Economics MCQ Questions and Solutions with Explanations | Commerce

A. Local telephone company

B. Automobile manufacturer

C. Restaurant

D. All of the above

A. I and III

B. II and III

C. II and IV

D. I and IV

A. As the product's price falls, consumers buy less of the good

B. There is a direct relationship between price and quantity demanded

C. As a product's price rises, consumers buy less of other goods

D. There is an inverse relationship between price and quantity demanded

A. Industrial Policy - 1948

B. Industrial Policy Statement - 1977

C. Industrial Policy Statement - 1980

D. Industrial Policy Statement - 1991

A. Both (A) and (R) are true

B. (A) is true, but (R) is false

C. (A) is false, but (R) is true

D. Both (A) and (R) are false

A. In inferior goods, the income and substitution effects are negative

B. In inferior goods, the income and substitution effects are positive

C. In case of inferior goods, the income effect is negative although the substitution effect is positive

D. In case of inferior goods, the income effect is positive although the substitution effect is negative

A. AR curve is horizontal straight line parallel to X-axis

B. MR curve is equal to AR curve

C. MR curve is higher than AR curve

D. MR curve depends upon the elasticity of AR curve

A. External and internal economies

B. External and internal diseconomies

C. External economics and internal diseconomies

D. All of the above

A. the rising portion of the marginal cost curve lying above the minimum point of the average variable cost curve

B. the falling portion of the marginal cost curve lying before the minimum point of the average variable cost curve

C. the rising portion of the marginal cost curve after the highest point of total cost curve

D. None of the above

A. 1966-71

B. 1969-74

C. 1970-75

D. 1967-72