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Economics MCQs

Commerce Objective Questions

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603. Ricardo is famous
A. Population theory
B. Cost theory
C. Rent theory
D. Profit theory
Discussion
604. Who among the following formulates fiscal policy in India?
A. Planning commission
B. Finance ministry
C. Finance commission
D. Reserve Bank of India
Discussion
605. Which of the following pair(s) is/are incorrectly matched?
A. Demand curve is indeterminate ⇔ Oligopoly
B. Ed = ∞ ⇔ Monopoly
C. Demand curve is relatively more elastic ⇔ Monopolistic competition
D. All of the above
Discussion
606. Which one among the following is not the salient feature of industrial policy since 1991?
A. Enormous expansion of the private sector
B. Redefining the role of public sector
C. Limited exposure of Indian industry to foreign competition
D. Pruning of the list of items reserved for SSI units
Discussion
607. If the marginal (additional) opportunity cost is a constant then the PPC would be
A. Straight line
B. Convex
C. Backward leading
D. Concave
Discussion
608. The statement that the law of diminishing returns is applied to all fields of production was stated by
A. Walras
B. A. C. Pigou
C. Alfred Marshall
D. David Ricardo
Discussion
609. The demand curve faced by a monopolistically competitive firm is
A. Perfectly elastic
B. Elastic
C. Unit elastic
D. Inelastic
Discussion

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