A mixed economy is characterized by the coexistence of:
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
Correct Answer :
B. Public and private sectors
Related Questions
In second degree price discrimination, monopolist takes away :
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
The firm in cournot model:
face costs
face taxes
donot face taxes
donot face costs
Under Bandwagon effects, people use those goods which are used by their:
Friends
Relatives
Family
All of them
Which is the first-order condition for the profit of a firm to be maximum?
AC=MR
MC=MR
MR=AR
AC=AR
When total revenues equal to total opportunity cost then the firm will earn:
Abnormal profit
Zero profit
Normal profit
Negative profit
LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while the fixed and variable factors:
Cannot be changed
Can be changed
Can partially be changed
None of the above
The good will highest income elasticity is:
Beef
Mutton
Bread
Motion-picture tickets
Each SAC represents a particular level of:
Input
Output
Both of them
None of them
Cross-elasticity of demand or cross-price elasticity between two complements will be:
Negative
Positive
Infinite
Zero
Implicit costs are the costs:
Which are not incurred by the firm and may accrue to the community
Of resources the cost of factors owned by the firm
Of resources supplied by the household
Of government externalities
Which is not an essential feature of a socialist economy?
Social ownership of the means of production
Freedom of enterprise
Use of centralized planning
Government decisions
Which of the following is called Gossens first law?
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
The isoquant approach is based upon:
One output
One input
Two outputs
Two inputs
In cournot model, firms face:
Negatively sloped demand curve
Positively sloped demand curve
Horizontal demand curve
Vertical demand curve
Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
Negative
Positive
Infinite
Negative infinite
The Strategy of Economic Development is the work of:
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
We can find total utility by:
Multiplying the number of unit by its marginal utility
Adding up the marginal utility of all units
Multiplying price by number of units
None of the above
Which of the following is not a characteristic of a perfectly competitive market?
There is perfect information about prices
All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
Buyers and sellers do not know each other
Efficient allocation of resources is likely to be achieved under:
Monopoly
Monopolistic competition
Perfect competition
Any market form
Who wrote Economics of Imperfect Competition?
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
From analysis, it is clear that both Marshal and Walras market models are:
Unstable
Stable
Variable
Fluctuating
A dominant strategy can best be described as:
A strategy taken by a dominant firm
A strategy taken by a firm in order to dominate its rivals
A strategy that is optimal for a player no matter an opponent does
A strategy that leaves every player in a game better off
An economic model describing the working of an economy consists of:
Functional relationships
Family relationships
Economic position
Stagnant relationships
Income effect operates through an increase
In nominal income
In money income
In wages
In real income because of the fall of price of a commodity
For monopolistic competitive firm:
P=AR and P>MR
P
P=MC and MC=AC
None of the above
Returns to scale is a:
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
The optimum level of output in long run takes place where:
LAC = LMC
SAC = LMC
SAC =MC
SAC =LAC
Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased then the effect on the market for plumbers would probably be:
An increase in demand
A decrease in demand
An increase in supply
A decrease in supply
Of the following commodities, which has the lowest price-elasticity of demand?
Car
Salt
Tea
House
Total variable cost curve:
Steps downwards at first and then upwards
Steps upwards, then remains constant and then falls
Steps downwards
None of the above