Economics MCQ Questions and Solutions with Explanations | Commerce

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131.
The supporter of mixed economy was:

A. Karl Marx

B. Adam smith

C. J. M. Keynes

D. Marshall

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132.
Normal profits refers to the no profit no loss state. This is equal to which type of the cost?

A. explicit costs

B. implicit costs

C. social costs

D. private costs

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133.
The inverse relationship between variations in the prices and quantity demanded is not due to:

A. future expectation

B. income effect

C. substitution effect

D. law of diminishing marginal utility

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134.
The short run equilibrium level of output for monopolistic competitor is given by the point where

A. P = SMC

B. P = SAC

C. the MR curve intersects the SMC curve

D. the MR curve intersects the SMC curve from below and P = AVC

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135.
The 'Concept of Elasticity of Demand' propounded by

A. Samuelson

B. Canon

C. Marshall

D. None of these

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136.
"Indivisibilities" in production make the production function a case of-

A. increasing returns

B. decreasing returns

C. constant returns

D. negative returns

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137.
Which of the following is fundamental determinant of a person's wants and behaviour?

A. Culture

B. Family

C. Perception

D. None of these

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138.
In perfect competition, in the long-run, there will be no

A. Normal profit

B. Supernormal profit

C. Production

D. Costs

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139.
Marginal-costing technique is useful for

A. Make or Buy decisions

B. Profit planning

C. Shut-down decisions

D. All of the above

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140.
When the price increases, the demand for some things also increases, this phenomenon is called

A. Vote against Marshall

B. Vote against Giffen

C. Vote against Veblon

D. None of these

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Economics MCQ Questions and Solutions with Explanations | Commerce

131. The supporter of mixed economy was:

Answer & Solution

132. Normal profits refers to the no profit no loss state. This is equal to which type of the cost?

Answer & Solution

133. The inverse relationship between variations in the prices and quantity demanded is not due to:

Answer & Solution

134. The short run equilibrium level of output for monopolistic competitor is given by the point where

Answer & Solution

135. The 'Concept of Elasticity of Demand' propounded by

Answer & Solution

136. "Indivisibilities" in production make the production function a case of-

Answer & Solution

137. Which of the following is fundamental determinant of a person's wants and behaviour?

Answer & Solution

138. In perfect competition, in the long-run, there will be no

Answer & Solution

139. Marginal-costing technique is useful for

Answer & Solution

140. When the price increases, the demand for some things also increases, this phenomenon is called

Answer & Solution

Read More Section(Economics)

131.
The supporter of mixed economy was:

132.
Normal profits refers to the no profit no loss state. This is equal to which type of the cost?

133.
The inverse relationship between variations in the prices and quantity demanded is not due to:

134.
The short run equilibrium level of output for monopolistic competitor is given by the point where

135.
The 'Concept of Elasticity of Demand' propounded by

136.
"Indivisibilities" in production make the production function a case of-

137.
Which of the following is fundamental determinant of a person's wants and behaviour?

138.
In perfect competition, in the long-run, there will be no

139.
Marginal-costing technique is useful for

140.
When the price increases, the demand for some things also increases, this phenomenon is called