| 1 |
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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| 2 |
A firm should shut down in the short run if it is not covering its |
- A. variable cost
- B. fixed cost
- C. total cost
- D. explicit cost
|
| 3 |
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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| 4 |
Who introduced the concept of Quasi rent. |
- A. Hicks
- B. Alfred Marshall
- C. Hobson
- D. Robbins
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| 5 |
They can expand their business by selling shares in the stock market |
- A. proprietor of a business
- B. partners of the business
- C. joint stock company
- D. industrial cooperative societies
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| 6 |
Debenture holders recive. |
- A. Interest
- B. Wages
- C. Dividend
- D. Profit
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| 7 |
Wealth of nations |
- A. is another name for united nations
- B. is name of a book
- C. indicates total wealth of rich countries
- D. contains formulas to earn wealth
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| 8 |
Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called |
- A. externality
- B. wastage
- C. extra cost
- D. opportunity cost
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| 9 |
if X and Y scales are the same a line making 45-degree angle with X-axis has slope |
- A. 1/4
- B. 1/2
- C. 1
- D. constant
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| 10 |
For an individual farmer, rent paid by him |
- A. is part of cost and affects price of his product
- B. does not enter into price of his product
- C. is unjustified
- D. cannot be determined
|