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

101.
Productivity of land can be raised by

A. Extensive cultivation

B. Intensive cultivation

C. Better marketing

D. a' and 'b' both

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102.
Land only

A. Is a free gift of nature

B. Lacks geographical mobility

C. Is not hirable

D. a' and 'b' both

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103.
Profits

A. Are lower in the long run than in the short run

B. Can be negative

C. Are less in perfect competition than in monopoly

D. All of the above

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104.
When Marginal Utility is zero, Total Utility is

A. Minimum

B. Maximum

C. Law of return

D. None of the above

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105.
Which of the following is NOT an input?

A. Labour

B. Entrepreneurship

C. Natural resources

D. Production

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106.
Which of the following input factor takes risk, innovates and coordinates

A. Capital

B. Labour

C. Productivity

D. Entrepreneur

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107.
Some economists say that profit earner is a kind of

A. Rent receiver

B. Interest receiver

C. Wage earner

D. Government officer

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108.
Quality of a commodity that satisfies some human want or need is called

A. Service

B. Demand

C. Utility

D. Efficiency

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109.
Which of the following is CORRECT with respect to resources?

A. Money is a capital good

B. Human skills are a labour input

C. Entrepreneur is part of the labour input

D. Natural resources include human input

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110.
The transformation of resources into economic goods and services is called

A. Technical efficiency

B. Input

C. Production

D. Increasing returns

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Economics MCQ Questions and Solutions with Explanations | Commerce

101. Productivity of land can be raised by

Answer & Solution

102. Land only

Answer & Solution

103. Profits

Answer & Solution

104. When Marginal Utility is zero, Total Utility is

Answer & Solution

105. Which of the following is NOT an input?

Answer & Solution

106. Which of the following input factor takes risk, innovates and coordinates

Answer & Solution

107. Some economists say that profit earner is a kind of

Answer & Solution

108. Quality of a commodity that satisfies some human want or need is called

Answer & Solution

109. Which of the following is CORRECT with respect to resources?

Answer & Solution

110. The transformation of resources into economic goods and services is called

Answer & Solution

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101.
Productivity of land can be raised by

102.
Land only

103.
Profits

104.
When Marginal Utility is zero, Total Utility is

105.
Which of the following is NOT an input?

106.
Which of the following input factor takes risk, innovates and coordinates

107.
Some economists say that profit earner is a kind of

108.
Quality of a commodity that satisfies some human want or need is called

109.
Which of the following is CORRECT with respect to resources?

110.
The transformation of resources into economic goods and services is called