# MCQ On Economics And Finance

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
| By Mehtajimmit
M
Mehtajimmit
Community Contributor
Quizzes Created: 12 | Total Attempts: 29,390
Questions: 5 | Attempts: 552

Settings

.

• 1.

### What is the amount of del-credere commission when credit sale is Rs.200000 & cash sale is Rs.150000, the amount of commission being 10%?

• A.

20000

• B.

15000

• C.

35000

• D.

None of the three

C. 35000
Explanation
The del-credere commission is a type of commission charged by a seller to guarantee payment from a buyer. In this case, the credit sale is Rs.200000 and the cash sale is Rs.150000. The commission rate is 10%. To calculate the del-credere commission, we need to find the total sales amount, which is the sum of the credit sale and cash sale (Rs.200000 + Rs.150000 = Rs.350000). Then, we multiply the total sales amount by the commission rate (Rs.350000 * 10% = Rs.35000). Therefore, the correct answer is 35000.

Rate this question:

• 2.

### If electricity demand is inelastic and electric rates increase, which of the following is likely to occur?

• A.

Quantity demanded will fall by relatively large amount.

• B.

Quantity demanded will fall by relatively small amount.

• C.

Quantity demanded will rise in the short-run but fall in the long-run.

• D.

Quantity demanded will fall in the short-run but rise in the long-run.

B. Quantity demanded will fall by relatively small amount.
Explanation
When electricity demand is inelastic, it means that consumers are not very responsive to changes in price. Therefore, if electric rates increase, the quantity demanded will only decrease by a relatively small amount. This is because consumers are not easily deterred by the higher prices and still require electricity for their daily needs. In other words, the demand for electricity remains relatively stable even when prices go up.

Rate this question:

• 3.

### When the invoice/bill is made payable on a specific date then the due date is

• A.

That specific date

• B.

Date on which the term of the bill expires

• C.

The date which comes after adding stated number of days

• D.

The due date of the last bill

A. That specific date
Explanation
The due date refers to the specific date mentioned on the invoice or bill when the payment is expected to be made. This is the date by which the payment should be received to avoid any late fees or penalties. Therefore, the correct answer is "That specific date."

Rate this question:

• 4.

### Unemployment is lower in

• A.

Rural than urban areas

• B.

Urban than rural areas

• C.

Same in both rural and urban areas

• D.

None of these

A. Rural than urban areas
Explanation
Unemployment is lower in rural than urban areas because rural areas typically have fewer job opportunities and a smaller population, leading to less competition for employment. Additionally, rural areas often have a higher reliance on agriculture and natural resources, which can provide more stable employment opportunities compared to urban areas that are more susceptible to economic fluctuations.

Rate this question:

• 5.

### If each item is reduced by 15 , the standard deviation is

• A.

Increased by 15

• B.

Decreased by 15

• C.

Unchanged

• D.

None

C. Unchanged
Explanation
When each item in a set is reduced by the same value, it does not affect the spread or variability of the data. The standard deviation measures the dispersion of the data points from the mean, and reducing each item by 15 does not change the relative distances between the data points. Therefore, the standard deviation remains unchanged.

Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

• Current Version
• Mar 22, 2023
Quiz Edited by
ProProfs Editorial Team
• Apr 10, 2016
Quiz Created by
Mehtajimmit

Related Topics

×

Wait!
Here's an interesting quiz for you.