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4

In case of economic bads, an IC can be :

A. Sloping downward

B. Sloping upward

C. Positively sloped

D. Negatively sloped

Correct Answer :

B. Sloping upward


Related Questions

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4

In the perfect competition, there is a process of:

A. Restricted entry and exit of the firms

B. Semi free exit but absolute free entry

C. Free entry but restricted exit of the firms

D. Free entry and free exit of the firms

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4

Identify the work of T.W.Schultz:

A. Transforming Traditional Agriculture

B. Productivity and Technical Change

C. Jobs, Poverty and the Green Revolution

D. Causes of Poverty

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4

A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:

A. Increases

B. Decreases

C. Remains the same

D. Is zero

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4

The fixed cost of a firm:

A. Are fixed even in the long period

B. When expressed as an average, show a continuous decline with increase of output

C. Do not reflect diminishing marginal returns

D. None of the above

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4

The spending of money by the producer to influence consumers is an example of:

A. Derived demand

B. Joint demand

C. Demand creation

D. Compressed demand

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4

According to critics, the assumption of costless production is:

A. true

B. not true

C. reliable

D. deniable

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4

Capital and Development Planning is the work of:

A. S.Chakravarty

B. J.S.Mill

C. A.C.Pigou

D. F.W.Taussig

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4

For the equilibrium of the firm and the industry in the short period in a competitive market, the condition is:

A. P = AC

B. P = MC

C. AC = MC

D. MC = TR

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4

If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

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4

A firm can never produce in the middle area of input space, in case of:

A. Concave isoquant

B. Convex isoquant

C. Constant isoquant

D. None of the above

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4

In cournot model, each firm makes decision regarding:

A. Price

B. Output

C. Cost

D. Advertisement

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4

The indifference curve technique:

A. Helps in separating the income effect and the substitution effect

B. Does not help in separating the two effects

C. Mixed up the two effects

D. None of the above

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4

Change in quantity demanded (expansion and contraction of demand) is:

A. Due to change in price while other factors remain constant

B. Due to change in factors other than price

C. Both a and b

D. None of the above

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4

The MRTS along an iso-quant goes on to:

A. Appear

B. Diminish

C. Prominent

D. Increase

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4

The supply curve would probably shift to the right if:

A. Resource( factors of production) used in production became more costly

B. The technology of production improves

C. Consumers income increased

D. Some sellers left the market

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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

The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:

A. It gets more expensive

B. A household consumes more of it

C. Preference changes

D. A households income goes up

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4

On a straight line demand curve, elasticity of demand at the midpoint is:

A. Equal to zero

B. Equal to one

C. Equal to infinity

D. More than one

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4

In 1890, Principles of Economics was written by:

A. Prof. Robbins

B. Alfred Marshal

C. Prof. Senior

D. Adam Smith

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4

The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like industry demand curve in:

A. Monopolistic competition

B. Imperfect competition

C. Monopoly

D. Perfect competition

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4

The firm is at equilibrium where:

A. Output is maximum

B. Profit is maximum

C. Revenues are maximum

D. Profit is minimum

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4

If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be:

A. Horizontal

B. Vertical

C. Positively sloped

D. Negatively sloped

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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

The reserve capacity in administration is advocated on the ground that demand for a product will:

A. Decrease in the future

B. Increase in the future

C. Remain constant

D. None of the above

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4

The law of variable proportions comes into being when:

A. All factors are variable

B. There is a fixed factor and variable factor

C. All factors are non-variable

D. None of the above

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4

An indifference curve shows the bundles of two goods among which a consumer remains:

A. Indifferent

B. Different

C. In equilibrium

D. Dominant

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4

Cartel is associated with:

A. Collusive oligopoly

B. Non-collusive oligopoly

C. Cartel

D. Perfect competition

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4

Loanable funds theory of Interest was developed by:

A. Wicksell

B. Robert San

C. Ruskin

D. J.B.Say

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4

Which is the other name that is given to the average revenue curve?

A. Profit curve

B. Demand curve

C. Average cost curve

D. Indifference curve

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4

When the income of consumer increases then budget line will:

A. Get steeper

B. Shift parallel to right

C. To get flatter

D. To shift upward