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A price is a ratio of exchange between:

A. Money and exchange

B. Quantity and production

C. Production and consumption

D. Money and quantity

Correct Answer : D.


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  1. In monopolistic competition, if a firm lowers its price, the rival firms will:
  2. In monopolistic competition, the cost curves of all firms are:
  3. Under monopolistic competition, the products sold by the firms are:
  4. Income-demand curve shows:
  5. In the case of a normal goods, the income effect:
  6. The elliptical isoquant represents the:
  7. The situation in between the extremes of the govt. controlled, planned economy and the perfectly free,…
  8. If a person behaves against the laws of economics then:
  9. In case of monopoly:
  10. Iso-product curve (isoquant) shows:
  11. A monopoly producer has:
  12. In case the two commodities are complements, cross elasticity will be:
  13. If demand is elastic and supply is inelastic then the burden of a tax on the good will be:
  14. In case of monopoly, both AR and MR fall, but MR falls:
  15. The situation of single buyer and single seller is called:
  16. The number of sellers in oligopoly is:
  17. The longer the period of time, the elasticity of supply will be:
  18. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  19. The main contribution of David Ricardo is in the field of:
  20. Regarding economic decisions, economics of uncertainty identifies:
  21. In non-constant sum game (non-zero sum game), if there are two parties then:
  22. We can write ordinal utility function as:
  23. Identify the economist who first developed the theory of income determination in its modern form:
  24. Which of the following curves is a rectangular hyperbola?
  25. Production function relates:
  26. According to critics, the assumption of costless production is:
  27. Elasticity of supply means change in supply due to change in:
  28. The minimization of costs subject to output requires equilibrium at the lowest:
  29. In the case of complements, the cross demand curve slopes:
  30. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…