Economics MCQs | Basic Economics Quiz Multiple Choice Questions Test with Answers

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ECONOMICS MCQS | BASIC ECONOMICS QUIZ, MULTIPLE CHOICE QUESTIONS TEST (MCQ) WITH ANSWERS
Economics multiple choice questions (MCQs) test with answers. 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.

FEATURED ECONOMICS MCQ
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

ANSWER: ECONOMICS MCQ
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

ANSWERS: ECONOMICS MCQS
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

BASIC ECONOMICS MCQS | MULTIPLE CHOICE QUESTIONS TEST

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