A demand schedule is shown as:
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
Correct Answer :
A. A function of price alone
Related Questions
The main contribution of Prof. R.G.D.Allen is in the field of:
fixation of price
Arc elasticity of demand
Cross elasticity of demand
Wage theory
The income effect means that consumer purchase more when:
Price falls
Price increases
Price is unchanged
Taste changed
When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there will be:
An upward pressure on price
A downward pressure on price
Price will remain unaffected
All of the above
If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:
One
Zero
Two
Five
The main contribution of Prof.Robbins is in the field of:
human welfare
national income
multiplicity of wants and scarcity of resources
theory of production
If the commodity is normal then price effect is:
Negative
Inverse
Positive
Both (a) and(b)
Law of Substitution in production was presented by:
Classical economists
Keynes
Neo-classical economists
Karl Marx
A monopolist has control over the price he charges for his product. He will be able to maximize his profit by:
Lowering the price, if the demand curve is elastic
Lowering the price, if the demand curve is inelastic
Rising the price, if the demand curve is elastic
None of the above is applicable
When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there will be:
An upward pressure on price
A downward pressure on price
Price will remain unaffected
All of the above
Economics define technology as:
Societys knowledge of production
Applied science
Knowledge of science and mathematics
None of the above
If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
Is not in equilibrium
Will not buy any banana
Will buy some banana but less than he buys of apples
Is willing to pay more for apples than bananas
The production possibility curve (PPC) is concerned with:
Resources of the economy
Interests of the economy
Limitations of the economy
Qualities of the economy
The fundamental choices that a society must make about the use of its resources include:
How much to produce
How to produce
How to distribute
All of the above
With the change in the factor prices, the slope of the expansion path will:
Not change
Also change
Increase
Decrease
Iso-product curve (isoquant) shows:
A given quantity of output that can be produced by various combinations of two inputs
Varying quantities of output that can be produced by the same combination of two factors
Combination of two factors that can give the least cost of production
Combination of two goods that cost the same amount to the producer
In case of monopoly, the slope of MR is:
Always three times than the slope of AR
Always double than the slope of AR
Always equal to the slope of AR
None of the above
To get more revenue, a Finance Minister impose tax on that commodity which has:
Inelastic demand
Elastic demand
Unit elasticity
Zero elasticity
The indirect utility function is a homogeneous function of:
degree one
degree zero
degree less than one
degree greater than one
Change in demand refers to:
Movement on the same demand curve
Upward shift of the demand curve
Downward shift of the demand curve
Upward or downward shift of the demand curve
Which of the following theories of trade cycle was presented by William Jevons?
Sunspot Theory
Monetary Theory
Saving-Investment Theory
Innovation Theory
The number of sellers in oligopoly are:
Two
Many
Four
Very few
J.R.Hicks was:
Neo-classical economist
Classical economist
Keynesian economist
Post-Keynesian economist
The price under perfect competition is settled by:
Producers
Sellers
Buyers
Sellers and buyers
To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
Opportunity cost
Direct cost
Rent cost
Wage cost
Rational economic behavior on the part of the consumer means that he will:
Save as much of his income as possible
Spend as much of his income as possible
Buy everything at the lowest possible price
Make wise choices among available economic goods
The addition or increment to the total cost involvesd in expanding or contracting output by one unit is called:
Fixed cost per unit
Variable cost per unit
Total cost per unit
Marginal cost
Utility means:
The want- satisfying power of a commodity
Usefulness of commodity
Eating of commodity
None of these
Market demand curve is:
Vertical summation of individual demand curves
Upward summation of individual demand curves
Downward summation of individual demand curves
Horizontal summation of individual demand curves
In a socialist (communist) economy the invisible hand:
Guides most resource allocation decisions
Operates effectively only in the labor market
Operates effectively only in the market for capital
Is prevented from operating effectively
In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
With using indifference curves
With using MRS
Without using indifference curve
None of the above