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Capital Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

Correct Answer :

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital


Related Questions

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The optimum level of output in long run takes place where:

A. LAC = LMC

B. SAC = LMC

C. SAC =MC

D. SAC =LAC

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When the law of demand operates the demand curve:

A. Slopes downward

B. Slopes upward

C. Becomes horizontal

D. Becomes vertical

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A high value of cross-elasticity indicates that the two commodities are:

A. Very good substitutes

B. Poor substitutes

C. Good complements

D. Poor complements

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According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:

A. Production

B. Consumption

C. Exchange

D. Formation

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Capital and Development Planning is the work of:

A. S.Chakravarty

B. J.S.Mill

C. A.C.Pigou

D. F.W.Taussig

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Regarding economic decisions, economics of uncertainty identifies:

A. No risks

B. Risks

C. Safety

D. None of the above

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In dominant strategies I am doing the best, I can no matter:

A. What you do

B. What you are doing

C. What you not do

D. None of them

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7.In an economy based on the price system the decision on what shall be produced is made by:

A. Government

B. Consumer

C. Producer

D. Stock holder

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An indifference curve shows the bundles of two goods among which a consumer remains:

A. Indifferent

B. Different

C. In equilibrium

D. Dominant

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The general markets results from the imposition of price ceilings has been:

A. Higher prices

B. Increased prices

C. Increased consumption

D. Shortage of products

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Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:

A. The demand for soybeans should increase

B. The supply of soybeans should increase

C. The demand for soybeans should decrease

D. The supply of soybeans should decrease

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4

In economic term water is a:

A. Free good

B. Economic good

C. Both of the above

D. None of the above

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Karl Marx:

A. Led the Russian Revolution

B. Provided the theoretical basis for socialism(communism)

C. Developed his theory in response to the Great Depression of the 1930s

D. None of the above

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According to classical approach, utility can be:

A. Ranked

B. Consumed

C. Expressed in numbers

D. Cannot be expressed in numbers

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If cross-elasticity of one commodity for another turns out to be zero, it means they are:

A. Close substitutes

B. Good complements

C. Completely unrelated (independent goods)

D. None of the above

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The falling part of total Utility (TU) curve shows:

A. Increasing marginal utility

B. Decreasing marginal utility

C. Zero marginal utility

D. Negative marginal utility

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Under monopoly and imperfect competition MC is:

A. More than the price

B. Less than the price

C. Equal to the price

D. Less than or equal to the price

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If demand increased and supply decreased then:

A. Quantity exchanged might rise or fall and price would rise

B. Quantity exchanged would rise and price would fall

C. Quantity exchanged would rise and price might rise or fall

D. Both quantities exchanged and price would rise

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The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:

A. Two points on demand curve

B. Two points on supply curve

C. Many points on demand curve

D. Many points on demand curve

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When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility and price is:

A. Increased

B. Equalized

C. Prominent

D. Zero

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In cournot model, each firm makes decision regarding:

A. Price

B. Output

C. Cost

D. Advertisement

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If two goods are complements then indifference curve (IC) will be:

A. Straight line

B. Convex to origin

C. Concave to origin

D. Lshaped

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Some economists refer to iso-product curves as:

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

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Perfect competition implies:

A. Differentiated goods

B. Homogeneous goods

C. Advertised goods

D. Distress sale of goods

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The equilibrium conditions, MC = MR = AR = AC, will happen:

A. In the short-run under perfect competition

B. In the long-run under perfect competition

C. In the short-run under monopolistic competition

D. In the long-run under monopolistic competition

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In the case of substitutes, the cross demand curve slopes

A. Downwards to the right

B. Upwards to the right

C. Backwards to the right

D. Inwards at the bottom

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Price mechanism has also given the name:

A. Labor theory

B. Production theory

C. Laisseze-faire

D. None of the above

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If the slope of the isoquant is equal to the slope of isocost, then isoquant is:

A. Concave to the origin

B. Convex to the origin

C. Tangent to the origin

D. None of the above

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Law of Variable Proportions is regarding in:

A. Short-Run

B. Long-Run

C. Medium-Run

D. None of the above

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The study of economics just in theoretical way is called:

A. Positive Economics

B. Normative Economics

C. Micro Economics

D. Development Economics