Imperfect competition was introduced by ����-
1.variable cost
2.Chamberlin
3.Keynes
4.None
Imperfect competition was introduced by ����-
1.variable cost
2.Chamberlin
3.Keynes
4.None
In cross elasticity of demand for unrelated goods the demand curve will be��-
1.Horizontal straight line
2.rectangular hyperbola
3.vertical line
4.none of the above
In cross elasticity of demand for unrelated goods the demand curve will be��-
1.Horizontal straight line
2.rectangular hyperbola
3.vertical line
4.none of the above
The short run is a time period in which ��-
1.all resources are fixed
2.the level of output is fixed
3.the size of the production plant is variable
4.some resources are fixed and others are variable
The short run is a time period in which ��-
1.all resources are fixed
2.the level of output is fixed
3.the size of the production plant is variable
4.some resources are fixed and others are variable
Which of the following are not related to factors of production(FOP)
1.land
2.capital
3.raw material
4.labour
Which of the following are not related to factors of production(FOP)
1.land
2.capital
3.raw material
4.labour
A distinguishing characteristic of monopolistic competition is ������
1.Large number of firms
2.Low entry barriers
3.product standardisation
4.product differentiation
A distinguishing characteristic of monopolistic competition is ������
1.Large number of firms
2.Low entry barriers
3.product standardisation
4.product differentiation
A graph showing all the combination of capital and labour available for a given total cost is the ��-
1.isoquant
2.budget constraint
3.isocost line
4.expenditure set
A graph showing all the combination of capital and labour available for a given total cost is the ��-
1.isoquant
2.budget constraint
3.isocost line
4.expenditure set
An LAC curve is not known as �����
1.Envelope curve
2.Planning curve
3.operating curve
4.plant curve
An LAC curve is not known as �����
1.Envelope curve
2.Planning curve
3.operating curve
4.plant curve
car and petrol are �- goods
1.substitutes
2.complementary
3.producers
4.None of the above
car and petrol are �- goods
1.substitutes
2.complementary
3.producers
4.None of the above
Cartel is a part of ������
1.Monopoly
2.Oligopoly
3.Duopoly
4.Perfect competition
Cartel is a part of ������
1.Monopoly
2.Oligopoly
3.Duopoly
4.Perfect competition
Cobb Douglas production function mainly studies ���
1.capital and labour
2.labour and expenditure
3.land and labour
4.land and capital
Cobb Douglas production function mainly studies ���
1.capital and labour
2.labour and expenditure
3.land and labour
4.land and capital
Concentration of monopoly is implemented under ������
1.FERA
2.MRTP
3.FEMA
4.None
Concentration of monopoly is implemented under ������
1.FERA
2.MRTP
3.FEMA
4.None
Gradual long term movement in time series data is called ���
1.Seasonal variation
2.cycles
3.trends
4.exponential variation
Gradual long term movement in time series data is called ���
1.Seasonal variation
2.cycles
3.trends
4.exponential variation
If firms can neither enter nor leave an industry the relevant time period is the ���
1.Short run
2.Intermediate run
3.Immediate run
4.none
If firms can neither enter nor leave an industry the relevant time period is the ���
1.Short run
2.Intermediate run
3.Immediate run
4.none
Implicit costs are ——-
1.equal to total fixed costs
2.comprised entirely of variable costs
3.payments for self-employed resources
4.always greater in the short run than in the long run
Implicit costs are ��-
1.equal to total fixed costs
2.comprised entirely of variable costs
4.always greater in the short run than in the long run
In case of monopoly a firm in the long run can have �����
1.Loss
2.Profit
3.Supernormal profit
4.All of the above
In case of monopoly a firm in the long run can have �����
1.Loss
2.Profit
3.Supernormal profit
4.All of the above
In perfect competition equilibrium is attained when ������
1.AR = AC
2.TR=TC
3.MR=MC
4.Q=P
In perfect competition equilibrium is attained when ������
1.AR = AC
2.TR=TC
3.MR=MC
4.Q=P
In sample survey method �� technique is adopted
1.deliberate
2.convenience
3.quota
4.random
In sample survey method �� technique is adopted
1.deliberate
2.convenience
3.quota
4.random
In the Law of variable proportion when TP is maximum then the MP = ��
1.MP = 1
2.MP<0
3.MP=0
4.MP>!
