| 1 |
x = 5 y<sup>-1</sup> this is a. |
- A. Constant function
- B. Explicit function
- C. Inverse function
- D. Decreasing function
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| 2 |
Price and demand are positively correlated in case of |
- A. necessities
- B. comforts
- C. Giffen goods
- D. Luxuries
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| 3 |
The concept of perfect competition was introduced by. |
- A. Adam Smith
- B. Alfred Marshall
- C. Keynes
- D. Malthus
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| 4 |
Utility is most closely related to the term |
- A. useful
- B. useless
- C. necessary
- D. satisfaction
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| 5 |
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then |
- A. price will fall
- B. price remains same
- C. price will rise
- D. quantity rises
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| 6 |
In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is |
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Less elastic
- D. More elastic
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| 7 |
Select the correct statement |
- A. Economics affects politics
- B. Economics affects history
- C. Geography affects economics
- D. all of the above are true
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| 8 |
Which statement is true? |
- A. Economics is a physical and normative science
- B. Economics is a social and natural science
- C. Economics is physical and positive science
- D. Economics is a social and normative science
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| 9 |
Economics is a science which studies. |
- A. Distribution of income
- B. Optimum use of scarce resources.
- C. Production of wealth only
- D. Exchange of wealth only
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| 10 |
An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of |
- A. Prof. Knight
- B. Prof. Marshall
- C. Prof. Robbins
- D. Prof. Knees
|