An individual consumers demand is not determined by:
Price of the commodity
Price of the substitutes
His household income
Size of countrys population
Correct Answer :
D. Size of countrys population
Related Questions
The proportionality rule in production requires that the ratios of MP and factor prices are:
Doubled
Equalized
Not equalized
None of the above
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
Which of the following is the work of A.C.Pigou?
Economics of Welfare
Commerce and Trade
Industrial Economics
None of the above
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
Karl Marx:
Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
The Input-Output Analysis was originated by:
W.W. Leontief
E.D.Domar
R.G.D.Allen
J.M.Keynes
At high prices, demand is likely to be:
More elastic
Less elastic
Unit elastic
Perfectly inelastic
Under the law of variable proportions, the average and the marginal product of the variable factor would ultimately:
Become equal
Decrease
Become constant
Increase
In market sharing cartel model, cartel determines the shares of:
the individuals
industry
firms
associations
Cross-elasticity of demand is measured as:
Percentage change in the quantity of a commodity demanded divided by the percentage change in the price of that commodity
Percentage change in the quantity of commodity X divided by percentage change in the price of commodity Y
Percentage change in the quantity demanded of commodity X
Percentage change in the quantity demanded of commodity X divided by percentage change in the quantity demanded of commodity Y
The slope of budget line shows the price ratios of:
Many goods
Few goods
Two goods
Three goods
In Recardian theory of value, the stress has been made on:
Marginal cost
Production cost
Labor cost
Supply cost
Isocost line shows the combinations of labor and capital where a firms budget is:
Fully spent
Half spent
Partially spent
Nearly spent
Total utility and price are:
Directly related
Unrelated
Closely related
Negatively related
A market demand curve presumes that:
All consumers are alike
Incomes of all consumers is the same
Tastes of all consumers are the same
Consumers differ in taste, incomes and other matters
In non-collusive oligopoly firms enter into:
Secret agreements
No secret agreements
Bad habits
None of the above
A monopolist is:
Price winner
Price searcher
Price taker
Price leaver
Dumping is international discriminating:
Monopoly
Oligopoly
Duopoly
None of the above
The MC curve cuts the AVC and ATC curves:
At different points
At the falling parts of each
At their respective minimums
At the rising parts of each
In short run:
Labor is variable
Labor is fixed
Capital is variable
None of the above
Cardinal approach includes arranging:
The different combinations of X and Y higher and lower without actually measuring the difference of utility between them
The different combinations of X and Y higher and lower and measuring the difference of utility between them
Different combination of X, Y and Z
None of above
If the commodities X and Y are perfect complements then:
None of the above
The income effect means that consumer purchase more when:
Price falls
Price increases
Price is unchanged
Taste changed
An inferior good/ commodity is inferior for:
Every consumer
Most consumers
All consumers
Some consumers and not for others
When a consumer is satisfied with his spending pattern, he is said to be in:
Balance stat
Equilibrium
Disequilibrium
Authenticated form
After reaching the saturation point consumption of additional units of the commodity cause:
Total utility to fall and marginal utility to increase
Total utility and marginal utility both to increase
Total utility to fall and marginal utility to become negative
Total utility to become negative and marginal utility to fall
Price leadership is associated with:
Collusive oligopoly
Non-collusive oligopoly
Cartel
Perfect competition
In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes, the iso-product curve will be:
A downward sloping straight line
A downward sloping curve
An upward rising curve
Right angled iso-quants
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
For a commodity giving large consumers surplus, the demand will be:
Less elastic
More elastic
Unit elastic
Zero elastic