Economics MCQ 2023 With Answers

Read MCQ on Economics. Topics: Introduction to economics, Micro-economics, Economic policy, utility, Law of Diminishing Marginal Utility, simple interest, compound interest, Types of markets, Local, national and international markets, monopoly, oligopoly, GDP of India, Agro Sectors.

Also read: Agricultural Economics Multiple Choice Questions

Economics MCQ

Question 01. Who gave the wealth oriented concept of economics?

(a). Prof. Robins
(b). Prof. Marshall
(c). Prof. Samulsons
(d). Adam Smith

Question 02. Which of the following is not a part of formulation of economic policy?

(a). Determination of goals
(b). Examination of alternative policies
(c). Choice of a alternative policy
(d). Evaluation of chosen policy

Question 03. Which is a methodology of economic study in economics?

(a). Deductive method
(b). Inductive method
(c). Both a and b
(d). None of the above

Question 04. Why is deductive method realistic?

01: Its errors are removed by arguments.
02. Due to the use of mathematics, the chances of errors are low.
03. The conclusions are always clear.

(a). Only 01 is true
(b). Only 02 is true
(c). Both 01 and 02 are true
(d). All are true

Question 05. According to Marshall what is utility?

(a). Utility is a cardinal approach
(b). Utility is an ordinal approach
(c). Both a and b
(d). None of the above

Also read: Microeconomics MCQ: Multiple Choice Questions

Question 06. Which is not a type of utility?

(a). Marginal utility
(b). Total utility
(c). Average utility
(d). Alternate utility

Question 07. Who defines the Law of Diminishing Marginal Utility as given below:

“The additional benefit which a person derives from given increase of a stock of thing diminishes, other things being equal, with every increase in the stock of that he already has”.

(a). Chapman
(b). Marshall
(c). K. E. Building
(d). None of the above

Question 08. Which is the second law of Gossen?

(a). Law of equi-marginal utility
(b). Law of diminishing marginal utility
(c). Both a and b
(d). None of the above

Question 09. If the price of a commodity changes by 10%, then its demand changes by 20%. What kind of elasticity is this?

(a). Elasticity greater than unit
(b). Elasticity less than unit
(c). Elasticity equal to unit
(d). None of the above

Question 10. Highly elastic demand is

(a). Equal to 0
(b). 0-1
(c). Greater than 1
(d). None of the above

Also read: Macroeconomics MCQ: Multiple Choice Questions

Agriculture MCQ

Question 11. Which of the following factor affects the elasticity of demand?

(a). Uses of commodity
(b). Quality of commodity
(c). Distribution of wealth
(d). All of the above

Question 12. What is the second state of law of variable proportion and costs?

(a). Law of increasing returns
(b). Law o decreasing returns
(c). Law of constant returns
(d). None of the above

Question 13. The demand of wheat is an example of which type of market?

(a). National market
(b). Local market
(c). Regional market
(d). International market

Question 14. Classification of market according to time

(a). Very short period market
(b). Short period market
(c). Very long period market
(d). All of the above

Question 15. Duopoly and Oligopoly are examples of

(a). Imperfect competition
(b). Perfect competition
(c). Monopolistic competition
(d). None of the above

Economics Quiz

Question 16. If,

AR = Cost of goods
MC = Marginal invest

Then, what is the formula of Degree of Monopoly Power?

(a).(AR + MC)/AR
(b). AR – MC
(c). (AR – MC)/AR
(d). AR + MC

Question 17. Which is true about simple interest?

01: Simple Interest for month(s) is = (P × n × R)/ (12 ×100)
02: If someone takes a loan of Rs 10000 from a bank for a period of 1 year with a  rate of interest 10% per annum. Then the interest and the amount he has to pay at the end of a year are 1000 and 11000 respectively.
03: The formula of SI is PTR/100

Where SI = simple interest, P = principal, R = interest rate (in percentage), T = time duration (in years)

(a). Only 1 is true
(b). Only 2 is true
(c). Both a and b are true
(d). All are true

Question 18. The price of a water pump is Rs.1400 and it depreciates by 8% per month. Find its value after 3 months.

(a). Rs. 1090 (Approx.)
(b). Rs. 1190 (Approx.)
(c). Rs. 1290 (Approx.)
(d). Rs. 1010 (Approx.)

Question 19. What has been the GDP growth of India in FY2021-22, FY2022-23 and FY2023-24?

(a). 7.9%, 9.1% and 6.3% respectively
(b). 9.1%, 7.2% and 6.3% respectively
(c). 6.3%, 7.2% and 6.3% respectively
(d). 9.2%, 7.2% and 6.2% respectively

Question 20. What was the share of Agri sectors in the year 2020-21?

(a). 16.48%
(b). 16.18%
(c). 16.28%
(d). 16.38%

Also read: MCQ on MSP, Farm Budgeting and Agricultural Policy

Answer Key

01.	d	06.	d
02.	c	07.	b
03.	c	08.	a
04.	d	09.	c
05.	a	10.	c

11.	d	16.	c
12.	c	17.	d
13.	d	18.	a
14.	d	19.	b
15.	a	20.	c