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Economic MCQ Questions with answers

Here Important Economic MCQ questions are added which are frequently asked in almost all the examinations. You can check the correct answer of any question on clicking the show answer button or on option itself. The Correct answer will be displayed below. You can share any question with your friends on whatsapp by tapping whatsapp button.

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Learn Economic MCQs [Page 7 of Department 2]

61) Which of the following taxes is not levied by the Union Government?

(A) Wealth tax
(B) Profession tax
(C) Excise duty
(D) Income tax
Correct Answer - Option (B)

No Explanation found. Add Explanation and get +2 points.

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62) Perfect competition is a market situation when we have

(A) Large number of sellers
(B) Few seller
(C) A single seller
(D) Two seller
Correct Answer - Option (A)

Explanation:
A. Large number of seller

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63) Monopoly power is achieved through patient right, copy right and trade marks by the producers is called ____ monopoly.

(A) Technical
(B) Natural
(C) Satte
(D) Legal
Correct Answer - Option (D)

No Explanation found. Add Explanation and get +2 points.

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64) ____ means government may take over monopolistic companies, which are exploiting the consumer

(A) Consumer’s association
(B) Nationalisation
(C) Taxation
(D) Legislation
Correct Answer - Option (B)

No Explanation found. Add Explanation and get +2 points.

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65) The firm and industry are one and the same under

(A) Oligopoly
(B) Monopoly
(C) Duopoly
(D) Perfect competition
Correct Answer - Option (B)

No Explanation found. Add Explanation and get +2 points.

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67) Most important form of selling cost is

(A) Homogenous product
(B) Sales
(C) Advertisement
(D) None of these
Correct Answer - Option (C)

No Explanation found. Add Explanation and get +2 points.

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69) In a socialist economy, all decisions regarding production and distribution are taken by _____

(A) Private sector
(B) Market forces
(C) Customs and traditions
(D) Central planning authority
Correct Answer - Option (D)

No Explanation found. Add Explanation and get +2 points.

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70) When marginal product is negative, the total product _____

(A) Is lowest
(B) Is maximum
(C) Increases
(D) Decreases
Correct Answer - Option (D)

No Explanation found. Add Explanation and get +2 points.

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