Economics MCQ Questions and Solutions with Explanations | Commerce

A. 1998

B. 1994

C. 1990

D. 1988

A. negative income elasticity

B. zero income elasticity

C. unit income elasticity

D. All of the above

A. The marginal utility of the two goods consumed is equal

B. The proportion of the marginal utility and the respective price is equal

C. The consumer gets satisfaction from the consumption

D. The consumer is satisfied with his expenditure on various goods

A. Unit elastic

B. Highly elastic

C. Fairly elastic

D. Zero elastic

A. Personal Consumption Expenditure

B. Gross Private Domestic Investment

C. Net Personal Income

D. Net Exports

A. Iso-product curve is a description of ridge curves

B. Iso-production curve is not a description of ridge curves

C. There is no relation between iso-production curve and ridge curves

D. All the above statements are false

A. Under perfect competition, demand curve is perfectly elastic

B. Under monopoly, demand curve is relatively more elastic

C. Both A and B

D. All of the above

A. MU is negative

B. TU is maximum

C. Both A and B

D. None of these

A. Signals to consumers

B. Incentives to producers

C. A means of allocating scarce resources

D. A store of value

A. Rotation of the initial supply curve around the initial price

B. New supply curve to the right of the initial supply curve

C. New supply curve to the left of the initial supply curve

D. Movement along the supply curve