Question # 1

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

They are included in labour expect

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college principle

professors

office clerk

students

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

Scope of economics is defined as:

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Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

Efficiency of land can be promoted by.

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Means of communication

Fertility of land

Climate condition

Quality of other factors

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Joint stock company is manged and run by a

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Board of Directors

Shareholders

Accountant

None of these

The maximum number of parteners in a partnership is .

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20

30

15

18

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

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

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