Economics MCQ Questions and Solutions with Explanations | Commerce

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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

11.
Which of the following is not the primary objective of industrial relations and labour laws?

A. Maintaining social equity

B. Providing credit facilities to industries

C. International uniformity

D. Promoting economic growth

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12.
The idea of equilibrium firm is propounded by

A. Pigou

B. Marshall

C. Robbins

D. J. K. Mehta

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13.
Which one of the following is a feature of monopolistic competition?

A. Heavy advertisement

B. Non-price competition

C. Interdependent firms

D. Price competition

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14.
Match the following.

List-I List-II

a. Marginal utility 1. Hick and Allen

b. Indifference curve analysis 2. Alfred Marshall

c. Revealed preference hypothesis 3. Paul A. Samuelson

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

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

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

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

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15.
Which of the following industries is most likely to be monopolistically competitive?

A. Automobile industry

B. Steel industry

C. Car repair industry

D. Electrical generating industry

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16.
Expansion in supply refers to a situation when the producers are willing to supply

A. Larger quantity of the commodity at an increased price

B. Larger quantity of the commodity due to increased taxation on that commodity

C. Larger quantity of the commodity at the same price

D. Larger quantity of the commodity at the decreased price

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17.
The functional principal of business economics is

A. Opportunity cost

B. Time reference

C. Equimarginal

D. All of the above

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18.
Quasi rent is

A. equal to the firm's total profits

B. greater than firm's total profits

C. smaller than firm's total profits

D. not related to firm's profits

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19.
According to the rent principle of Ricardo, rent arises due to

A. Soil fertility

B. Land subsidence

C. Differential fertility of the land

D. Supply stability of land

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20.
A good, whose demand by a consumer falls with the rise in income of that consumer is called

A. normal goods

B. inferior goods

C. substitute goods

D. complementary goods

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List-I	List-II
a. Marginal utility	1. Hick and Allen
b. Indifference curve analysis	2. Alfred Marshall
c. Revealed preference hypothesis	3. Paul A. Samuelson

Economics MCQ Questions and Solutions with Explanations | Commerce

11. Which of the following is not the primary objective of industrial relations and labour laws?

Answer & Solution

12. The idea of equilibrium firm is propounded by

Answer & Solution

13. Which one of the following is a feature of monopolistic competition?

Answer & Solution

14. Match the following. List-I List-II a. Marginal utility 1. Hick and Allen b. Indifference curve analysis 2. Alfred Marshall c. Revealed preference hypothesis 3. Paul A. Samuelson

Answer & Solution

15. Which of the following industries is most likely to be monopolistically competitive?

Answer & Solution

16. Expansion in supply refers to a situation when the producers are willing to supply

Answer & Solution

17. The functional principal of business economics is

Answer & Solution

18. Quasi rent is

Answer & Solution

19. According to the rent principle of Ricardo, rent arises due to

Answer & Solution

20. A good, whose demand by a consumer falls with the rise in income of that consumer is called

Answer & Solution

Read More Section(Economics)

11.
Which of the following is not the primary objective of industrial relations and labour laws?

12.
The idea of equilibrium firm is propounded by

13.
Which one of the following is a feature of monopolistic competition?

14.
Match the following.

List-I List-II

a. Marginal utility 1. Hick and Allen

b. Indifference curve analysis 2. Alfred Marshall

c. Revealed preference hypothesis 3. Paul A. Samuelson

15.
Which of the following industries is most likely to be monopolistically competitive?

16.
Expansion in supply refers to a situation when the producers are willing to supply

17.
The functional principal of business economics is

18.
Quasi rent is

19.
According to the rent principle of Ricardo, rent arises due to

20.
A good, whose demand by a consumer falls with the rise in income of that consumer is called