Economics MCQ Questions and Solutions with Explanations | Commerce

A. co-existence of public and private sector

B. use of market-mechanism in the private sector

C. use of economic planning

D. government regulation and control of the economy

E. all of the above

A. Substitute effect

B. Income effect

C. Change in the number of buyers

D. All of these

A. Diminishing marginal utility

B. Giffen paradox

C. Different uses of products

D. Price of substitute goods

A. Expenditure Method

B. Income Method

C. Production Method

D. All of the above

A. It is a gap between the values of the exports and imports

B. It is a gap between exports and imports minus external borrowings

C. It is a gap between total expenditure and total receipts of the government

D. It is a gap between total receipts minus external borrowing

A. Zero

B. Equal to one

C. More than one

D. Less than one

A. Engel's curve

B. Price consumption curve

C. Income consumption curve

D. Budget constraint

A. Charging different prices on the basis of race

B. Charging different prices for goods with different costs of production

C. Charging different prices based on cost of service differences

D. Selling a certain product of given quality and cost per unit at different prices to different buyers

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

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

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

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

A. Perfectly elastic

B. Elastic

C. Unit elastic

D. Inelastic