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

81.
Consumers are likely to get maximum variety of goods under

A. monopolistic competition

B. monopoly

C. perfect competition

D. oligopoly

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82.
When the law of demand is in operation, then

A. The demand curve is going up

B. The demand curve is a lying line

C. The demand curve is a downward curve

D. The demand curve is a vertical line

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83.
Thought of consumer saving was propounded by

A. Duepit

B. Marshall

C. Hicks

D. None of these

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84.
The types of law of origin are-

A. Law of increasing return

B. Law of origin parity

C. Law of decreasing return

D. All of these

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85.
The breakeven-point is defined as occurring at an output rate at which

A. Total revenue equals the total opportunity cost

B. Economic profit is maximized

C. Total cost is minimized

D. Marginal revenue equals marginal cost

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86.
Consider the following statements-
1. The increasing returns to scale imply that the marginal product of a variable factor will always increase.
2. The constant returns to scale imply that the marginal product of a variable factor will always diminish
3. Managerial diseconomies constitute an important cause of decreasing returns to scale
Which of these statements is/are correct?

A. 1, 2 and 3

B. 1 and 3

C. 2 only

D. 2 and 3

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87.
The backward-bending supply curve for labour exists

A. only in inflationary conditions

B. wherever income effect overcomes substitution effect

C. only in labour intensive industry

D. only in a high cost industry

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88.
Market demand is

A. the sum of all individual demands

B. demand at prevailing average prices

C. ability to pay the price asked

D. demand in a perfectly free market

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89.
If a demand for a product is said to be 'elastic', the value of the elasticity coefficient is

A. zero

B. greater than one

C. equal to one

D. less than one

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90.
Match the following.

List-I List-II

a. Science of wealth 1. Marshall

b. Science of welfare 2. Samuelson

c. Science dealing with scarcity 3. Robbins

d. Science of growth 4. Smith

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

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

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

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

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Science of wealth	1. Marshall
b. Science of welfare	2. Samuelson
c. Science dealing with scarcity	3. Robbins
d. Science of growth	4. Smith

Economics MCQ Questions and Solutions with Explanations | Commerce

81. Consumers are likely to get maximum variety of goods under

Answer & Solution

82. When the law of demand is in operation, then

Answer & Solution

83. Thought of consumer saving was propounded by

Answer & Solution

84. The types of law of origin are-

Answer & Solution

85. The breakeven-point is defined as occurring at an output rate at which

Answer & Solution

Answer & Solution

87. The backward-bending supply curve for labour exists

Answer & Solution

88. Market demand is

Answer & Solution

89. If a demand for a product is said to be 'elastic', the value of the elasticity coefficient is

Answer & Solution

90. Match the following. List-I List-II a. Science of wealth 1. Marshall b. Science of welfare 2. Samuelson c. Science dealing with scarcity 3. Robbins d. Science of growth 4. Smith

Answer & Solution

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81.
Consumers are likely to get maximum variety of goods under

82.
When the law of demand is in operation, then

83.
Thought of consumer saving was propounded by

84.
The types of law of origin are-

85.
The breakeven-point is defined as occurring at an output rate at which

87.
The backward-bending supply curve for labour exists

88.
Market demand is

89.
If a demand for a product is said to be 'elastic', the value of the elasticity coefficient is

90.
Match the following.

List-I List-II

a. Science of wealth 1. Marshall

b. Science of welfare 2. Samuelson

c. Science dealing with scarcity 3. Robbins

d. Science of growth 4. Smith