Home
Current Affairs January 2024

What is the correct answer?

4

Human wants are:

A. Thousands

B. Few

C. Innumerable

D. Hundreds

Correct Answer :

C. Innumerable


Related Questions

What is the correct answer?

4

In monopolistic competition, the firms face:

A. Horizontal demand curve

B. Vertical demand curve

C. Similar demand curve

D. Differential demand curve

What is the correct answer?

4

In Prisoner Dilemma, the best choice of strategy is:

A. Stable

B. Unstable

C. Negative

D. Neutral

What is the correct answer?

4

The Cambridge School of Thought refers to the group of English economists who came under the influence of:

A. Alfred Marshal

B. J.M.Keynes

C. Paul A.Samuelson

D. A.C.Pigou

What is the correct answer?

4

When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there will be:

A. An upward pressure on price

B. A downward pressure on price

C. Price will remain unaffected

D. All of the above

What is the correct answer?

4

The difference between laws of return and laws of return to scale is:

A. In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable

B. In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable

C. Both a and b

D. None of the above

What is the correct answer?

4

The consumer is in equilibrium at the where:

A. Budget line and indifference curve intersect each other

B. Budget line and indifference curve are tangent to each other

C. Budget line and indifference curve are opposite to each other

D. Budget line and indifference curve are parallel to each other

What is the correct answer?

4

The Law of Equi-Marginal Utility refers to:

A. Marginal utility of commodity X

B. Marginal utility of commodity Y

C. Marginal utility per rupee spent on X and Y commodities

D. None of the above

What is the correct answer?

4

In sweezy model (kinked demand curve model), the overall increase in costs of production:

A. Do not effect equilibrium

B. Affect equilibrium

C. Both a and b

D. None of the above

What is the correct answer?

4

On a straight line demand curve, elasticity of demand at the midpoint is:

A. Equal to zero

B. Equal to one

C. Equal to infinity

D. More than one

What is the correct answer?

4

4.The Law of Diminishing Returns according to the modern view, applies to:

A. Agriculture

B. All fields of production

C. Industry

D. Services

What is the correct answer?

4

As the price of diamond is higher, so it has:

A. Higher marginal valuation for consumer

B. Lower marginal cost for producer

C. Higher marginal cost for producer

D. Both (a) and (c)

What is the correct answer?

4

Utility means:

A. The want- satisfying power of a commodity

B. Usefulness of commodity

C. Eating of commodity

D. None of these

What is the correct answer?

4

With elasticity of demand, the:

A. Negative sign is ignored

B. Positive sign is ignored

C. None of them

D. Both of them

What is the correct answer?

4

Under perfect competition, at equilibrium, marginal cost is:

A. Less than marginal revenue

B. Equal to marginal revenue

C. More than marginal revenue

D. None of the above

What is the correct answer?

4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

What is the correct answer?

4

A typical demand curve cannot be:

A. Convex to the origin

B. Concave to the origin

C. A straight line

D. Rising upwards to the right

What is the correct answer?

4

MC curve is:

A. L-shaped

B. U-shaped

C. V-shaped

D. Both a and b depending on situation

What is the correct answer?

4

Classical production function is:

A. Q = f(L)

B. U =f(X)

C. Q =f(K)

D. Q =f(L,K)

What is the correct answer?

4

Perfect competition implies:

A. Differentiated goods

B. Homogeneous goods

C. Advertised goods

D. Distress sale of goods

What is the correct answer?

4

If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:

A. Contraction of demand

B. Decrease in demand

C. Increase in demand

D. Extension of demand

What is the correct answer?

4

If in the long run all factor inputs are increased three times and the resulting output is four times as before, it is a case of:

A. Decreasing returns to scale

B. Variable returns to scale

C. Constant returns to scale

D. Increasing returns to scale

What is the correct answer?

4

Marginal utility is only meant for:

A. Half utility

B. Full utility

C. Additional utility

D. Multiplied utility

What is the correct answer?

4

In cournot model, firms face:

A. Negatively sloped demand curve

B. Positively sloped demand curve

C. Horizontal demand curve

D. Vertical demand curve

What is the correct answer?

4

The greater the percentage of income spent on a commodity:

A. The greater its elasticity is likely to be

B. The weaker its elasticity is likely to be

C. The unchanged its elasticity is likely to be

D. None of the above

What is the correct answer?

4

Along an isoquant, output remains same, and capital labor ratio:

A. Is also same

B. Is different

C. Is constant

D. Is zero

What is the correct answer?

4

If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):

A. Both move together and reinforce each other

B. One moves and the other remains constant

C. Move in the opposite direction and neutralize each other

D. Both remain constant

What is the correct answer?

4

The reserve capacity in administration is advocated on the ground that demand for a product will:

A. Decrease in the future

B. Increase in the future

C. Remain constant

D. None of the above

What is the correct answer?

4

The production possibility curve (PPC) is concerned with:

A. Resources of the economy

B. Interests of the economy

C. Limitations of the economy

D. Qualities of the economy

What is the correct answer?

4

The difference between the average total cost and average variable cost as output increases will:

A. Increases

B. Remains the same

C. Diminishes

D. Zero

What is the correct answer?

4

Dumping is international discriminating:

A. Monopoly

B. Oligopoly

C. Duopoly

D. None of the above