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Inputs or Factors of production are defined as:

A. Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production

B. Unproductive resources that do not take part in production process are called inputs or factors of production

C. Firms own resources are called inputs or factors of production

D. None of the above

Correct Answer :

A. Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production


Related Questions

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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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The firm producing at the minimum point of the AC curve is said to be:

A. Operating under diminishing cost

B. Making optimum use of plant capacity

C. Operating at excess capacity

D. Operating under increasing costs

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In the real world, some competitive firms owns specialized resources that earn a return called:

A. Economic profit

B. Rent

C. Accounting profit

D. Normal profit

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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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According to Marginalists, the price of any commodity is determined by:

A. Marginal usefulness

B. Marginal cost

C. Both of them

D. None of them

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In centralized cartel, the firms are like:

A. Price takers

B. Price setters

C. Price discriminators

D. None of the above

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The cost of firms in cournot model are:

A. identical

B. differential

C. very high

D. very low

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The Chamberline model recognizes mutual:

A. Independence of firms

B. Interdependence of firms

C. Independence of individuals

D. Interdependence of materials

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According to Diamond Water Paradox diamonds are more expensive than water because:

A. They yield higher total utility

B. They yield higher marginal utility

C. They are more useful

D. None of the above

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According to classical approach, utility can be:

A. Ranked

B. Consumed

C. Expressed in numbers

D. Cannot be expressed in numbers

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An inferior commodity is one whose quantity demand decreases when income of the consumer:

A. Decreases

B. Increases

C. Remains constant

D. Zero

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Extension (expansion) of demand means:

A. More quantity demanded at a lower price

B. More quantity demanded at a higher price

C. More quantity demanded at the same price

D. None of the above

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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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The main contribution of Prof. R.G.D.Allen is in the field of:

A. fixation of price

B. Arc elasticity of demand

C. Cross elasticity of demand

D. Wage theory

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In long run competitive equilibrium:

A. Every firm will earn economic profit

B. Every firm will incur losses

C. Every firm will earn only normal profit

D. The marginal firm will earn no profit

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Marginal utility is only meant for:

A. Half utility

B. Full utility

C. Additional utility

D. Multiplied utility

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Marginal utility equals:

A. Slope of total utility curve

B. Slope of average utility curve

C. Slope of marginal utility curve

D. Slope of total revenue curve

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In a perfectly competitive market, suppliers must know:

A. The incomes of consumers

B. The price of the good

C. What other commodities households could substitute for the good

D. Consumers expectations of the future

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In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?

A. When he cannot produce at an economic profit

B. When price falls short of average variable cost at every level of output

C. When price falls short of average fixed cost at every level of output

D. When price falls short of average total cost at every level of output

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The law of demand is most directly a result of:

A. The law of comparative advantage

B. The law of diminishing returns

C. The principle of substitution

D. Economics of large scale production

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Market demand curve is:

A. Vertical summation of individual demand curves

B. Upward summation of individual demand curves

C. Downward summation of individual demand curves

D. Horizontal summation of individual demand curves

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Under price discrimination, the buyers must:

A. Be similar

B. Not be similar

C. Equal

D. None of the above

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MC curve is:

A. L-shaped

B. U-shaped

C. V-shaped

D. Both a and b depending on situation

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An optimum level of a firms output is:

A. Where marginal cost is minimum

B. Where average cost is minimum

C. Where both the marginal and the average cost curves are at their respective minimum

D. Where the firm earns the maximum profits

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Contraction of demand means:

A. Less quantity demanded at the same price

B. Less quantity demanded at a higher price

C. Less quantity demanded at a lower price

D. None of the above

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In modern cost theory, AVC= b1 and MC= b1 in the range of:

A. Excess capacity

B. Reserve capacity

C. Limited capacity

D. None of the above

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An indifferent curve shows:

A. That how many utils are obtained from consuming different bundles of commodities

B. Different collections of two commodities the consumer considers to be of equal value

C. That if price increases there will be an increases in demand

D. None of the above

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Economics is a:

A. Exact science

B. Inexact science

C. Pure science

D. All of the above

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A typical demand curve cannot be:

A. Convex to the origin

B. Concave to the origin

C. A straight line

D. Rising upwards to the right

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The low cost price leader will charge:

A. higher prices

B. zero prices

C. lower prices

D. specific prices