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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 9 of Department 2]

81) A firm under monopoly faces ___ demand curve.

(A) Downward sloping
(B) Upward sloping
(C) Perfectly elastic
(D) Perfectly inelastic
Correct Answer - Option (A)

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82) Under perfect competition, the demand curve is

(A) Upward sloping
(B) Horizontal
(C) Vertical
(D) Downward sloping
Correct Answer - Option (B)

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

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83) _____ method of controlling monopoly is best to check the concentration of economic power in few hands.

(A) Controlling price and output
(B) Nationalisation
(C) Legislative
(D) Taxation
Correct Answer - Option (C)

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84) _____ method of monopoly can be applied in case of natural monopolies.

(A) Nationalisation
(B) Consumer’s association
(C) Taxation
(D) Controlling price and output
Correct Answer - Option (D)

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

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85) The monopolist can control

(A) Number of firms
(B) Neither price nor output
(C) Both price and output
(D) Either price or supply
Correct Answer - Option (D)

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

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87) Increase in demand is partially met by the increase in supply in _____ period

(A) Long period
(B) Short period
(C) Very long period
(D) Market period
Correct Answer - Option (B)

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

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88) _____ utility is created due to transfer of ownership from one person to another person.

(A) Form
(B) Place
(C) Time
(D) Possession
Correct Answer - Option (D)

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

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90) Indifference curve approach is based on _____ ranking

(A) Subjective
(B) Psychological
(C) Cardinal
(D) Ordinal
Correct Answer - Option (D)

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

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