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

61.
When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?

A. 1756

B. 1766

C. 1776

D. 1786

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62.
The standard of living of workers depends upon their

A. Nominal wages

B. Real wages

C. Average product

D. Government policy

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63.
Which of the following is example of external economies of scale?

A. Discount on purchases of raw materials

B. Technical progress leads to development of machine at low price

C. Hiring of specialized staff due to increase in scale of production

D. A firm starts producing by-products

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64.
TC curve

A. Starts from origin

B. Does not start from origin

C. Is parallel to Y-axis

D. None of the above

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65.
"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?

A. Karl Marx

B. Adam Smith

C. David Ricardo

D. J.S.Mill

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66.
As for the cost of production of an individual farmer, the rent paid by him

A. Enters into the price of his product

B. Does not enter into price of his product

C. Is unjustified

D. None of the above

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67.
Human wants are

A. One thousand

B. Few

C. Innumerable

D. Countable

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68.
TVC curve

A. Starts from origin

B. Does not start from origin

C. Is parallel to Y-axis

D. None of the above

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69.
"Rent is a creation of value, not of wealth". Who made this observation?

A. Adam Smith

B. David Ricardo

C. Alfred Marshall

D. A.C.Pigou

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70.
These are kinds of rent EXCEPT

A. Differential rent

B. Scarcity rent

C. Mobility rent

D. Location rent

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Economics MCQ Questions and Solutions with Explanations | Commerce

61. When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?

Answer & Solution

62. The standard of living of workers depends upon their

Answer & Solution

63. Which of the following is example of external economies of scale?

Answer & Solution

64. TC curve

Answer & Solution

65. "The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?

Answer & Solution

66. As for the cost of production of an individual farmer, the rent paid by him

Answer & Solution

67. Human wants are

Answer & Solution

68. TVC curve

Answer & Solution

69. "Rent is a creation of value, not of wealth". Who made this observation?

Answer & Solution

70. These are kinds of rent EXCEPT

Answer & Solution

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61.
When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?

62.
The standard of living of workers depends upon their

63.
Which of the following is example of external economies of scale?

64.
TC curve

65.
"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?

66.
As for the cost of production of an individual farmer, the rent paid by him

67.
Human wants are

68.
TVC curve

69.
"Rent is a creation of value, not of wealth". Who made this observation?

70.
These are kinds of rent EXCEPT