| 1 |
Which of the following shifts supply curve of cars to the right |
- A. tax on new cars
- B. increase in wages of workers
- C. decrease in steel price
- D. a successful promotion campaign by sellers
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| 2 |
Reward of which factor of production is not pre-determined? |
- A. labour
- B. land
- C. capital
- D. organisation
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| 3 |
Every factor of production gets reward equal to its |
- A. cost
- B. marginal product
- C. price
- D. increasing return
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| 4 |
To show data in tables, we must first |
- A. reduce data
- B. expand data
- C. classify data
- D. all of the above
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| 5 |
Supply curve |
- A. is vertical in long run
- B. is flatter in long run
- C. is same in long and short run
- D. is horizontal in both short and long run
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| 6 |
When price is fixed below equilibrium level, there will be |
- A. surplus commodity in the market
- B. shortage of commodity in the market
- C. supply curve will shift
- D. demand curve will shift
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| 7 |
Demand is a function of |
- A. price
- B. quantity
- C. supply
- D. none
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| 8 |
normative economics |
- A. deals solely with the facts
- B. is never studied in colleges
- C. involves opinions and interpretations
- D. is clearly preferable to positive economics
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| 9 |
An increases in the price of mutton provides information which |
- A. tells consumers to buy more mutton
- B. tells consumers to buy more chicken
- C. tells producers to produce more mutton
- D. b and c of above
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| 10 |
Long period supply curve is |
- A. relatively flatter
- B. relatively steeper
- C. more elastic
- D. a and c of above
|