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Economics
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Q621

Who gave the surplus value theory of wage?

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Q622

The longer the time period, the elasticity of supply will be

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Q623

Which of the following are true for perfect competition?
1. Very large number of buyers and sellers
2. Restriction on entry and exit of firms
3. Perfectly elastic demand
Select the correct answer

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Q624

Which is not the part of business cycle?

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Q625

Assertion (A) Negative MR is not possible in case of perfect competition.
Reason (R) Price remains constant for a perfectly competitive firm.

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Q626

The larger the diameter of a natural gas pipeline, the lower is the average total cost of transmitting 1,000 cubic feet of gas for 1,000 miles. This is an example of

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Q627

Income-elasticity of demand will be zero when a given change in income brings about

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Q628

If a consumer consumes three commodities X, Y and Z with a given income and price, his satisfaction will be maximum when

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Q629

The Delphi method is used for

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Q630

Match the items of List-I with List-II

List-I	List-II
a. Fiscal Policy	1. Mitigation of National hazards
b. Technology Policy	2. Balance of Payment
c. Macro-Economic Policy	3. Fiscal Federalism
d. Monetary Policy	4. Inflation

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Q631

Extension and contraction of demand are result of

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Q632

The law of variable proportion is valid when

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Q633

The finance commission is organized every

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Q634

Barriers to entry are highest, in which two types of markets?

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Q635

Consider the following statements.
1. MP is also called MPP.
2. Physical product refers to production as measured in terms of physical units of the commodity.
3. TP increases even when MP is decreasing.
Which of the statement(s) given above is/are correct?

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Q636

Marginal revenue is equal to the price for which one of the following types of market structure?

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Q637

Which of the following statements summarizes Robbins definition?

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Q638

What is the elasticity of demand for luxury items like high-class furniture?

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Q639

We may define economics as a study of the problems arising from

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Q640

Assertion (A): Long run equilibrium of the industry in a perfectly competitive market occurs at the point where price equals minimum long run average cost.
Reason (R): In this position of zero economic profit, there is no tendency on the part of any existing firm to stage an exit, and no potential entrant wants to enter the industry.

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