Here you will find out the Economics mcq based on macroeconomics, microeconomics and many more. These mcq on economics are facilitated by their answers by which you can have the knowledge of right answers.
01: The task of estimating national income in India lies with:
(A) Finance Ministry
(B) Planning Commission
(C) Central Statistical Organization
(D) None of the above
Answer-C
02: If the national income of any year is divided by that year’s population, we get:
(A) Per Capita Income (B) Gross Domestic Product
(C) Disposable Income (D) Net Domestic Product
Answer-A
03: “The supply creates its own demand.” Who stated this?
(A) J.B. Say (B) Marshall
(C) Keynes (D) Pigou
Answer-A
04: Which of the following is a part of the study of macroeconomics?
(A) Product Pricing (B) Factor Pricing
(C) General Price Level (D) Location of an industry
Answer-C
05: Transfer payments refer to payments which are made:
(A) Without any exchange of goods and services
(B) To workers on transfer from one job to another
(C) As compensation to employees
(D) None of the above
Answer-A
06: Micro Economics is also called ………… .
(A) Macro Economics (B) Public Economics
(C) Price theory (D) Labour Economics
Answer-C
07: The term ‘other things being equal’ is used in ……….. .
(A) Government laws (B) Economic laws
(C) Physical laws (D) None of the above
Answer-B
08: Utility is a concept:
(A) Subjective concept (B) Moral concept
(C) Objective concept (D) Neutral concept
Answer-A
09: The shape of demand curve is:
(A) Sloping downward from left to right
(B) Sloping upward
(C) Horizontal
(D) Vertical
Answer-A
10: The law of demand based on ………. .
(A) the law of diminishing marginal utility
(B) consumer surplus
(C) marginal utility
(D) total utility
Answer-A
11: Phillips curve shows relationship between ………. .
(A) Inflation and employment
(B) Wage rate and unemployment
(C) Rate of tax and tax revenue
(D) Public revenue and expenditure
Answer-C
12: The concept of inflationary gap was given by…………. .
(A) Wicksell (B) Keynes
(C) Milton Friedman (D) A.W. Phillips
Answer-B
13: Which of the following is not an essential characteristics of business cycle?
(A) Recurrent in nature
(B) Regular
(C) All pervading in their impact
(D) None of the above
Answer-B
14: Which of the following theories of business cycle has been given by Hawtrey?
(A) Purely Monetary
(B) Monetary over investment
(C) Real over investment
(D) None of the above
Answer-A
15: Which one of the following is a phase of Business Cycle?
(A) Prosperity (B) Recession
(C) Depression (D) All of the above
Answer-A
16: In India the computation of National Income becomes difficult because of:
(A) Non-maintenance of accounts
(B) Presence of large non-monetary sector
(C) Non-cooperation of the private sector
(D) All of the above
Answer-B
17: External economies are the benefits of cost reduction due to ………… .
(A) government subsidy (B) foreign trade
(C) localization (D) division of labour
Answer-D
18: AR curve under perfect competition is in shape:
(A) Slope upwards (B) Slope downwards
(C) Horizontal line (D) Vertical line
Answer-C
19: Perfect competition firms are ………… .
(A) Price searchers
(B) Price maker
(C) Price discriminator
(D) Price taker
Answer-D
20: In imperfect competition the MR curve lies:
(A) above AR curve AR
(B) coincides with AR curve AR
(C) below AR curve AR
(D) horizontal straight line
Answer-C
21: Concept of Mercantilism depends upon:
(A) Agriculture (B) Trade
(C) Land (D) Labour
Answer-B
22: Which of the following economist come to be known as the Physiocrats economist?
(A) Mill (B) Karl Marx
(C) Francois Quesnay (D) Sismondi
Answer-C
23: The concept of Water-Diamond Paradox relates with:
(A) Hicks (B) Marshall
(C) Ricardo (D) Adam Smith
Answer-D
24: The book “Wealth of Nation” was written by …………… .
(A) Sismondi (B) Adam Smith
(C) Malthus (D) Karl Marx
Answer-B
25: Define ‘Labour’ word as:
(A) Mental Work (B) Physical Work
(C) Both (A) and (B) (D) None of the above
Answer-C
26: Who started Ryotwari System in India?
(A) Lord Curzon (B) Tomas Munro
(C) Lord Cornwalis (D) Warren Hestings
Answer-B
27: Which of the following is not a Khrif Crop?
(A) Rice (B) Maize (C) Ragi (D) Wheat
Answer-D
28: Royal Commission on Agriculture was instituted in year ……….. .
(A) 1919 (B) 1928 (C) 1966 (D) 1959
Answer-B
29: Seasonal unemployment is most prevalent in which sector?
(A) Agriculture (B) Industry
(C) Transport (D) Finance
Answer-A
30: RIDF stands for:
(A) Rural Infrastructure Development Fund
(B) Rural Irrigation Development Fund
(C) Rural Industrial Development Fund
(D) Rural Institutional Development Fund
Answer-C
More articles:-
The best book for Economics UPSC
UPSC Economics syllabus
These mcq for economics is for analyze your understanding of the topic. For more knowledge related to Economics please follow Economicstool.
