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

51.
According to Marshall, the basis of consumer surplus is

A. Law of diminishing MU

B. Law of Equi-MU

C. Law of proportions

D. All of the above

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52.
Which of the following bodies finalizes the Five Year Plan Proposals?

A. Planning Commission

B. Union Cabinet

C. National Development Council

D. Ministry of Planning

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53.
What implication does resource scarcity have for the satisfaction of wants?

A. Not all wants can be satisfied

B. We will never be faced with the need to make choices

C. We must develop ways to decrease our individual wants

D. The discovery of new natural resources is necessary to increase our ability to satisfy wants

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54.
Who expressed the view that 'Economics should be neutral between ends'?

A. Robbins

B. Marshall

C. Pigou

D. Adam Smith

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55.
Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?

A. The individual firm must have fewer than 10 employees

B. The individual firm faces a downward-sloping demand curve

C. The individual firm has assets less than Rs. 20 lakhs

D. The individual firm is unable to affect market price through its output decisions

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56.
Which one of the following is true about Planning Commission?

A. It is a Ministry

B. It is a Government Department

C. It is an Advisory Body

D. It is an Autonomous Corporation

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57.
A firm encounters its 'shutdown point' when

A. Average total cost equals price at the profit-maximizing level of output

B. Average variable cost equals price at the profit-maximizing level of output

C. Average fixed cost equals price at the profit-maximizing level of output

D. Marginal cost equals price at the profit-maximizing level of output

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58.
Under ______ market condition, firms make normal profits in the long run.

A. Perfect competition

B. Monopoly

C. Oligopoly

D. None of the above

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59.
Larger production of ___ goods would lead to higher production in future

A. Consumer goods

B. Capital goods

C. Agricultural goods

D. Public goods

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60.
Economic survey is published by

A. Ministry of Finance

B. Planning Commission

C. Government of India

D. Indian Statistical Institute

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Economics MCQ Questions and Solutions with Explanations | Commerce

51. According to Marshall, the basis of consumer surplus is

Answer & Solution

52. Which of the following bodies finalizes the Five Year Plan Proposals?

Answer & Solution

53. What implication does resource scarcity have for the satisfaction of wants?

Answer & Solution

54. Who expressed the view that 'Economics should be neutral between ends'?

Answer & Solution

55. Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?

Answer & Solution

56. Which one of the following is true about Planning Commission?

Answer & Solution

57. A firm encounters its 'shutdown point' when

Answer & Solution

58. Under ______ market condition, firms make normal profits in the long run.

Answer & Solution

59. Larger production of ___ goods would lead to higher production in future

Answer & Solution

60. Economic survey is published by

Answer & Solution

Read More Section(Economics)

51.
According to Marshall, the basis of consumer surplus is

52.
Which of the following bodies finalizes the Five Year Plan Proposals?

53.
What implication does resource scarcity have for the satisfaction of wants?

54.
Who expressed the view that 'Economics should be neutral between ends'?

55.
Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?

56.
Which one of the following is true about Planning Commission?

57.
A firm encounters its 'shutdown point' when

58.
Under ______ market condition, firms make normal profits in the long run.

59.
Larger production of ___ goods would lead to higher production in future

60.
Economic survey is published by