Economics MCQ Questions and Solutions with Explanations | Commerce

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51.
The minimum Long Run Average Cost (LAC) can be determined on a
I. LAC curve for a normal production function
II. LAC curve for a linear production function
III. Planning curve
IV. Envelope curve

A. I, II, III

B. II, III, IV

C. I, III, IV

D. I, III, IV

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52.
Price under perfect competition will rise as the demand falls when the production is subject to

A. increasing returns to scale

B. constant returns to scale

C. decreasing returns to scale

D. none of these

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53.
1991 crisis in India economy was originated from:

A. Domestic sector

B. External sector

C. Both A and B

D. None of these

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54.
Which of the following statement is/are correct?
1. Indifference curves slope downwards to the right
2. Indifference curves can never intersect each other
Select the correct answer

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

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55.
For a multi market seller the rule for optimisation is to equate-

A. average revenues from the separate market

B. marginal revenues from the separate market

C. total revenue from the separate market

D. marginal price of production for separate markets

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56.
When the first five year plan was started in India?

A. 1951

B. 1950

C. 1952

D. 1949

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57.
Which one of the following statements is an apt reflection of J. R. Hick's Indifference curve Analysis of demand?

A. Pareto's theory with Marshall's method

B. Pareto's theory with Pareto's method

C. Marshall's theory with Pareto's method

D. Marshall's theory with Marshall's method

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58.
When electronic markets permit prices to change faster even daily as a function of demand and supply then this practice is called:

A. competitive pricing

B. e-marketing pricing

C. yield management pricing

D. none of the above

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59.
If the demand curve of the firm is like to the demand curve of the industry, then the firm will be

A. Perfect competition

B. Monopoly

C. Oligopoly

D. Bicameral

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60.
Which equation is correct in the case of monopoly?

A. AR = MR

B. AR > MR

C. AR < MR

D. AR = MR = 0

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Economics MCQ Questions and Solutions with Explanations | Commerce

51. The minimum Long Run Average Cost (LAC) can be determined on a I. LAC curve for a normal production function II. LAC curve for a linear production function III. Planning curve IV. Envelope curve

Answer & Solution

52. Price under perfect competition will rise as the demand falls when the production is subject to

Answer & Solution

53. 1991 crisis in India economy was originated from:

Answer & Solution

54. Which of the following statement is/are correct? 1. Indifference curves slope downwards to the right 2. Indifference curves can never intersect each other Select the correct answer

Answer & Solution

55. For a multi market seller the rule for optimisation is to equate-

Answer & Solution

56. When the first five year plan was started in India?

Answer & Solution

57. Which one of the following statements is an apt reflection of J. R. Hick's Indifference curve Analysis of demand?

Answer & Solution

58. When electronic markets permit prices to change faster even daily as a function of demand and supply then this practice is called:

Answer & Solution

59. If the demand curve of the firm is like to the demand curve of the industry, then the firm will be

Answer & Solution

60. Which equation is correct in the case of monopoly?

Answer & Solution

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51.
The minimum Long Run Average Cost (LAC) can be determined on a
I. LAC curve for a normal production function
II. LAC curve for a linear production function
III. Planning curve
IV. Envelope curve

52.
Price under perfect competition will rise as the demand falls when the production is subject to

53.
1991 crisis in India economy was originated from:

54.
Which of the following statement is/are correct?
1. Indifference curves slope downwards to the right
2. Indifference curves can never intersect each other
Select the correct answer

55.
For a multi market seller the rule for optimisation is to equate-

56.
When the first five year plan was started in India?

57.
Which one of the following statements is an apt reflection of J. R. Hick's Indifference curve Analysis of demand?

58.
When electronic markets permit prices to change faster even daily as a function of demand and supply then this practice is called:

59.
If the demand curve of the firm is like to the demand curve of the industry, then the firm will be

60.
Which equation is correct in the case of monopoly?