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4

Cardinal approach includes arranging:

A. The different combinations of X and Y higher and lower without actually measuring the difference of utility between them

B. The different combinations of X and Y higher and lower and measuring the difference of utility between them

C. Different combination of X, Y and Z

D. None of above

Correct Answer :

B. The different combinations of X and Y higher and lower and measuring the difference of utility between them


Related Questions

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A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:

A. Increases

B. Decreases

C. Remains the same

D. Is zero

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4

In the real world, some competitive firms owns specialized resources that earn a return called:

A. Economic profit

B. Rent

C. Accounting profit

D. Normal profit

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4

Total fixed costs are:

A.

B.

C.

D.

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4

The general form of Cobb-Douglas production function is:

A.

B.

C.

D.

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4

If the consumers expect that the price of computers will decrease in next year then:

A. Current demand for computers will fall

B. Current demand for computers will rise

C. Current demand will change unpredictably

D. Current supply of computers will rise

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4

According to Marshal, the Law of Diminishing Returns is applicable to:

A. Industry

B. All fields of production

C. Agriculture

D. None of the above

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Marshalls definition of economics was strongly criticised by:

A. Adam Smith

B. Prof.Pigno

C. Prof. Robbins

D. J.B.Clark

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7.The costs which the firms have to face in order to change the price tags of their products and services are called:

A. Product costs

B. Real costs

C. Menu costs

D. Nominal costs

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4

The demand curve of ostentation goods (Veblen goods) will be:

A. Negatively sloped

B. Positively sloped

C. Parallel to X-axis

D. None of the above

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4

Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

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4

Supply of commodity is a:

A. A stock concept

B. A flow concept

C. Both stock and flow

D. None of the above

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4

In real life firms:

A. Loss because of past

B. Learn from past

C. Destroy because of past

D. None of the above

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4

If X and Y are close substitutes, a fall in price of X will lead to:

A. Increase in demand for Y

B. Decrease in demand for Y

C. Increase in demand for both X and Y

D. Increase in demand for Y

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4

The low cost price leader will charge:

A. higher prices

B. zero prices

C. lower prices

D. specific prices

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When a consumer is satisfied with his spending pattern, he is said to be in:

A. Balance stat

B. Equilibrium

C. Disequilibrium

D. Authenticated form

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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

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4

According to critics, the assumption of costless production is:

A. true

B. not true

C. reliable

D. deniable

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A firm can never produce in the middle area of input space, in case of:

A. Concave isoquant

B. Convex isoquant

C. Constant isoquant

D. None of the above

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Cross-elasticity of demand or cross-price elasticity between two substitutes will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the same when its price goes up, it is called:

A. Contraction of demand

B. Decrease in demand

C. Increase in demand

D. Extension of demand

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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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Variable cost includes the cost of:

A. Hiring the building for the factory

B. Purchasing heavy machines

C. Paying the manager of the factory

D. Paying the laborers

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Average cost means:

A. Cost of the average units

B. Cost of the last units of average

C. Cost of the unit of production

D. Total cost marginal cost

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The main contribution of Prof. R.G.D.Allen is in the field of:

A. fixation of price

B. Arc elasticity of demand

C. Cross elasticity of demand

D. Wage theory

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Price leadership is associated with:

A. Collusive oligopoly

B. Non-collusive oligopoly

C. Cartel

D. Perfect competition

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The marginal revenue of a perfectly competitive firm is:

A. Equal to the prices of its products

B. Positively related to output

C. Negatively related to output

D. Always higher than marginal cost

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For the equilibrium of the firm and the industry in the short period in a competitive market, the condition is:

A. P = AC

B. P = MC

C. AC = MC

D. MC = TR

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By scarcity the economist means that all goods are scarce relative the peoples:

A. Desire for them

B. Purchases

C. Production

D. Consumption

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Increasing returns imply:

A. Constant average cost

B. Diminishing cost per unit of output

C. Optimum use of capital and factor

D. External economies

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The Latin term citeris paribus means:

A. Other things being equal

B. Because of this

C. Due to this

D. All the factors changes at the same rate