Labor Saving Technological Progress can be defined as:
Technological progress that causes to raise the marginal product of capital and labor in the same proportion
Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
None of the above
Correct Answer :
B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Related Questions
Who is the author of Trade Cycle ?
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
If the marginal utility is divided by the price of the commodity then it is called:
Real Marginal Utility
Gross Marginal Utility
Weighted Marginal Utility
Money Marginal Utility
The slope of isocost line (budget line) shows:
Capital labor ratio
Labor wage ratio
Factor price ratio
Factor labor ratio
In modern theory of costs, a firm normally utilizes:
2/3 of capacity of its plants
3/4 of capacity of its plants
1/3 of capacity of its plants
1/2 of capacity of its plants
If the commodity is normal then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
Monopolistic firm can fix:
Both price and output
Either price or output
Neither price nor output
None of the above
Each firm in cournot model can:
not ignor the activities of the rival
ignor the activities of the rival
both a and b
none of the above
The amount of income left over for a consumer in equilibrium is :
Consumer surplus
Zero
Two rupees
Excess demand
The General Theory of Employment, Interest and Money is the major work of :
N.Kaldor
Alfred Marshal
J.M.Keynes
J.S.Duesenberry
The products, under monopolistic competition are differentiated, yet they are:
Complements
Close substitutes
Both a and b
None of the above
When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there will be:
An upward pressure on price
A downward pressure on price
Price will remain unaffected
All of the above
If the supply and demand increases equally, the price will:
Rise
Fall
Remain unchanged
Change depending on respective elasticities
Which of the following is an implicit cost of production?
Wages of the labor
Charges of electricity
Interest on owned money capital
Payment for raw materials
In constant sum game (zero sum game), if there are two parties then:
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
One party can become better off only if another is made worse off
Total Utility (TU) curve:
Always rises
Always falls
First falls and then rises
First rises and then falls
The isoquant approach is based upon:
One output
One input
Two outputs
Two inputs
If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
Zero
Infinity
Unity
More than unity
If the production increases under decreasing returns to scale, the cost will:
Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
In the case of superior (normal) commodity, the income elasticity of demand is:
Positive
Unitary
Negative
Infinite
A demand curve which is horizontal and parallel to x-axis represents:
Infinitely elastic demand
Infinitely inelastic demand
Relatively elastic demand
Relatively inelastic demand
All the firms with identical costs under perfect competition well, in the long-run, earn only:
Normal profits
Abnormal profits
Differential profits
No profits
Who first formulated the Marginal Productivity Theory of Distribution?
J.B.Clark
L.Euler
J.A.Schumpeter
Alfred Marshal
The monopolist often lead to exploitation of:
Producers
Workers
Managers
Consumers
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
In income effect, we:
Move to another indifference curve
Move along given indifference curve
Move to lower indifference curve
Move to upper indifference curve
The market demand shedule is determined by:
Adding up the prices consumers are wiling to pay at each quantity demanded
Multiply each consumers demand curve by the total number of consumers in the market
Adding the quantities denmanded by all consumers at each alternative price
None of the above
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
An iso-product (an isoquant) curve slopes:
Downward to the left
Downward to the right
Upward to the right
Upward to the left
If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
Constant returns to scale
Increasing returns to scale
Decreasing returns to scale
None of the above
Who stated explicitly for the first time the Law of Camparative Costs?
David Ricardo
Adam Smith
James Mill
A.C.Pigou