When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?
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The standard of living of workers depends upon their
A. Nominal wages
B. Real wages
C. Average product
D. Government policy
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Which of the following is example of external economies of scale?
A. Discount on purchases of raw materials
B. Technical progress leads to development of machine at low price
C. Hiring of specialized staff due to increase in scale of production
D. A firm starts producing by-products
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TC curve
A. Starts from origin
B. Does not start from origin
C. Is parallel to Y-axis
D. None of the above
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"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?
A. Karl Marx
B. Adam Smith
C. David Ricardo
D. J.S.Mill
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As for the cost of production of an individual farmer, the rent paid by him
A. Enters into the price of his product
B. Does not enter into price of his product
C. Is unjustified
D. None of the above
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Human wants are
A. One thousand
B. Few
C. Innumerable
D. Countable
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TVC curve
A. Starts from origin
B. Does not start from origin
C. Is parallel to Y-axis
D. None of the above
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"Rent is a creation of value, not of wealth". Who made this observation?
A. Adam Smith
B. David Ricardo
C. Alfred Marshall
D. A.C.Pigou
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These are kinds of rent EXCEPT
A. Differential rent
B. Scarcity rent
C. Mobility rent
D. Location rent
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A consumer is in equilibrium when marginal utilities are
A. Minimum
B. Highest
C. Equal
D. Increasing
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TC curve
A. Rises continously
B. Falls after reaching a maximum
C. Is horizontal
D. None of the above
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In which year, was the first volume of Das Capital by Karl Marx published?
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According to Keynes, interest is a payment for
A. Consumer's preference
B. Producer's preference
C. Liquidity preference
D. State Bank's preference
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According to Keynes, interest is a payment for
A. Consumer's preference
B. Producer's preference
C. Liquidity preference
D. State Bank's preference
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When marginal is negative, it must be true that
A. The average is negative
B. The average is decreasing
C. The total is negative
D. The total is decreasing
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All the following curves are U-shaped except
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The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at the British Museum, appeared in
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Interest is paid because
A. Capital is scarce
B. Capital is productive
C. Capital is attractive
D. Capital is surplus
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The term 'marginal' in economics means
A. Unimportant
B. Additional
C. The minimum unit
D. Just barely passing
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