| 1 |
The necessary condition for equilibrium position of a firm is |
- A. MR > MC
- B. MC > price
- C. MC = MR
- D. MC = AC
|
| 2 |
Robbins in his definition |
- A. talks of scarcity of resources
- B. preached moral values
- C. supports Adam smith view
- D. none of the above
|
| 3 |
Economics laws are |
- A. exact
- B. approximate
- C. brief
- D. definite
|
| 4 |
Which of the following is a producer good |
- A. pen
- B. cycle
- C. mobile phone
- D. hammer
|
| 5 |
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called |
- A. economies of scale
- B. diseconomies of scale
- C. diminishing marginal returns
- D. negative economies
|
| 6 |
A firm decides to shut down production temporarily when |
- A. MC start rising
- B. AC stat rising
- C. price = AC
- D. price falls below AVC
|
| 7 |
Compare with monopoly price, the competitive price ids always: |
- A. Less than monopoly price
- B. More than monopoly pruce
- C. Equal to monopoly price
- D. Non of the three
|
| 8 |
Utility and usefulness are |
- A. equal
- B. different
- C. opposite
- D. unrelated
|
| 9 |
Consists of all kinds of wealth, other than free gifts of nature, which yield income are called |
- A. Capital
- B. Productivity of capital
- C. Both a and b
- D. None of these
|
| 10 |
The goods used to produce income or wealth are., |
- A. Consumer goods
- B. Manufactured goods
- C. Merit goods
- D. Capital goods
|