Microeconomics Questions for Competitive Exams

Microeconomics MCQ for practice:

Which of the following economists is called the Father of Economics?

(a) Malthus

(b) Robinson

(c) Ricardo

(d) Adam Smith

Rent is a factor payment paid to

(a) land

(b) restaurant

(c) building

(d) factory

Price and output are determinates in market structure other than

(a) monopoly

(b) perfect competition

(c) oligopoly

(d) monopsony

The consumer gets maximum satisfaction at the point where

(a) Marginal Utility = Price

(b) Marginal Utility > Price

(c) Marginal Utility < Price

(d) Marginal Cost = Price

Any factor of production can earn economic-rent when its supply will be

(a) Perfectly elastic

(b) Perfectly inelastic

(c) Elastic in nature

(d) All of the above

The sale of branded articles is common in a situation of

(a) excess capacity

(b) monopolistic competition

(c) monopoly

(d) pure competition

The law of diminishing returns applies to

(a) All sectors

(b) Industrial sector

(c) Agricultural sector

(d) Service sector

In a free enterprise economy, resource allocation is determined by

(a) the pattern of consumers’ spending

(b) the wealth of the entrepreneurs

(c) the decision of the Government

(d) the traditional employment of factors

Multiple-choice questions (MCQs) on Microeconomics play a crucial role in preparing for various competitive exams, including Banking exams (IBPS, SBI, RBI), SSC (CGL, CHSL, GD, MTS, CPO, Stenographer, JE), Railway (NTPC, Group D, ALP) and Defence exams such as NDA, CDS, AFCAT, and CAPF. These objective questions and answers are specifically designed to test a candidate’s understanding of key microeconomic concepts like demand and supply, market structures, elasticity, and production theories. Practice questions on Microeconomics not only help aspirants build a strong conceptual foundation but also enhance their problem-solving speed and accuracy. By focusing on multiple-choice questions, candidates can effectively prepare for exams requiring precision and quick decision-making, making them valuable for state-level public service exams and other competitive tests where economics forms a significant part of the syllabus.

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