In the Law of variable proportion when TP is maximum then the MP = ��
1.MP = 1
2.MP<0
3.MP=0
4.MP>!
Inthe short run as economists use the phrase is characterised by ��-
1.all inputs being variable
2.a period where the law of diminishing return does no hold
3.at least one fixed factor of production and firms neither leaving nor entering the industry
4.no variable inputs
Inthe short run as economists use the phrase is characterised by ��-
1.all inputs being variable
2.a period where the law of diminishing return does no hold
3.at least one fixed factor of production and firms neither leaving nor entering the industry
4.no variable inputs
�- input factor is divided as skilled semiskilled unskilled
1.land
2.capital
3.Technology
4.labour
�- input factor is divided as skilled semiskilled unskilled
1.land
2.capital
3.Technology
4.labour
�- is the remuneration for organisation
1.rent
2.wages
3.interest
4.profit
�- is the remuneration for organisation
1.rent
2.wages
3.interest
4.profit
�� costs are business costs which do not involve any cash payments but for them a provision is made in accounts
1.private cost
2.social cost
3.accounting cost
4.book cost
�� costs are business costs which do not involve any cash payments but for them a provision is made in accounts
1.private cost
2.social cost
3.accounting cost
4.book cost
�� Economics views on reducing the production costs
1.internal
2.inventory
3.pecuniary
4.External
�� Economics views on reducing the production costs
1.internal
2.inventory
3.pecuniary
4.External
kinked demand curve is associated with ������
1.Cournot
2.Chamberlin
3.Edgeworth
4.Sweezy
kinked demand curve is associated with ������
1.Cournot
2.Chamberlin
3.Edgeworth
4.Sweezy
Marginal cost curve cuts the average cost curve �����
1.at the left of its lowest point
2.at its lowest point
3.at the right of its lowest point
4.at its highest point
Marginal cost curve cuts the average cost curve �����
1.at the left of its lowest point
2.at its lowest point
3.at the right of its lowest point
4.at its highest point
Marginal cost is defined as
1.change in total cost due to change in output
2.total cost divided by output
3.change in output due to a change in an input
4.total product divided by the quantity of input
Marginal cost is defined as
1.change in total cost due to change in output
2.total cost divided by output
3.change in output due to a change in an input
4.total product divided by the quantity of input
Marginal cost means ��������
1.Substitutional cost
2.addition to the total cost
3.multiplication to the total cost
4.variable cost
Marginal cost means ��������
1.Substitutional cost
2.addition to the total cost
3.multiplication to the total cost
4.variable cost
Miroeonomi theory is lso known s ��
1.usiness Theory
2.ost Theory
3. Iniviul Theory
4. Prie Theory
Miroeonomi theory is lso known s ��
1.usiness Theory
2.ost Theory
3. Iniviul Theory
4. Prie Theory
Money paid to an unskilled labour is called �����
1.Wages
2.Salary
3.Royalty
4.None
Money paid to an unskilled labour is called �����
1.Wages
2.Salary
3.Royalty
4.None
Passive factor of production is ��-
1.only land
2.only capital
3.both land and capital
4.neither land nor capital
Passive factor of production is ��-
1.only land
2.only capital
3.both land and capital
4.neither land nor capital
Reasons for increasing return in stage I of law of variable proportion is ���
1.Indivisibility
2.Specialisation
3.both a and b
4.none of the above
Reasons for increasing return in stage I of law of variable proportion is ���
1.Indivisibility
2.Specialisation
3.both a and b
4.none of the above
Supply is a function of ��
1.a straight line
2.a parabolaL
3.a hyperbola
4.convex to the origin
Supply is a function of ��
1.a straight line
2.a parabolaL
3.a hyperbola
4.convex to the origin
Tea and coffee are �� goods
1.substitutes
2.complementary
3.producers
4.none of the above
Tea and coffee are �� goods
1.substitutes
2.complementary
3.producers
4.none of the above
The cost with which the concept of marginal cost is closely related
1.variable cost
2.fixed cost
3.opportunity cost
4.economic cost
The cost with which the concept of marginal cost is closely related
1.variable cost
2.fixed cost
3.opportunity cost
4.economic cost
The costs that depend on output in the short run are ��-
