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

81.
A proper measure of economic progress of a country is

A. Gross domestic product

B. Net domestic product

C. Net national product

D. Per capita real income

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82.
Match the following.

List-I (Economist) List-II (Statement)

a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price

b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price

c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes

d. Marshall 4. The elasticity for demand in a market is large or small according to how the amount of demand increases for a given fall in price and diminishes more or less for a given rise in price

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

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

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

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

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83.
Match the following.

List-I List-II

a. Kinked demand curve 1. Prof. Samuelson

b. Duopoly model 2. Paul M. Sweezy

c. Managerial theory of firm 3. Cournot

d. Social welfare function 4. Williamson

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

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

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

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

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84.
Match the following.

List-I List-II

a. Normal demand curve 1. Vertical straight line

b. Income consumption curve 2. Downwards to the right

c. Inelastic demand curve 3. Upwards to the right

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

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

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

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

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85.
The theory that supply creates its own demand and therefore full employment is natural situation is concerned with:

A. Say's law

B. Pigou's law of employment

C. Giffen's paradox

D. Keynesian theory of employment

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86.
If is impossible to earn economic rent for a component of production if it

A. Perfect inelastic demand

B. Perfectly elastic

C. Not a fixed supply

D. More than a single use

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87.
Entrepreneurship is the outcome of the socio-economic structure of a country. This is the statement

A. Schumpeter's

B. McClelland

C. Hagen

D. John Kunkel

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88.
Which of the following theories of labour welfare is based on 'Man's love for Mankind'?

A. Functional theory

B. Religious theory

C. Public Relation Theory

D. Philanthropic theory

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89.
Giffen's Paradox as an exception to the law of demand includes

A. Prestige goods

B. Inferior goods

C. Complementary goods

D. Substitute goods

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90.
In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where:

A. Marginal cost is the minimum

B. Average cost is the minimum

C. Both marginal cost and average cost are equal

D. Marginal cost is higher than average cost

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1 2 3 4 5 6 7 8 9 10

List-I (Economist)	List-II (Statement)
a. Robinson	1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price
b. Boulding	2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price
c. Cairn Cross	3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes
d. Marshall	4. The elasticity for demand in a market is large or small according to how the amount of demand increases for a given fall in price and diminishes more or less for a given rise in price

List-I	List-II
a. Kinked demand curve	1. Prof. Samuelson
b. Duopoly model	2. Paul M. Sweezy
c. Managerial theory of firm	3. Cournot
d. Social welfare function	4. Williamson

List-I	List-II
a. Normal demand curve	1. Vertical straight line
b. Income consumption curve	2. Downwards to the right
c. Inelastic demand curve	3. Upwards to the right

Economics MCQ Questions and Solutions with Explanations | Commerce

81. A proper measure of economic progress of a country is

Answer & Solution

Answer & Solution

83. Match the following. List-I List-II a. Kinked demand curve 1. Prof. Samuelson b. Duopoly model 2. Paul M. Sweezy c. Managerial theory of firm 3. Cournot d. Social welfare function 4. Williamson

Answer & Solution

84. Match the following. List-I List-II a. Normal demand curve 1. Vertical straight line b. Income consumption curve 2. Downwards to the right c. Inelastic demand curve 3. Upwards to the right

Answer & Solution

85. The theory that supply creates its own demand and therefore full employment is natural situation is concerned with:

Answer & Solution

86. If is impossible to earn economic rent for a component of production if it

Answer & Solution

87. Entrepreneurship is the outcome of the socio-economic structure of a country. This is the statement

Answer & Solution

88. Which of the following theories of labour welfare is based on 'Man's love for Mankind'?

Answer & Solution

89. Giffen's Paradox as an exception to the law of demand includes

Answer & Solution

90. In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where:

Answer & Solution

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81.
A proper measure of economic progress of a country is

83.
Match the following.

List-I List-II

a. Kinked demand curve 1. Prof. Samuelson

b. Duopoly model 2. Paul M. Sweezy

c. Managerial theory of firm 3. Cournot

d. Social welfare function 4. Williamson

84.
Match the following.

List-I List-II

a. Normal demand curve 1. Vertical straight line

b. Income consumption curve 2. Downwards to the right

c. Inelastic demand curve 3. Upwards to the right

85.
The theory that supply creates its own demand and therefore full employment is natural situation is concerned with:

86.
If is impossible to earn economic rent for a component of production if it

87.
Entrepreneurship is the outcome of the socio-economic structure of a country. This is the statement

88.
Which of the following theories of labour welfare is based on 'Man's love for Mankind'?

89.
Giffen's Paradox as an exception to the law of demand includes

90.
In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where: