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Current Affairs January 2024

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4

Identify the author of The Affluent Society?

A. Gunnar Myrdal

B. N.Kaldor

C. A.C.Pigou

D. J.K.Galbraith

Correct Answer :

D. J.K.Galbraith


Related Questions

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4

Least cost combination of two factor inputs is achieved at a point where:

A. Budget line cuts the isoquant

B. Budget line is below the isoquant

C. Budget line is tangent with isoquant

D. None of the above

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4

If two goods are perfect substitutes then IC will be:

A. Concave to the origin

B. Convex to the origin

C. Positively sloped

D. Negatively sloped

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The MRTS along an iso-quant goes on to:

A. Appear

B. Diminish

C. Prominent

D. Increase

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4

Which is the other name that is given to the average revenue curve?

A. Profit curve

B. Demand curve

C. Average cost curve

D. Indifference curve

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4

Total costs are:

A. TFC TVC

B. TFC/TVC

C. TVC/TFC

D. TFC +TVC

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4

When a competitive firm is in equilibrium in the long-run, its output is such that:

A. Costs per unit of output are lowest

B. Total profits are highest

C. Marginal cost is lowest

D. Profit per unit of output is zero

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4

Scarcity means:

A. Nil resources

B. Limited resources

C. Many resources

D. Extra resources

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4

The reaction curve of a firm is attained by joining the:

A. Isoprofit curve

B. Super profit curve

C. Normal profit curve

D. Indoprofit curve

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4

The Modern and Neo-Keynsian Theory of Interestwas presented by:

A. Gunner Myrdal

B. A.C.Pigou

C. J.M.Keynes

D. J.R.Hicks

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4

Isocost line shows the combinations of labor and capital where a firms budget is:

A. Fully spent

B. Half spent

C. Partially spent

D. Nearly spent

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4

The number of sellers in oligopoly are:

A. Two

B. Many

C. Four

D. Very few

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4

In Prisoners Dilemma, both the prisoners are interrogated:

A. Separately in different cells

B. Collectively in different cells

C. Collectively in same cell

D. Separately in same cell

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4

In Edgeworth model, price remains:

A. Constant

B. On increasing

C. Independent

D. Indeterminate

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4

Each firm in cournot model starts selling:

A. 1/2 of the total market demand

B. 1/4 of the total market demand

C. 1/3 of the total market demand

D. None of the above

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4

In substitution effect and income effect:

A. The substitution effect is more certain

B. The income effect is more certain

C. The substitution effect is uncertain

D. The income effect is always positive

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4

Microeconomics is also known as:

A. Price theory

B. Demand theory

C. Supply theory

D. Income theory

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4

The slope of an iso-quant represents:

A. MRS

B. MRT

C. MRTS

D. MRPS

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4

An indifferent curve shows:

A. That how many utils are obtained from consuming different bundles of commodities

B. Different collections of two commodities the consumer considers to be of equal value

C. That if price increases there will be an increases in demand

D. None of the above

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4

In joint-profit maximization cartel, the distribution of profit is:

A. Made by agency

B. Not made by agency

C. Made by people

D. None of the above

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An individual consumers demand is not determined by:

A. Price of the commodity

B. Price of the substitutes

C. His household income

D. Size of countrys population

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In cournot model firms:

A. Cannot make price adjustments

B. Can make price adjustments

C. Can adjust number of customers

D. None of the above

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Competitors in monopolistic competition have full control over:

A. The price of their product

B. Product quality

C. The shape of the market demand curve

D. The elasticity of product substitution

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4

Change in demand (rise and fall of demand) is:

A. Due to change in price while other factors remain constant

B. Due to change in factors other than price

C. Both a and b

D. None of the above

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4

A market demand curve presumes that:

A. All consumers are alike

B. Incomes of all consumers is the same

C. Tastes of all consumers are the same

D. Consumers differ in taste, incomes and other matters

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4

The necessary condition of firms equilibrium requires:

A. dR/dQ + dC/dQ = 0

B. dR/dQ - dC/dQ = 0

C. dC/dQ - dR/dQ = 0

D. dR/dQ > dC/dQ > 0

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4

An economic model describing the working of an economy consists of:

A. Functional relationships

B. Family relationships

C. Economic position

D. Stagnant relationships

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Average Revenue means:

A. Per unit revenue received from all the units sold by the producer

B. Revenue of the units having average size

C. Total number of units× Revenue per unit

D. Total revenue × Number of units sold

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The good will highest income elasticity is:

A. Beef

B. Mutton

C. Bread

D. Motion-picture tickets

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If the demand curve remains unchanged and supply increases, the price will:

A. Rise

B. Fall

C. Remain the same

D. None of the above

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A normal profit is:

A. A zero economic profit

B. Revenues less explicit cost

C. About 10% for most industries

D. A zero accounting profit