Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
Correct Answer :
C. David Ricardo
Related Questions
In case the two commodities are complements, cross elasticity will be:
Positive
Unitary
Negative
Infinite
Elasticity (E) expressed by the term, 1>E>0, is:
Perfectly elastic
Relatively elastic
Unitary elastic
Relatively inelastic
Production indifference curve (isoquant) is a curve which shows:
Equal level of output
Unequal level of outputs
Equal level of inputs
Unequal level of inputs
In which case the elasticity shown by the different points of a curve is the same?
A straight line curve
A downward sloping demand curve
A rectangular hyperbola demand curve
None of the above
All money costs can be regarded as:
Social costs
Opportunity costs
Explicit costs
Implicit costs
In perfect competition, the slope of the total revenue curve of a firm is equal to the:
Market price
AVC
TFC
AFC
If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because:
Consumers get better quality goods
Cost of production falls and hence price will follow
Goods will be sold in many markets
None of the above
When total product (TP) is maximum:
MP is negative
MP is infinite
MP is zero
None of the above
The largest possible loss that a firm will make in the short run is:
Zero
Its total fixed cost
Its total variable cost
Equal to one
The budget-line is also known as the:
Iso-utility curve
Production possibility line
Isoquant
Consumption possibility line
In case of perfect competition, TR curve rises at a:
Constant rate
Decreasing rate
Increasing rate
None of the above
Under monopolistic competition, the firms compete alongwith:
Supreme powers
Discretionary powers
Low powers
None of the above
The Law of Proportionality is another name of:
The law of diminishing marginal utility
The law of demand
The Law of Diminishing Returns
The law of supply
If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
Both move together and reinforce each other
One moves and the other remains constant
Move in the opposite direction and neutralize each other
Both remain constant
The non-price competition cartel is a:
stable cartel
unstable cartel
prominent cartel
special cartel
To get more revenue, a Finance Minister impose tax on that commodity which has:
Inelastic demand
Elastic demand
Unit elasticity
Zero elasticity
Inputs or Factors of production are defined as:
Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production
Unproductive resources that do not take part in production process are called inputs or factors of production
Firms own resources are called inputs or factors of production
None of the above
In monopoly and perfect competition, TC curves are:
Different
Similar
Opposite
None of the above
In case of monopoly, both AR and MR fall, but MR falls:
Double to that of AR
1/2 to that of AR
2/3 to that of AR
Four times to that of AR
The number of sellers in oligopoly is:
Two
One
Very large
A few
The minimization of costs subject to output requires equilibrium at the lowest:
Isoquant line
Isocost line
Indifference curve
Price line
The long run average cost curve is the envelope of:
SACs
LACs
SMCs
LMCs
Who introduced the concept of Elasticity of Demand into economic theory?
Alfred Marshal
Adam Smith
Karl Marx
George Stigler
Karl Marx:
Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
J.S.Mill
Adam Smith
Robert Malthus
David Ricardo
In Bertrand model, the entry of new firms is:
banned
allowed
partially allowed
none of the above
A monopoly producer has:
Control over production but not over price
Control neither on production nor on price
Control over consumers
Control over production as well as over price
When sales tax is imposed on monopolist, its:
Output is effected
Equilibrium is effected
Input is effected
Reputation is effected
The alternative of profit maximization theory is:
Cost maximization
Product maximization
Revenue maximization
None of the above