Economics MCQ Questions and Solutions with Explanations | Commerce

A. Monthly rent of Rs. 1,000 contractually specified in a one-year lease

B. An insurance premium of Rs. 50 per year, paid last month

C. An attorney's retainer of Rs. 50,000 per year

D. A worker wage is Rs. 15 per hour

A. increases

B. decreases

C. is zero

D. is negative

A. Positive

B. Zero

C. Negative

D. Infinite

A. Cardinal measurability of the utility

B. Given marginal utility of money

C. Diminishing marginal utility of the goods

D. Additivity of the utility

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

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

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

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

A. Straight line

B. Circular

C. Parabola

D. Rectangular hyperbola

A. the re-statement in quantitative terms of general laws relating to production

B. the development of particular conclusions from a number of accepted general principles

C. the assessment of economic performance in terms of utility and price

D. the drawing of general conclusions from a number of particular instances

A. $$\frac{{M{P_k}}}{{A{P_k}}}$$

B. $$\frac{{A{P_k}}}{{M{P_k}}}$$

C. $$\frac{Y}{K}$$

D. None of these

A. Monopolies are inefficient

B. Monopoly profit acts as incentives for innovation

C. Monopolies are allocatively efficient

D. Monopolies are productively efficient

A. Elastic

B. Inelastic

C. Infinity

D. None of the above