1.total variable costs only
2. both total variable costs and total costs
3.total costs only
4.total fixed cost only
The costs that depend on output in the short run are ��-
1.total variable costs only
2. both total variable costs and total costs
3.total costs only
4.total fixed cost only
The formula for average fixed costs is ���-
1.TFC/Q
2.DQ/DFC
3.Q/TFC
4.TFC � Q
The formula for average fixed costs is ���-
1.TFC/Q
2.DQ/DFC
3.Q/TFC
4.TFC � Q
The supply of a product does not depend on ��-
1.labour costs
2.the number of sellers in the market
3.consumers tastes
4.existing technology
The supply of a product does not depend on ��-
1.labour costs
2.the number of sellers in the market
3.consumers tastes
4.existing technology
The supply of a product does not depend on ��-
1.labour costs
2.the number of sellers in the market
3.consumers tastes
4.existing technology
The supply of a product does not depend on ��-
1.labour costs
2.the number of sellers in the market
3.consumers tastes
4.existing technology
The total outlay method explains the relationship between price and ��A
1.demand
2.supply
3.expenditure
4.income
The total outlay method explains the relationship between price and ��A
1.demand
2.supply
3.expenditure
4.income
The upper portion of the kinked demand curve is relatively �����
1.More inelastic
2.More elastic
3.Less elastic
4.Less inelastic
The upper portion of the kinked demand curve is relatively �����
1.More inelastic
2.More elastic
3.Less elastic
4.Less inelastic
The vertical difference between TVC and TC is equal to ��
1.MC
2.AVC
3.TFC
4.none
The vertical difference between TVC and TC is equal to ��
1.MC
2.AVC
3.TFC
4.none
Time-series data may exhibit which of the following behaviours?
1.Trend
2.Random variation
3.Seasonality
4.Cycles
Time-series data may exhibit which of the following behaviours?
1.Trend
2.Random variation
3.Seasonality
4.Cycles
Variable costs are ��������
1.Sunk costs
2.Multiplied by fixed cost
3.Cost that change with the level of productio
4.the change in total cost resulting from the production of an additional unit of output
Variable costs are ��������
1.Sunk costs
2.Multiplied by fixed cost
3.Cost that change with the level of productio
4.the change in total cost resulting from the production of an additional unit of output
What are homogenous products?
1.Undifferentiated products
2.Differentiated products
3.Both (a) and (b)
4.None
What are homogenous products?
1.Undifferentiated products
2.Differentiated products
3.Both (a) and (b)
4.None
When the total product curve is falling ���-
1.marginal product curve is zero
2.marginal product curve is negative
3.average product is increasing
4.average product is negative
When the total product curve is falling ���-
1.marginal product curve is zero
2.marginal product curve is negative
3.average product is increasing
4.average product is negative
Which factor of production is considered as fixed input
1.labour
2.technology
3.capital
4.land
Which factor of production is considered as fixed input
1.labour
2.technology
3.capital
4.land
Which of the following is correct?
1.TC = TFC+TVC
2.TFC=TC-TVC
3.TVC=TC-TFC
4.None of the above
Which of the following is correct?
1.TC = TFC+TVC
2.TFC=TC-TVC
3.TVC=TC-TFC
4.None of the above
Which of the following is not present in a time series?
1.Seasonality
2.operational variations
3.trend
4.random variations
Which of the following is not present in a time series?
1.Seasonality
2.operational variations
3.trend
4.random variations
Which of the following techniques uses variables such as price and promotional expenditures which are related to the product demand to predict demand
1.Associative models
2.exponential smoothing
3.weighted moving average
4.simple moving average
Which of the following techniques uses variables such as price and promotional expenditures which are related to the product demand to predict demand
1.Associative models
2.exponential smoothing
3.weighted moving average
4.simple moving average
Whih will use hnge in the emn for goo X?
1.hnge in tste
2. hnge in Inome
3. hnge in the prie of X
4. hnge in the prie of omplementry prout
Whih will use hnge in the emn for goo X?
1.hnge in tste
2. hnge in Inome
3. hnge in the prie of X
4. hnge in the prie of omplementry prout