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4

Liquidity of Preference Theory was introduced by:

A. Alfred Marshal

B. Lord Keynes

C. Karl Marx

D. Prof. Robbins

Correct Answer :

B. Lord Keynes


Related Questions

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4

According to law of Equi-Marginal Utility when price of commodity falls then we bought:

A. More units

B. Less units

C. Same units

D. Zero units

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4

The kinked demand curve comes into being where:

A. Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other

B. Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other

C. Proportional demand curve (PDC) and individual demand curve (IDC) repel each other

D. None of the above

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4

The costs faced by the firm against fixed factors are:

A. Total costs

B. Fixed costs

C. Variable costs

D. Marginal costs

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4

Which of the following theories of trade cycle was presented by William Jevons?

A. Sunspot Theory

B. Monetary Theory

C. Saving-Investment Theory

D. Innovation Theory

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4

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

A. Car

B. Salt

C. Tea

D. House

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4

The model which gives us information about price and output changes in different periods is:

A. Stable cobweb model

B. Perpetual oscillation

C. Both(a) and(b)

D. None of them

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4

The cobweb model will divergent when the slope of:

A. Demand curve is more than supply curve

B. Supply curve is more than demand curve

C. Supply curve is equal to demand curve

D. None of the above

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4

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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4

Under price discrimination, the buyers must:

A. Be similar

B. Not be similar

C. Equal

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

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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4

Total costs in the short-term (short-run) are classified into fixed costs and variable costs. Which one of the following is a variable cost?

A. Cost of raw materials

B. Cost of equipment

C. Interest payment on past borrowing

D. Payment of rent on buildings

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4

Iso-product curve (isoquant) shows:

A. A given quantity of output that can be produced by various combinations of two inputs

B. Varying quantities of output that can be produced by the same combination of two factors

C. Combination of two factors that can give the least cost of production

D. Combination of two goods that cost the same amount to the producer

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4

The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

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4

In monopolistic competition, the firm compete on the basis of:

A. Price

B. Entry

C. Both a and b

D. None of the above

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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

Which of the following statement is wrong?

A. A utility function refers to a particular individual and reflects the tastes of that individual

B. When the tastes of an individual changes, his utility function changes(shifts)

C. Different individuals usually have different tastes and thus have different utility functions

D. Different individuals have same tastes and thus have the same utility function

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4

Marginal revenue from a given output:

A. The price at which the marginal unit sells

B. Total revenue sale of all units divided by volume of sales

C. Average revenue of total output average revenue of last unit

D. The change in total revenue resulting from the sale of one unit more of output

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4

When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:

A. Positive

B. Negative

C. Zero

D. None of the above

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4

In monopolistic competition, the firms have to face:

A. Same cost conditions

B. Different cost conditions

C. Same price conditions

D. Same products conditions

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4

Total costs are:

A. TFC TVC

B. TFC/TVC

C. TVC/TFC

D. TFC +TVC

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4

Which of the following is not a U shaped curve:

A. Marginal cost curve

B. Average variable cost curve

C. Fixed cost curve

D. Average cost curve

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4

In case of monopoly, the price charged against the additional unit is:

A. Not different

B. Same

C. Not same

D. Zero

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4

Price discrimination is possible:

A. When elasticities of demand in different markets are the same at the ruling price

B. When elasticities of demand are different in different markets at the ruling price

C. When elasticities cannot be known

D. When elasticities of demands are zero in different markets at the rulling price

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4

When total product increases at a decreasing rate:

A. MP = AP

B. MP < AP

C. MP > AP =0

D. MP > AP

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4

Which is not a central problem of an economy?

A. What to produce

B. How to produce

C. How to maximize private profit

D. For whom to produce

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4

Increase in demand occurs when:

A. The price falls and the demand also falls down

B. The price increases but demand falls down

C. The price increases the demand remains constant and when the price remains constant the demand goes up

D. The price remains constant but demand falls

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4

Which of the following pairs of commodities is an example of substitutes?

A. Tea and sugar

B. Tea and coffee

C. Pen and ink

D. Shirt and trousers

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4

Duopoly is a market where there are:

A. Two sellers

B. A few sellers

C. Five sellers

D. Many sellers

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With the decrease in marginal valuation of a specific commodity, the price offered by the people:

A. Decreases

B. Increases

C. Become very high

D. Remain unchanged