In 1890, Principles of Economics was written by:
Prof. Robbins
Alfred Marshal
Prof. Senior
Adam Smith
Correct Answer :
B. Alfred Marshal
Related Questions
Rotten eggs are:
Free goods
Economic goods
Luxury goods
None of the above
A firms profit is equal to:
R-C
R>C
R
R=C
In Revealed Preference Theory, a consumer reveals preference for bundle of:
Two goods
A few goods
One good
Many goods
For the given production function, technical inefficiency is defined as:
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
Supply curves are most elastic:
In the long-run
In the short-run
For luxuries
In the immediate-run
A market demand curve presumes that:
All consumers are alike
Incomes of all consumers is the same
Tastes of all consumers are the same
Consumers differ in taste, incomes and other matters
Of the following commodities, which has the lowest price-elasticity of demand?
Car
Salt
Tea
House
Identify the work of T.W.Schultz:
Transforming Traditional Agriculture
Productivity and Technical Change
Jobs, Poverty and the Green Revolution
Causes of Poverty
The Cambridge School of Thought refers to the group of English economists who came under the influence of:
Alfred Marshal
J.M.Keynes
Paul A.Samuelson
A.C.Pigou
According to Chamberlin, the activity of a monopolistic competitive firm:
Get noticed by the rival firms
Get unnoticed by the rival firms
Get noticed by the employees of the rival firms
None of the above
Marshallian approach is also known as:
Cardinal approach
Ordinal approach
Consumer approach
Production approach
Each SAC represents a particular level of:
Input
Output
Both of them
None of them
In terms of price, the indirect utility function may be:
Concave
Quasi-convex
Straight line
Convex
Cardinal approach includes arranging:
The different combinations of X and Y higher and lower without actually measuring the difference of utility between them
The different combinations of X and Y higher and lower and measuring the difference of utility between them
Different combination of X, Y and Z
None of above
Each short run average cost curve:
Has to touch the long run cost curve
Has to cross the long run cost curve
Has to lie above all points on the long run cost curve
Coincides with the long run cost curve at some point
Some economists refer to iso-product curves as:
Engels curve
Production indifference curve
Budget line
Ridge line
Marginal utility (MU) always:
Increases
Decreases
Remains constant
None of above
At the shut-down point in perfect competition:
P = AVC
TR =TVC
The total losses of the firm equal TFC
All of the above
AR curve under perfect competition:
Slopes downwards to the right
Slopes upward to the right
Is vertical to the x-axis
Is horizontal to the x-axis
If the commodity is inferior then:
Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
If the marginal utility is divided by the price of the commodity then it is called:
Real Marginal Utility
Gross Marginal Utility
Weighted Marginal Utility
Money Marginal Utility
The normal long-run average cost curve is influenced by the:
Principle of diminishing returns
Economies and diseconomies of large scale production
Principle of constant return to scale
All of the above
A high value of cross-elasticity indicates that the two commodities are:
Very good substitutes
Poor substitutes
Good complements
Poor complements
In monopolistic competition, the firm take advantage due to customers:
Similar choices
Unlimited choices
Differential choices
Few choices
While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:
Equal MU from both commodities X and Y
More MU from commodity X than from commodity Y
More MU from commodity Y than from commodity X
Equal marginal utility from the last rupee spent on commodity X and commodity Y
The necessary condition of firms equilibrium requires:
dR/dQ + dC/dQ = 0
dR/dQ - dC/dQ = 0
dC/dQ - dR/dQ = 0
dR/dQ > dC/dQ > 0
Total variable costs in equation form are:
If a person behaves against the laws of economics then:
He should be condemned
He may lose his respect from society
He should be punished
He should not be punished or even criticised
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:
Decreasing returns to scale
Variable returns to scale
Constant returns to scale
Increasing returns to scale
According to law of Equi-Marginal Utility when price of commodity falls then we bought:
More units
Less units
Same units
Zero units