According to Saint Thomas Aquinas value is determined by God, but prices by:
Consumers
Employees
People
Labor
Correct Answer :
C. People
Related Questions
Under Bandwagon effects, people use those goods which are used by their:
Friends
Relatives
Family
All of them
The long run average cost curve is:
Cup-shaped
Oval-shaped
Saucer-shaped
Glass-shaped
According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:
Production
Consumption
Exchange
Formation
When a competitive firm is in equilibrium in the long-run, its output is such that:
Costs per unit of output are lowest
Total profits are highest
Marginal cost is lowest
Profit per unit of output is zero
Discriminating monopoly implies that the monopolist charges different prices for his commodity:
From different groups of consumers
For different uses
At different places
Any of the above
Indifference curve represents:
Only two commodities
Only three commodities
More than three commodities
Any number of commodities
If the demand curve remains unchanged and supply increases, the price will:
Rise
Fall
Remain the same
None of the above
Increase in demand occurs when:
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
The income effect means that consumer purchase more when:
Price falls
Price increases
Price is unchanged
Taste changed
In Edgeworth model, price remains:
Constant
On increasing
Independent
Indeterminate
Marginal Utility (MU) curve is always:
Rising
Falling
Parallel to X-axis
Parallel to Y-axis
Production is a function of:
Profits
Costs
Inputs
Price
All of the following curves are U-Shaped except:
The AVC curve
The AFC curve
The AC curve
The MC curve
Some economists refer to iso-product curves as:
Engels curve
Production indifference curve
Budget line
Ridge line
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
With an increase in income, consumer is expected to buy more of:
An inferior good
A giffen good
A normal(or superior) good
None of the above
The relationship between MC and MP shown by the marginal cost concept is:
Inverse
Direct
Negative
Positive
In measuring price-elasticity:
Price is a dependent variable and quantity is an independent variable
Price is an independent variable and quantity is a dependent variable
Price and quantity both are independent variables
Price and quantity both are dependent variables
Equilibrium of a discriminating monopolist requires the fulfillment of which one of the following conditions?
It must be profitable to him to sell output in more than one market
Marginal revenue in both markets must be the same
Marginal revenue in both markets must also be equal to the marginal cost of producing the monopolists aggregate output
All the above
Returns to scale is a:
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
The supply curve would probably shift to the right if:
Resource( factors of production) used in production became more costly
The technology of production improves
Consumers income increased
Some sellers left the market
Identify the author of The Affluent Society?
Gunnar Myrdal
N.Kaldor
A.C.Pigou
J.K.Galbraith
Abstinence or Waiting theory of Interest was presented by:
Lord Keynes
J.S.Mill
Alfred Marshal
Prof.Senior
The number of sellers in duopoly is:
A few
Four
Two
Very large
In the long-run:
Fixed cost will be greater than variable cost
Variable costs will be greater than fixed costs
All costs are variable costs
All costs are fixed costs
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
An inferior commodity is one whose quantity demand decreases when income of the consumer:
Decreases
Increases
Remains constant
Zero
Income-demand curve shows:
Income-expenditure relationship
Income-cost relationship
Income-price relationship
Income-quantity relationship
Firms average and marginal revenues are equal under:
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
In substitution effect, we:
Move to another indifference curve
Move along given indifference curve
Move to a higher indifference curve
Move to a lower indifference curve