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4

In economic term water is a:

A. Free good

B. Economic good

C. Both of the above

D. None of the above

Correct Answer :

A. Free good


Related Questions

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4

The consumer is in equilibrium at the where:

A. Budget line and indifference curve intersect each other

B. Budget line and indifference curve are tangent to each other

C. Budget line and indifference curve are opposite to each other

D. Budget line and indifference curve are parallel to each other

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4

If the marginal utility is divided by the price of the commodity then it is called:

A. Real Marginal Utility

B. Gross Marginal Utility

C. Weighted Marginal Utility

D. Money Marginal Utility

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4

Who wrote An Introduction to Positive Economics?

A. R.G.Lipsey

B. Paul.A.Samuelson

C. E.D.Domar

D. J.M.Keynes

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4

The external economies of scale experienced by a firm include the:

A. Growth of firms processing its waste materials

B. Development of research bureau serving the industry

C. Supply of suitable skilled labor in the area

D. All of the above

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4

Who stated explicitly for the first time the Law of Camparative Costs?

A. David Ricardo

B. Adam Smith

C. James Mill

D. A.C.Pigou

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4

In collusive olligopoly, the firms may make:

A. Open agreements

B. Secret agreements

C. Both a and b

D. None of the above

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4

Identify the work of Irving Fisher:

A. Policy on trade

B. Policy against inflation

C. The making of index numbers

D. Labor theory

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4

The Cambridge School of Thought refers to the group of English economists who came under the influence of:

A. Alfred Marshal

B. J.M.Keynes

C. Paul A.Samuelson

D. A.C.Pigou

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4

The Modern and Neo-Keynsian Theory of Interestwas presented by:

A. Gunner Myrdal

B. A.C.Pigou

C. J.M.Keynes

D. J.R.Hicks

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4

The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share of a firm in market is called:

A. Relative demand curve

B. Proportional demand curve

C. Productive demand curve

D. Differential demand curve

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4

The slope of indifference curve shows:

A. Income level

B. Satisfaction level

C. Marginal rate of substitution

D. Demand level

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4

In the case of complements, the cross demand curve slopes:

A. Downwards to the right

B. Upwards to the right

C. Backwards to the top

D. Inwards at the bottom

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In short run:

A. Labor is variable

B. Labor is fixed

C. Capital is variable

D. None of the above

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4

The marshallian demand curve includes:

A. Substitution Effect

B. Income Effect

C. Both substitution and income effect

D. None of them

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4

Who finalized the model of imperfect competition?

A. Ricardo

B. Marshal

C. Chamberlin

D. Mrs. Robinson

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4

The real income of a consumer is income in terms of:

A. Goods

B. Goods and survices

C. Goods and survices it can purchased

D. Monetary units

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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

When in a market, the number of buyers is very large and the number of sellers is very small, it is known as:

A. Monopoly

B. Oligopoly

C. Imperfect competition

D. Perfect competition

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4

When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?

A. 1756

B. 1777

C. 1776

D. 1801

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4

In perfect competition, the slope of the total revenue curve of a firm is equal to the:

A. Market price

B. AVC

C. TFC

D. AFC

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4

The difference between laws of return and laws of return to scale is:

A. In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable

B. In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable

C. Both a and b

D. None of the above

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4

The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:

A. Only when the price of commodity X changes

B. Only when the price of commodity Y changes

C. Only when the consumers income is varied

D. None of the above

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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

A budget line shows:

A. Quantities of commodity X which a consumer could buy with no amount of Y

B. Quantities of commodity Y which a consumer could buy with no amount of X

C. The different combinations of X and Y that the consumer could buy

D. All of the above

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4

Liquidity of Preference Theory was introduced by:

A. Alfred Marshal

B. Lord Keynes

C. Karl Marx

D. Prof. Robbins

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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

The partial equilibrium model keeps other things:

A. Variable

B. Constant

C. Increasing

D. Decreasing

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4

The number of sellers in oligopoly are:

A. Two

B. Many

C. Four

D. Very few

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4

As the price of diamond is higher, so it has:

A. Higher marginal valuation for consumer

B. Lower marginal cost for producer

C. Higher marginal cost for producer

D. Both (a) and (c)

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4

Economic problems arise because:

A. Wants are unlimited

B. Resources are scarce

C. Scarce resources have alternative uses

D. All of the above