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If a person behaves against the laws of economics then:

A. He should be condemned

B. He may lose his respect from society

C. He should be punished

D. He should not be punished or even criticised

Correct Answer : D.


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  1. In the perfect competition, there is a process of:
  2. With an increase in income, consumer is expected to buy more of:
  3. Labor theory was firstly rejected by:
  4. When the income of consumer increases then budget line will:
  5. In monopolistic competition, the firms follow:
  6. The effect of consumer boycotts usually is:
  7. Who wrote An Introduction to Positive Economics?
  8. In a competitive market, price is determined primarily by:
  9. Marginal utility (MU) always:
  10. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  11. The market demand shedule is determined by:
  12. When a competitive firm is in equilibrium in the long-run, its output is such that:
  13. The coefficient of the price elasticity of demand is computed as the absolute value of the percentage…
  14. In monopoly, when average revenue curve falls:
  15. In 1932, The nature and significance of economic science was written by:
  16. Increase in demand occurs when:
  17. If a person behaves against the laws of economics then:
  18. The difference between accounting profits and economic profits is:
  19. The cournot model is a model of:
  20. Diminishing returns occur when a firm:
  21. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  22. In the immediate run:
  23. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  24. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  25. The difference between the average total cost and average variable cost as output increases will:
  26. A firm can never produce in the middle area of input space, in case of:
  27. The general markets results from the imposition of price ceilings has been:
  28. Micro economics is concerned with:
  29. If the slope of the isoquant is equal to the slope of isocost, then isoquant is:
  30. If the demand curve remains unchanged and supply increases, the price will: