Economics MCQ Questions and Solutions with Explanations | Commerce

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

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

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

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

A. Labour productivity is low in agriculture

B. Land holding size is big

C. Government procures the whole agricultural produce

D. All of the above

A. Is equal to that portion of the short-run marginal cost curve that is above the average variable cost curve

B. Is equal to that portion of the short-run marginal cost curve that is above the average total cost curve

C. Is equal to that portion of the short-run average total cost curve that is above the average variable cost curve

D. None of the above

A. zero

B. one

C. greater than one

D. less than one

A. Both 1 and 2

B. Both 2 and 3

C. Only 2

D. Only 1

A. Law of diminishing returns

B. Law of constant returns

C. Law of increasing returns

D. All of the above

A. change in price does not change the demand

B. change in fashion causes a great change in demand

C. change in income causes a change in demand

D. small change in price causes big changes in demand

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

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

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

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

A. Combination of two inputs which yield the same amount of output

B. Combination of two inputs which cost the same amount to a firm

C. Combination of two inputs which yield varying amounts of output

D. Combination of two inputs which cost different amount of outlay to a firm

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2