In 1932, The nature and significance of economic science was written by:
Prof. Adam Smith
Prof. Alfred Marshal
Prof. Robbins
J.S.Mill
Correct Answer :
C. Prof. Robbins
Related Questions
One common definition of a luxury good is a good with income elasticity:
Greater than one
Equal to one
Less than one but more than zero
None of the above
In cournot model, each firm makes decision regarding:
Price
Output
Cost
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Time Preference Theory of Interest was presented by:
Adam Smith
Carl Menger
Ruskin
J.B.Say
In monopolistic competition, the individual demand curve is also known as:
Planned products curve
Planned material curve
Planned costs curve
Planned sales curve
Economies of large-scale production:
Lead to greater specialization
Offsets the effects of the law the law of comparative advantage
Lead to greater diversification of individual production
Cause firms to use more capital and less labor
If the supply curve is not a straight line but curvilinear, the elasticity on all points of the supply curve is:
Equal
Different
Zero
Infinity
When total product (TP) is maximum:
MP is negative
MP is infinite
MP is zero
None of the above
Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?
Oligopoly
Perfect competition
Imperfect competition
None of the above
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
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
In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:
Also decrease it
Increase it
Remain uneffected
None of the above
We can obtain consumers demand curve from:
Income Consumption Curve (ICC)
Engels Curve
Price Consumption Curve (PCC)
Production Possibility Curve (PPC)
When total revenue (TR) falls in monopoly then elasticity of demand is:
E =1
E >1
E <1
E =0
Any expansion in output by a firm in the short period will always reduce the:
Average variable cost
Average fixed cost
Both average fixed and variable cost
None of the above
Price elasticity of demand can be measured in the following way:
Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity
Change in quantity demanded of a commodity divided by change in price of that commodity
Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity
None of that commodity
The Hicksian indirect utility function in the form of equation is:
x =f(P)
x =a-bp
Traditionally, the study of determination of price is called:
Theory of price
Theory of value
Theory of labor
Theory of cost
Demand is elastic when the coefficient of elasticity is:
greater than zero
less than one
greater than one
less than one
In monopolistic competition, the aim of the firm is to:
Maximize output
Minimize output
Minimize cost
Maximize profit
The isoquant which are generated by CES (constant elasticity of substitution) production function are always:
Positively sloped
Negatively sloped
Concave to the origin
None of the above
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 there are many producers, each of whom has an individual production possibility curve, then the lowest marginal cost producer of good X is the producer:
Who must sacrifice fewer units of every other goods than any other producer
Who can produce more X per hour than any other producer
Who must sacrifice more units of every other goods than any other producer
None of the above
The elliptical isoquant represents the:
Economic combinations of labor and capital
Uneconomic combinations of labor and capital
Both a and b
None of the above
Under perfect competition, a firm will be in equilibrium if:
MC = MR
MC cuts the MR from below
MC rises when it cuts the MR
All the above three conditions are fulfilled
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
A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
Increases
Decreases
Remains the same
Is zero
The number of firms in monopolistic competition normally range between:
14 to 28
14 to 80
14 to 38
14 to 60
If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
The MU/P ratio has decreased
Of the income and substitution effects
Consumers tend to feel poorer when prices fall
When price falls the demand curve shifts right
Total Utility (TU) curve:
Always rises
Always falls
First falls and then rises
First rises and then falls
A firm considering what type of new plant to build is involved in a:
Immediate-run decision
Market period decision
Short-run decision
Long-run decision