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Economics
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Q1001

In the long run in perfect competition

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Q1002

Which of the following could provide an example of exceptional demand curves?
1. Demand for "Giffen goods"
2. Demand based on fears of a future rise in prices
3. Demand for second-hand clothes
4. Demand for daily newspapers
Select the right answer:

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Q1003

Assertion (A): Consumer's surplus is the difference between the potential price and the actual price.
Reason (R): There exists an inverse relationship between the price and the consumer's surplus.

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Q1004

Which of the following points is not an exception to the law of diminishing marginal utility?

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Q1005

If an individual is observed to work less in response to an increase in the wage rate for his services, this implies that

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Q1006

Which one of the following growth models includes the population growth function?
I. Classical model
II. Harrod-Domar model
III. Neo-classical model
IV. Schumpeter model

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Q1007

In the compensating variation method of measuring the substitution effect of a rise in price, the consumer is

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Q1008

Match List-I and List-II and select the correct answer:

List-I	List-II
a. Risk Bearing Theory of profit	1. Prof. Clark
b. Dynamic Theory of profit	2. Prof. Hawley
c. The innovation theory of profit	3. Prof. Knight
d. Uncertainity theory of profit	4. Prof. Schumpeter

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Q1009

Match List-I and List-II

List-I	List-II
a. Give strong orders	1. Marshall
b. Cardinal analysis	2. Hicks
c. Ordinal analysis	3. Slasky
d. Compensatory demand curve	4. Samuelson

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Q1010

On which of the following assumptions, the theory of consumer behaviour of cardinal utility approach is NOT based?

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Q1011

The point of inflexion refers to that point on the total physical product curve from where onwards the . . . . . . . . of the total physical product changes.

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Q1012

The indifference curve cannot intersect each other due to the

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Q1013

The marginal utility at the point of satiety will be

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Q1014

If the capital production ratio in an economy is 5.2, what be the savings income ratio to increase the national income by 6.2%?

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Q1015

Match the following.

List-I	List-II
a. Indifference curve	1. Slopes downward to the right
b. Demand curve	2. P = AR = MR = d
c. Perfect competition	3. Oligopoly
d. Price leadership	4. Convex to the origin

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Q1016

A firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?

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Q1017

By total consumer surplus, economists mean (in P-Q space)

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Q1018

How is the revenue marginal productivity calculated under marginal productivity theory?

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Q1019

Match the following.

List-I	List-II
a. Economic profit	1. Total revenue explicit cost
b. Accounting profit	2. Buyers and sellers exchanging
c. Collusion/Cartel	3. Total revenue - Total cost
d. Market	4. Oligopoly

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Q1020

For a perfectly competitive firm

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