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.
The cost which a firm incurs for purchasing or hiring factors is called

A. Implicit

B. Explicit

C. Real

D. Nominal

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82.
The Communist Manifesto, written jointly by Marx and Engels's was published in

A. 1843

B. 1848

C. 1853

D. 1859

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83.
Every factor of production gets rewarded equal to its

A. Cost

B. Marginal product

C. Price

D. Increasing return

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84.
Utility is more closely related to the term

A. Useful

B. Useless

C. Necessary

D. Satisfaction

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85.
The short run

A. Is less than one year

B. Requires that at least one input is fixed

C. Requires that all inputs are fixed

D. Is just long enough to permit entry and exit

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86.
Who stated explicitly for the first time, the Law of Comparative Costs?

A. David Ricardo

B. Adam Smith

C. James Mill

D. Thomas Mun

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87.
According to Keynes, interest is a payment for

A. Use of durable goods

B. Use of capital

C. Use of money

D. Use of land

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88.
Demand curve slopes downward because of the law of

A. Consumer equilibrium

B. Utility maximization

C. Utility minimization

D. Diminishing marginal utility

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89.
The long run is a

A. Period of three years or longer

B. Period long enough to allow firms to change plant size and capacity

C. Period long enough to allow firm to make economic decisions

D. A period which affects larger than smaller firms

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90.
The Purchasing Power Parity Theory' came into prominence in 1916 through the writings of

A. J.M.Keynes

B. L.E.Von Miser

C. Gustav Cassel

D. F.A.von Hayek

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Economics MCQ Questions and Solutions with Explanations | Commerce

81. The cost which a firm incurs for purchasing or hiring factors is called

Answer & Solution

82. The Communist Manifesto, written jointly by Marx and Engels's was published in

Answer & Solution

83. Every factor of production gets rewarded equal to its

Answer & Solution

84. Utility is more closely related to the term

Answer & Solution

85. The short run

Answer & Solution

86. Who stated explicitly for the first time, the Law of Comparative Costs?

Answer & Solution

87. According to Keynes, interest is a payment for

Answer & Solution

88. Demand curve slopes downward because of the law of

Answer & Solution

89. The long run is a

Answer & Solution

90. The Purchasing Power Parity Theory' came into prominence in 1916 through the writings of

Answer & Solution

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81.
The cost which a firm incurs for purchasing or hiring factors is called

82.
The Communist Manifesto, written jointly by Marx and Engels's was published in

83.
Every factor of production gets rewarded equal to its

84.
Utility is more closely related to the term

85.
The short run

86.
Who stated explicitly for the first time, the Law of Comparative Costs?

87.
According to Keynes, interest is a payment for

88.
Demand curve slopes downward because of the law of

89.
The long run is a

90.
The Purchasing Power Parity Theory' came into prominence in 1916 through the writings of