Economics MCQ Questions and Solutions with Explanations | Commerce

A. a-1, b-2, c-3, d-4

B. a-3, b-1, c-2, d-4

C. a-2, b-4, c-1, d-3

D. a-4, b-3, c-2, d-1

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true, but R is NOT a correct explanation of A

C. A is true, but R is false

D. A is false, but R is true

A. 1 and 4

B. 1 and 2

C. 2, 3 and 4

D. 1, 2, 3 and 4

A. move rightward along the original demand curve

B. increase

C. remain unaffected

D. decrease

A. Price effect

B. Income effect

C. Substitution effect

D. Actual balance effect

A. Standard of living

B. Poverty

C. Income

D. Age

A. the price of goods

B. the price of services

C. the price of economic resources

D. all of the above

A. (i), (ii), (iii), (iv)

B. (ii), (iii), (iv)

C. (i), (iii), (iv)

D. (i), (ii), (iii)

A. Expansion, recession, depression and recovery are the four phases of business cycles

B. Business cycle is a part of the capitalist system

C. According to Keynes, "The trade cycle is a purely monetary phenomenon"

D. The innovations theory of business cycle is associated with the name of Joseph Schumpeter

A. marginal production is maximum

B. average production is maximum

C. marginal production is zero

D. average production is equal to the marginal production