1 |
Market equilibrium means |
- A. number of buyers and sellers are equal
- B. demand and supply of commodity are equal
- C. no price is changing
- D. prices rise very slowly
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2 |
A firm attains sub-normal profit when: |
- A. AR = AC
- B. AR < AC
- C. AR > AC
- D. TR < TC
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3 |
Which of the following is example of external economies of scale? |
- A. Discount on purchases of raw materials
- B. Technical progress leads to development of machines at low price
- C. Hiring of specialized staff due to increase in scale of production
- D. A firm starts producing by products
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4 |
In which form the largest percentage of national income is earned |
- A. interest income
- B. proprietor's income
- C. employees' income
- D. rental income
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5 |
According to Malthus, population increase by |
- A. arithmetic progression
- B. geometric progression
- C. systematic progression
- D. automatic progression
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6 |
Total profit = ? |
- A. Per unit profit x output
- B. Per unit profit x input
- C. Per unit profit + output
- D. per unit profit - input
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7 |
The demand of a will expand when: |
- A. Other things do not remain constant.
- B. Price of the products changes.
- C. Value of money falls.
- D. None of the three
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8 |
One of the following will not be an assumption of the law of diminishing marginal utility. |
- A. Nature of the product should not changed
- B. Mental condition of the consumer
- C. Income of the consumer should not changed
- D. None of the three
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9 |
These are kinds of rent EXCEPT |
- A. differential rent
- B. scarcity rent
- C. mobility rent
- D. location rent
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10 |
Which laws are implemented with an executive authority . |
- A. Economic laws
- B. Moral laws
- C. State laws
- D. Physical laws
|