Economics mcq/ mcq for Economics/ mcq on Economics:
01: The task of estimating national income in India lies with:
(A) Finance Ministry
(B) Planning Commission
(C) Central Statistical Organization
(D) None of the above
Answer-C
02: If the national income of any year is divided by that year’s population, we get:
(A) Per Capita Income (B) Gross Domestic Product
(C) Disposable Income (D) Net Domestic Product
Answer-A
03: “The supply creates its own demand.” Who stated this?
(A) J.B. Say (B) Marshall
(C) Keynes (D) Pigou
Answer-A
04: Which of the following is a part of the study of macroeconomics?
(A) Product Pricing (B) Factor Pricing
(C) General Price Level (D) Location of an industry
Answer-C
05: Transfer payments refer to payments which are made:
(A) Without any exchange of goods and services
(B) To workers on transfer from one job to another
(C) As compensation to employees
(D) None of the above
Answer-A
06: Micro Economics is also called ………… .
(A) Macro Economics (B) Public Economics
(C) Price theory (D) Labour Economics
Answer-C
07: The term ‘other things being equal’ is used in ……….. .
(A) Government laws (B) Economic laws
(C) Physical laws (D) None of the above
Answer-B
08: Utility is a concept:
(A) Subjective concept (B) Moral concept
(C) Objective concept (D) Neutral concept
Answer-A
09: The shape of demand curve is:
(A) Sloping downward from left to right
(B) Sloping upward
(C) Horizontal
(D) Vertical
Answer-A
10: The law of demand based on ………. .
(A) the law of diminishing marginal utility
(B) consumer surplus
(C) marginal utility
(D) total utility
Answer-A
11: Phillips curve shows relationship between ………. .
(A) Inflation and employment
(B) Wage rate and unemployment
(C) Rate of tax and tax revenue
(D) Public revenue and expenditure
Answer-C
12: The concept of inflationary gap was given by…………. .
(A) Wicksell (B) Keynes
(C) Milton Friedman (D) A.W. Phillips
Answer-B
13: Which of the following is not an essential characteristics of business cycle?
(A) Recurrent in nature
(B) Regular
(C) All pervading in their impact
(D) None of the above
Answer-B
14: Which of the following theories of business cycle has been given by Hawtrey?
(A) Purely Monetary
(B) Monetary over investment
(C) Real over investment
(D) None of the above
Answer-A
15: Which one of the following is a phase of Business Cycle?
(A) Prosperity (B) Recession
(C) Depression (D) All of the above
Answer-A
16: In India the computation of National Income becomes difficult because of:
(A) Non-maintenance of accounts
(B) Presence of large non-monetary sector
(C) Non-cooperation of the private sector
(D) All of the above
Answer-B
17: External economies are the benefits of cost reduction due to ………… .
(A) government subsidy (B) foreign trade
(C) localization (D) division of labour
Answer-D
18: AR curve under perfect competition is in shape:
(A) Slope upwards (B) Slope downwards
(C) Horizontal line (D) Vertical line
Answer-C
19: Perfect competition firms are ………… .
(A) Price searchers
(B) Price maker
(C) Price discriminator
(D) Price taker
Answer-D
20: In imperfect competition the MR curve lies:
(A) above AR curve AR
(B) coincides with AR curve AR
(C) below AR curve AR
(D) horizontal straight line
Answer-C
21: Concept of Mercantilism depends upon:
(A) Agriculture (B) Trade
(C) Land (D) Labour
Answer-B
22: Which of the following economist come to be known as the Physiocrats economist?
(A) Mill (B) Karl Marx
(C) Francois Quesnay (D) Sismondi
Answer-C
23: The concept of Water-Diamond Paradox relates with:
(A) Hicks (B) Marshall
(C) Ricardo (D) Adam Smith
Answer-D
24: The book “Wealth of Nation” was written by …………… .
(A) Sismondi (B) Adam Smith
(C) Malthus (D) Karl Marx
Answer-B
25: Define ‘Labour’ word as:
(A) Mental Work (B) Physical Work
(C) Both (A) and (B) (D) None of the above
Answer-C
26: Who started Ryotwari System in India?
(A) Lord Curzon (B) Tomas Munro
(C) Lord Cornwalis (D) Warren Hestings
Answer-B
27: Which of the following is not a Khrif Crop?
(A) Rice (B) Maize (C) Ragi (D) Wheat
Answer-D
28: Royal Commission on Agriculture was instituted in year ……….. .
(A) 1919 (B) 1928 (C) 1966 (D) 1959
Answer-B
29: Seasonal unemployment is most prevalent in which sector?
(A) Agriculture (B) Industry
(C) Transport (D) Finance
Answer-A
30: RIDF stands for:
(A) Rural Infrastructure Development Fund
(B) Rural Irrigation Development Fund
(C) Rural Industrial Development Fund
(D) Rural Institutional Development Fund
Answer-C
More articles:-
The best book for Economics UPSC
UPSC Economics syllabus
These mcq for economics is for analyze your understanding of the topic. For more knowledge related to Economics please follow Economicstool.
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