost

C. Variable cost

D. Absorption cost

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64.
In international trade which of the following is a non-tariff trade barrier?

A. Quotas

B. Import bans

C. Export controls

D. Anti dumping laws

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65.
The essence of the law of diminishing returns is

A. Inelastic production

B. Negative marginal production

C. Declining total production

D. Declining average production

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66.
In . . . . . . . . market condition, the demand of commodity is completely elastic.

A. Perfect competiton

B. Monopoly

C. Imperfect competitor

D. Oligopoly

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67.
The term opportunity cost refers to

A. Cost related to an optimum level of production

B. Variable cost

C. Short-run cost

D. Cost of one product in term of production of others forgone

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68.
Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then

A. The marginal rate of substitution is high and the indifference curve is steep

B. Total utility is increasing

C. The marginal rate of substitution is high and the indifference curve is shallow

D. The marginal rate of substitution is low and the indifference curve is shallow

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69.
The production function expresses the relationship between which of the following?

A. Cost and benefit

B. Stock and flow variables

C. Demand and supply

D. Input and output

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70.
'Extension of demand' means

A. more quantity demanded at a lower price

B. more quantity demanded at a higher price

C. more quantity demanded at the same price

D. none of these

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Economics MCQ Questions and Solutions with Explanations | Commerce

61. Whose view is that, "Economics is neutral between ends."

Answer & Solution

62. GNP at market prices-Indirect taxes + subsidies is referred to as:

Answer & Solution

63. A cost that remains constant per unit but changes with the volume of output is called

Answer & Solution

64. In international trade which of the following is a non-tariff trade barrier?

Answer & Solution

65. The essence of the law of diminishing returns is

Answer & Solution

66. In . . . . . . . . market condition, the demand of commodity is completely elastic.

Answer & Solution

67. The term opportunity cost refers to

Answer & Solution

68. Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then

Answer & Solution

69. The production function expresses the relationship between which of the following?

Answer & Solution

70. 'Extension of demand' means

Answer & Solution

Read More Section(Economics)

61.
Whose view is that, "Economics is neutral between ends."

62.
GNP at market prices-Indirect taxes + subsidies is referred to as:

63.
A cost that remains constant per unit but changes with the volume of output is called

64.
In international trade which of the following is a non-tariff trade barrier?

65.
The essence of the law of diminishing returns is

66.
In . . . . . . . . market condition, the demand of commodity is completely elastic.

67.
The term opportunity cost refers to

68.
Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then

69.
The production function expresses the relationship between which of the following?

70.
'Extension of demand' means