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4

In case of budget line, we get pairs of two goods where consumers income is:

A. Fully spent

B. Half spent

C. Partially spent

D. Correctly spent

Correct Answer :

A. Fully spent


Related Questions

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4

Labor Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

Which of the following is not a feature of isoproduct curves?

A. Are downward sloping to the right

B. Show different input combination producing the same output

C. Intersect each other

D. Are convex to the origin

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4

Demand for a commodity is elastic when it has

A. Only one use

B. Many uses

C. Uses which cannot be postponed

D. Uses very essential for the consumer

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4

The concept of product differentiation was firstly introduced by:

A. Smith

B. Kaldor

C. Sraffa

D. Marshal

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4

According to law of Equi-Marginal Utility when price of commodity falls then we bought:

A. More units

B. Less units

C. Same units

D. Zero units

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4

To get more revenue, a Finance Minister impose tax on that commodity which has:

A. Inelastic demand

B. Elastic demand

C. Unit elasticity

D. Zero elasticity

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4

When a consumer is satisfied with his spending pattern, he is said to be in:

A. Balance stat

B. Equilibrium

C. Disequilibrium

D. Authenticated form

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4

Under monopolistic competition, the firms compete alongwith:

A. Supreme powers

B. Discretionary powers

C. Low powers

D. None of the above

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4

Increasing return to scales can be explained in terms of:

A. Optimal factor proportions

B. Fixed scale of plant

C. External and internal economies

D. Labor productivity

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4

The equilibrium of a firm is determined by the equality of MC and MR in only:

A. Under perfect competition

B. Under monopoly

C. Under imperfect competition

D. Under all the above market forms

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4

General equilibrium is concerned with simultaneous equilibrium of:

A. Few economic agents

B. All the economic agents

C. Two economic agents

D. Many economic agents

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4

Supply curves are most elastic:

A. In the long-run

B. In the short-run

C. For luxuries

D. In the immediate-run

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4

The production techniques are technically efficient:

A. Bellow the lower ridge line

B. Above the upper ridge line

C. Between the two ridge lines

D. On the upper ridge line

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4

If a firm is producing output at a point where diminishing returns have set in, this means that:

A. Each additional unit of output will be more expensive to produce

B. Each additional unit of output will require increasing amount of inputs

C. Marginal product of the variable factor of production decreases as the quantity increases

D. All of the above

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4

In measuring price-elasticity:

A. Price is a dependent variable and quantity is an independent variable

B. Price is an independent variable and quantity is a dependent variable

C. Price and quantity both are independent variables

D. Price and quantity both are dependent variables

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4

The expansion point is attained by joining:

A. Similar optimal combinations

B. Different optimal combinations

C. Both of them

D. None of them

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4

To attain maximum profits during short-run a firm should produce the output that will:

A. Yield maximum total revenue

B. Minimize marginal cost

C. Maximize marginal cost

D. Equate marginal revenue with marginal cost

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4

In discriminating monopoly (price discrimination), the cost of production in two markets are:

A. Different

B. Same

C. Zero

D. None of the above

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4

If the consumers expect that the price of computers will decrease in next year then:

A. Current demand for computers will fall

B. Current demand for computers will rise

C. Current demand will change unpredictably

D. Current supply of computers will rise

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4

The fundamental choices that a society must make about the use of its resources include:

A. How much to produce

B. How to produce

C. How to distribute

D. All of the above

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4

The long run total cost is attained by:

A. LMC.Q

B. AC.Q

C. LC.Q

D. LAC.Q

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4

All money costs can be regarded as:

A. Social costs

B. Opportunity costs

C. Explicit costs

D. Implicit costs

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4

The behavior of MC curve is determined by the behavior of the:

A. AC curve

B. SC curve

C. TC curve

D. None of the above

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4

Utility means:

A. The want- satisfying power of a commodity

B. Usefulness of commodity

C. Eating of commodity

D. None of these

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4

A monopoly producer has:

A. Control over production but not over price

B. Control neither on production nor on price

C. Control over consumers

D. Control over production as well as over price

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4

For the given production function, technical efficiency is defined as:

A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)

B. 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)

C. Use of imported technology

D. None of the above

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4

An effective price ceiling usually results in:

A. Excess demand

B. Qd > Qs

C. Shortage of supply

D. All of the above

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4

In the case of a giffen good, the income effect:

A. Is equal to the substitution effect

B. More than offsets the substitution effect

C. Reinforces the substitution effect

D. Only partially offsets the substitution effect

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4

With firms having cost differences under perfect competition, a firm, which earns normal profit in the long-run is called:

A. An optimum firm

B. A representative firm

C. An oxford firm

D. A marginal firm

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4

With the expansion of output, the short run average cost curve, beyond a point, starts rising because:

A. Average fixed cost increases sharply

B. More production yields lower per unit price

C. The law of variable proportions applies to short run production

D. Sales expenses become much larger