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Karl Marx:

A. Led the Russian Revolution

B. Provided the theoretical basis for socialism(communism)

C. Developed his theory in response to the Great Depression of the 1930s

D. None of the above

Correct Answer :

B. Provided the theoretical basis for socialism(communism)


Related Questions

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When a competitive firm is in equilibrium in the long-run, its output is such that:

A. Costs per unit of output are lowest

B. Total profits are highest

C. Marginal cost is lowest

D. Profit per unit of output is zero

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4

Change in demand (rise and fall 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

Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:

A. Charge different prices, but produce identical outputs

B. Produce different outputs, but charge identical prices

C. Charge different prices, and produce different outputs

D. None of the above

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4

The long-run AC curve is constructed from:

A. The minimum points on all short-run AC curves

B. The lowest points on the short-run MC curve

C. The minimum points on the short run AVC curves

D. It has nothing to do with the short-run cost curves

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4

Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:

A. Equal to one

B. Greater than one

C. Smaller than one

D. Zero

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Any straight line supply which cuts the x-axis will have:

A. Zero elasticity

B. An elasticity greater than one

C. Unitary elasticity of supply

D. An elasticity less than one

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Of the following commodities, which has the lowest price-elasticity of demand?

A. Car

B. Salt

C. Tea

D. House

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The long run average cost curve is the envelope of:

A. SACs

B. LACs

C. SMCs

D. LMCs

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Elasticity (E) expressed by the term, 8 >E>1, is:

A. Perfectly elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unitary elastic

D. Relatively inelasticity (less than one elasticity)

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All of the following curves are U-Shaped except:

A. The AVC curve

B. The AFC curve

C. The AC curve

D. The MC curve

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4

Scarcity is:

A. A relative term

B. An economic term

C. A dynamic term

D. As a whole term

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Income-demand curve shows:

A. Income-expenditure relationship

B. Income-cost relationship

C. Income-price relationship

D. Income-quantity relationship

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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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Under the law of variable proportions, the average and the marginal product of the variable factor would ultimately:

A. Become equal

B. Decrease

C. Become constant

D. Increase

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A monopoly producer usually earns:

A. Abnormal profits

B. Only normal profits

C. Neither profits nor losses

D. Profits and losses which are uncertain

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4

If price exceeds AVC but in smaller than AC at the best level of output, the firm is:

A. Making a profit

B. Incurring a loss but should continue to produce in the short-run

C. Incurring a loss and should stop producing immediately

D. Making a normal profit

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The cost of one thing in terms of the alternative given up is known as:

A. Production cost

B. Physical cost

C. Real cost

D. Opportunity cost

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The main contribution of David Ricardo is in the field of:

A. Wages of labor

B. Factor pricing

C. Theory of rent

D. Determination of the rate of interest

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Micro economics is concerned with:

A. Product markets

B. Factor markets

C. Supply and demand

D. a, b and c

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The maximization of output subject to cost requires equilibrium at the:

A. Lowest isoquant

B. Lowest isocost line

C. Highest isoquant

D. Highest isocost line

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The Prisoners Dilemma was presented by A.W.Tucker in:

A. 1910

B. 1945

C. 1900

D. 1940

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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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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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A maximin strategy:

A. Maximizes the minimum gain that can be earned

B. Maximizes the gain of one player, but minimizes the gain of the opponent

C. Minimizes the maximum gain that can be earned

D. None of the above

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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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The main contribution of Prof.Robbins is in the field of:

A. human welfare

B. national income

C. multiplicity of wants and scarcity of resources

D. theory of production

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4

Total profits are maximized at the point where:

A. TR equals TC

B. The TR curve and the TC curve intersect such that TR and TC lie at the same point

C. The TR curve and the TC curve are parallel and TC exceeds TR

D. The TR curve and the TC curve are parallel and TR exceeds TC

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4

The budget constraint equation of the firm is:

A.

B.

C.

D.

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The feasible part of the demand curve for the monopolist who is charging high price will be:

A. The elastic part of a demand curve

B. The inelastic part of a demand curve

C. The constant elastic part of the demand curve

D. None of the above

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4

Each short run average cost curve:

A. Has to touch the long run cost curve

B. Has to cross the long run cost curve

C. Has to lie above all points on the long run cost curve

D. Coincides with the long run cost curve at some point