Economics MCQs Quiz Test Questions with Answers

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Economics MCQs Questions with Answers. Basic Economics multiple choice questions (MCQ) and answers test. These economics quiz are from fundamentals of economics, basic economic theories, micro economics and macro economics. Also, link to Economics MCQs PDF is given after the fifth question. These are the most important and the most repeated economics questions with answers for test preparation. Find answers to the featured economics MCQ (multiple choice quiz) after the third question.

Economics MCQs

1. An increase in supply _____ the price and _____ the quantity demanded.
(A) lowers, raises
(B) raises, lowers
(C) lowers, lowers
(D) raises, raises

2. A businessman opportunity should be accepted if it has _____ net present value.
(A) zero
(B) positive
(C) negative
(D) constant

3. In a monopolistic competition, a business obtains its maximum-profit position where
(A) MR > MC
(B) MR < MC
(C) MR = MC
(D) MR + MC = 1

1. (A) lowers, raises
2. (B) positive
3. (C) MR = MC. See below ↓ for regular economics questions. Answers to these economics quiz are given after the 5th economic MCQ.

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1. The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
(C) scarce
(D) unlimited

2. Consider a world without scarcity of resources. Then what would be the consequences?
(A) All prices would be zero
(B) Markets would be unnecessary
(C) Economics would no longer be a useful subject
(D) All of the above

3. Who is considered the founder of Microeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

4. Who is considered the founder of modern Macroeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

5. When analyzing the impact of a variable on the economic system, the other things
(A) must be kept constant
(B) must also be analyzed
(C) must not be taken into consideration
(D) none of these

1. (C) scarce
2. (D) All of the above
3. (A) Adam Smith
4. (B) John Keynes
5. (A) must be kept constant Next: Economics MCQs 6–10


Economics MCQs (PDF)
Download the Economics Multiple Choice Questions (MCQs) in PDF from this page.