The wage rate paid by Easy Day producers falls, and at the same time, the price of raw material used in the production of Easy Day rises. You predict that the supply curve of Easy Day will
A. Surely shift leftward
B. Surely become steeper
C. Shift either leftward or rightward
D. Surely shift rightward
Select an option to see the answer and solution.
Tendulkar committee is concerned with
A. Poverty Estimation
B. Cricket
C. Export Promotion
D. Fiscal Policy Reforms
Select an option to see the answer and solution.
If in a purely competitive market with downward-sloping demand and upward sloping supply curves, a specific excise tax per unit of output is imposed, then
A. price rises by the amount of the tax
B. the price-rise is less than the amount of the tax
C. the price-rise is greater than the amount of the tax
D. the price remains the same
Select an option to see the answer and solution.
Assertion (A) The demand curve has negative slope showing inverse relationship between price and the quantity demanded.Reason (R) It applies only to giffen goods.
A. Both (A) and (R) are true
B. (A) is true, but (R) is false
C. (A) is false, but (R) is true
D. Both (A) and (R) are false
Select an option to see the answer and solution.
According to monetarists, the great depression in the united states largely resulted from
A. excessive imports relative to exports
B. significant changes in technology and resources Availability
C. inappropriate monetary policy
D. excessive export relative to imports
Select an option to see the answer and solution.
Which of the following measures has been able to improve India's balance of payments?
A. Promoting import substitution
B. Emphasis on exports
C. High octroi on imports
D. Devaluation of money
Select an option to see the answer and solution.
An increase in demand combined with no changes in the supply curve will cause
A. A decrease in demand because the supply curve does not shift
B. The equilibrium price to fall
C. A movement rightward along the demand curve
D. The equilibrium price to rise
Select an option to see the answer and solution.
With reference to the cost, which of the following statement is/are correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2
Select an option to see the answer and solution.
Restricting competition is a:
A. Unfair trade practice
B. Monopolistic trade practice
C. Restrictive trade practice
D. All of these
Select an option to see the answer and solution.
Which of the following statements is true?
A. All Giffen goods are inferior goods
B. All inferior goods are citizen goods
C. Giffen goods have positive income effect and negative substitution effect
D. Giffen goods have positive substitution effect
Select an option to see the answer and solution.
The supporter of mixed economy was:
A. Karl Marx
B. Adam smith
C. J. M. Keynes
D. Marshall
Select an option to see the answer and solution.
Normal profits refers to the no profit no loss state. This is equal to which type of the cost?
A. explicit costs
B. implicit costs
C. social costs
D. private costs
Select an option to see the answer and solution.
The inverse relationship between variations in the prices and quantity demanded is not due to:
A. future expectation
B. income effect
C. substitution effect
D. law of diminishing marginal utility
Select an option to see the answer and solution.
The short run equilibrium level of output for monopolistic competitor is given by the point where
A. P = SMC
B. P = SAC
C. the MR curve intersects the SMC curve
D. the MR curve intersects the SMC curve from below and P = AVC
Select an option to see the answer and solution.
The 'Concept of Elasticity of Demand' propounded by
A. Samuelson
B. Canon
C. Marshall
D. None of these
Select an option to see the answer and solution.
"Indivisibilities" in production make the production function a case of-
A. increasing returns
B. decreasing returns
C. constant returns
D. negative returns
Select an option to see the answer and solution.
Which of the following is fundamental determinant of a person's wants and behaviour?
A. Culture
B. Family
C. Perception
D. None of these
Select an option to see the answer and solution.
In perfect competition, in the long-run, there will be no
A. Normal profit
B. Supernormal profit
C. Production
D. Costs
Select an option to see the answer and solution.
Marginal-costing technique is useful for
A. Make or Buy decisions
B. Profit planning
C. Shut-down decisions
D. All of the above
Select an option to see the answer and solution.
When the price increases, the demand for some things also increases, this phenomenon is called
A. Vote against Marshall
B. Vote against Giffen
C. Vote against Veblon
D. None of these
Select an option to see the answer and solution.
