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Economics define technology as:

A. Societys knowledge of production

B. Applied science

C. Knowledge of science and mathematics

D. None of the above

Correct Answer : A.


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  1. Whish of the following represents the average revenue curve of a firm?
  2. Rational economic behavior on the part of the consumer means that he will:
  3. When a consumer is in equilibrium then slope of indifference curve is:
  4. Price is measured in:
  5. The optimal strategy for a player is termed as:
  6. The nominal income of a consumer is income in terms of:
  7. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  8. When a consumer is satisfied with his spending pattern, he is said to be in:
  9. Total costs are:
  10. In case of budget line, we get pairs of two goods where consumers income is:
  11. As the price of diamond is higher, so it has:
  12. Returns to scale is a:
  13. The main objective of the firm is to:
  14. An indifferent curve shows:
  15. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  16. The maximization of output subject to cost requires equilibrium at the:
  17. Demand is elastic when the coefficient of elasticity is:
  18. Production function shows:
  19. In case of economic bads, an IC can be :
  20. The non-price competition cartel is a:
  21. In Nash equilibrium, a player:
  22. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  23. Iso-product curve (isoquant) shows:
  24. If the commodity is normal then Income Effect (I.E) is:
  25. Cross-elasticity of demand or cross-price elasticity between two complements will be:
  26. Gold is bought and sold in a:
  27. Scarcity is:
  28. If the price of coffee increases, you would predict that:
  29. Loanable funds theory of Interest was developed by:
  30. Slope of a demand curve is: