Q. The opportunity cost of a factor of production is
(A)
what it earns in its present use.
(B)
what it can earn in the long period.
(C)
what it can earn in some other use.
(D)
the cost of production.
✅ Correct Answer: (C)
what it can earn in some other use.
Q. Inflation is caused by
(A)
decrease in production
(B)
increase in money supply and decrease in production
(C)
increase in money supply
(D)
increase in production
✅ Correct Answer: (B)
increase in money supply and decrease in production
Q. The equilibrium of a firm under perfect competition will be determined when
(A)
Marginal Cost > Average Cost
(B)
Marginal Revenue > Average Cost
(C)
Marginal Revenue > Average Revenue
(D)
Marginal Revenue = Marginal Cost
✅ Correct Answer: (D)
Marginal Revenue = Marginal Cost
Q. Which among the following comes under Tertiary Sector of Indian Economy
(A)
Cloth Industry
(B)
Sugar Industry
(C)
Dairy
(D)
Transport of Goods
✅ Correct Answer: (D)
Transport of Goods
Q. National income is the
(A)
Net National Product at Market price
(B)
Net National product at factor coast
(C)
Net domestic product at market price
(D)
Net domestic product at factor cost
✅ Correct Answer: (C)
Net domestic product at market price
Q. Which of the following is entrusted with the task of receiving all money on behalf of the Government as also with the task of making payments on their behalf?
(A)
State Bank of India
(B)
Reserve Bank of India
(C)
Ministry of Finance
(D)
Union Parliament
✅ Correct Answer: (B)
Reserve Bank of India
Q. Indian Income Tax is :
(A)
Indirect and Proportional
(B)
Direct and Progressive
(C)
Indirect and Progressive
(D)
Direct and proportional
✅ Correct Answer: (B)
Direct and Progressive
Q. Which of the following deals with economic offences?
(A)
MISA
(B)
NSA
(C)
TADA
(D)
COFEPOSA
✅ Correct Answer: (D)
COFEPOSA
Q. Demand curve is indeterminate under.
(A)
oligopoly
(B)
duopoly
(C)
monopoly
(D)
pure competition
✅ Correct Answer: (A)
oligopoly
Q. In terms of value, India’s exports in Descending order are
(A)
Gems & Jewellery, Textiles, Engineering goods.
(B)
Engineering goods, Gems & Jewellery, Textiles.
(C)
Textiles, Engineering goods, Gems & Jewellery.
(D)
Textiles Gems & Jewellery, Engineering goods.
✅ Correct Answer: (A)
Gems & Jewellery, Textiles, Engineering goods.
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Tags: Economic mcqs, important mcqs of Economic, Economic important Economic mcqs, mcqs on Economic, important mcqs on Economic, mcqs of Economic