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

41.
The most efficient scale of production of a firm is where

A. LAC is minimum

B. SAC is minimum

C. LMC is minimum

D. SMC is minimum

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42.
A firm should shut down in the short run if it is not covering its

A. Variable cost

B. Fixed cost

C. Total cost

D. Explicit cost (money outlays)

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43.
Economic problems arise because

A. Wants are unlimited

B. Resources are scarce

C. Scare resources have alternative uses

D. All of the above

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44.
In the short run, when the output of a firm increases, its average fixed cost

A. Increases

B. Decreases

C. Remains constant

D. First declines and then rises

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45.
Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published?

A. 1767

B. 1764

C. 1761

D. 1758

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46.
Identify the author of "The principles of Political Economy and Taxation"

A. Alfred Marshall

B. J.S.Mill

C. David Ricardo

D. A. Turgot

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47.
Which is not a central problem of an economy?

A. What to produce

B. How to produce

C. How to maximize private profit

D. For whom to produce

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48.
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is

A. Equal to 1

B. More than 1

C. Less than 1

D. 0

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49.
Who is generally regarded as the founder of the 'Classical School'?

A. David Ricardo

B. Adam Smith

C. T.R.Malthus

D. J.S.Mill

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50.
Union leaders are in better position to bargain for higher wages if demand for labour is

A. Elastic

B. Inelastic

C. Very large

D. Permanent

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Economics MCQ Questions and Solutions with Explanations | Commerce

41. The most efficient scale of production of a firm is where

Answer & Solution

42. A firm should shut down in the short run if it is not covering its

Answer & Solution

43. Economic problems arise because

Answer & Solution

44. In the short run, when the output of a firm increases, its average fixed cost

Answer & Solution

45. Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published?

Answer & Solution

46. Identify the author of "The principles of Political Economy and Taxation"

Answer & Solution

47. Which is not a central problem of an economy?

Answer & Solution

48. A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is

Answer & Solution

49. Who is generally regarded as the founder of the 'Classical School'?

Answer & Solution

50. Union leaders are in better position to bargain for higher wages if demand for labour is

Answer & Solution

Read More Section(Economics)

41.
The most efficient scale of production of a firm is where

42.
A firm should shut down in the short run if it is not covering its

43.
Economic problems arise because

44.
In the short run, when the output of a firm increases, its average fixed cost

45.
Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay's Tableu Economique published?

46.
Identify the author of "The principles of Political Economy and Taxation"

47.
Which is not a central problem of an economy?

48.
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is

49.
Who is generally regarded as the founder of the 'Classical School'?

50.
Union leaders are in better position to bargain for higher wages if demand for labour is