Question # 1

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

Other things equal, if a good has more substitutes, its price elasticty of demand is

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larger

smaller

zero

unity

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

MC is given by slope of

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TFC

TC

ATC

AVC

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that

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elasticity of demand is 0

elasticity of demand is 1

elasticity of demand id infinite

law of demand has been violated

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

If elasticity of supply is greater than one. supply curve will be

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horizontal

vertical

passing through origin

touching y-axis

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

Production in economic means

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factors of production

doing some job

output of goods

profit

Which one of the following is a day to day market.

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The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

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