Economics MCQ Questions and Solutions with Explanations | Commerce

A. Pen

B. Cycle

C. Mobile phone

D. Hammer

A. Robbins

B. Marshall

C. Ricardo

D. Keynes

A. Part of total cost

B. Total revenue minus total cost

C. Total revenue minus explicit cost

D. Total variable cost minus total fixed cost

A. MC

B. AVC

C. ATC

D. AFC

A. Oil prices are rising in Pakistan

B. Profit rate is high on textile industry

C. The firms try to make huge profits

D. The government has failed to control inflation

A. Other things remaining same

B. All variables are independent

C. Enable economists to simplify reality

D. That no other assumptions are made

A. Normal profit

B. Implicit costs

C. Explicit costs

D. Variable costs

A. Short run

B. Long run

C. Both periods

D. None of the period

A. Non-availibility of goods

B. High price of goods

C. Less supply than demand

D. High profit of the firms

A. Max Muller

B. Adam Smith

C. Karl Marx

D. None of the above