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Economics is a:

A. Exact science

B. Inexact science

C. Pure science

D. All of the above

Correct Answer : B.


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  1. The MRTS along an iso-quant goes on to:
  2. Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin)…
  3. A monopoly producer usually earns:
  4. Liquidity of Preference Theory was introduced by:
  5. Inputs or Factors of production are defined as:
  6. Who wrote A Contribution to the Theory of Trade Cycle?
  7. If the commodity is inferior then:
  8. Under monopoly and imperfect competition MC is:
  9. If the production increases under decreasing returns to scale, the cost will:
  10. The line from the origin to a point on an isoquant shows:
  11. Elasticity (E) expressed by the term, 1>E>0, is:
  12. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  13. In Nash equilibrium, a player:
  14. In market sharing cartel model, cartel determines the shares of:
  15. In short-run, in monopolistic competition, a firm earns:
  16. The supply curve for the short-run competitive firm is the same as:
  17. Contraction of demand means:
  18. The external economies of scale experienced by a firm include the:
  19. External economies are witnessed in:
  20. Isocost line shows the combinations of labor and capital where a firms budget is:
  21. Total variable costs in equation form are:
  22. In economic term water is a:
  23. The substitution effect works to encourage a consumer to purchase more of a product when the price of…
  24. The entry of new firms in cournot model is:
  25. In the long-run competitive equilibrium, the theory predicts that:
  26. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  27. Who developed the concept of Representative Firm?
  28. Indifference curves reflect:
  29. If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the…
  30. The study of economics just in theoretical way is called: