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

91.
With regard to socialist economy, which of the following statement is correct?
(1) The factors of production are privately owned
(2) Economy is not regulated by the government
Select the correct answer

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

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92.
The demand curve facing a perfectly competitive firm is

A. upward sloping

B. downward sloping

C. horizontal

D. vertical

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93.
If the demand curve confronting an individual firm is perfectly elastic, then

A. The firm is a price-taker

B. The firm cannot influence the price

C. The amount the firm supplies to the market is small relative to the total supply

D. All of the above

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94.
If there were no changes in the quantity of food sold even when its price falls, we would know that

A. demand was entirely inelastic

B. demand was entirely elastic

C. demand was more elastic than one

D. demand was unit elastic

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95.
In price discrimination under discriminating monopoly, given that the elasticity of demand in market I is 5 and in market II is 2.5 measured in absolute terms, how are the prices in the two markets related to each other?

A. Price in the market I is 2/3 of the price in market II

B. Price in the market I is 3/4 of the price in Market II

C. Price in the market I is 1/2 of the price in market II

D. Price in the market I is equal to the price in market II

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96.
Can the demand curve move upwards from left to right?

A. Because of bad goods

B. Performance

C. Hypothesis

D. All of the above

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97.
Who has stated that "profit is legalized robbery"?

A. Schumpeter

B. Taussing

C. Karl Marx

D. Knight

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98.
Ordinal utility analysis of the consumer's behaviour is considered superior to the cardinal utility analysis mainly due to

A. assumption of the rationality of the consumer's behaviour

B. possibility of the derivation of the consumer's demand

C. bifurcation of price effects into income and substitution effects

D. consideration of the available limited resources for satisfying consumer's demand

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99.
Which of the following does not influence the individual demand for a product?

A. Price of product

B. Price of close substitute

C. State of production technology

D. Change in climatic condition

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100.
Which element can be included in the total interest?

A. Net interest

B. Risk payoff/payment

C. Both above

D. None of the above

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Economics MCQ Questions and Solutions with Explanations | Commerce

91. With regard to socialist economy, which of the following statement is correct? (1) The factors of production are privately owned (2) Economy is not regulated by the government Select the correct answer

Answer & Solution

92. The demand curve facing a perfectly competitive firm is

Answer & Solution

93. If the demand curve confronting an individual firm is perfectly elastic, then

Answer & Solution

94. If there were no changes in the quantity of food sold even when its price falls, we would know that

Answer & Solution

95. In price discrimination under discriminating monopoly, given that the elasticity of demand in market I is 5 and in market II is 2.5 measured in absolute terms, how are the prices in the two markets related to each other?

Answer & Solution

96. Can the demand curve move upwards from left to right?

Answer & Solution

97. Who has stated that "profit is legalized robbery"?

Answer & Solution

98. Ordinal utility analysis of the consumer's behaviour is considered superior to the cardinal utility analysis mainly due to

Answer & Solution

99. Which of the following does not influence the individual demand for a product?

Answer & Solution

100. Which element can be included in the total interest?

Answer & Solution

Read More Section(Economics)

91.
With regard to socialist economy, which of the following statement is correct?
(1) The factors of production are privately owned
(2) Economy is not regulated by the government
Select the correct answer

92.
The demand curve facing a perfectly competitive firm is

93.
If the demand curve confronting an individual firm is perfectly elastic, then

94.
If there were no changes in the quantity of food sold even when its price falls, we would know that

95.
In price discrimination under discriminating monopoly, given that the elasticity of demand in market I is 5 and in market II is 2.5 measured in absolute terms, how are the prices in the two markets related to each other?

96.
Can the demand curve move upwards from left to right?

97.
Who has stated that "profit is legalized robbery"?

98.
Ordinal utility analysis of the consumer's behaviour is considered superior to the cardinal utility analysis mainly due to

99.
Which of the following does not influence the individual demand for a product?

100.
Which element can be included in the total interest?