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Marshallian approach is also known as:

A. Cardinal approach

B. Ordinal approach

C. Consumer approach

D. Production approach

Correct Answer :

A. Cardinal approach


Related Questions

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Each SAC represents a particular level of:

A. Input

B. Output

C. Both of them

D. None of them

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Technological Progress (Invention) can be defined as:

A. Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)

B. Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)

C. Technological progress shifts the import function to the right

D. None of the above

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Diseconomies of management lead to:

A. Decreasing returns to scale

B. Constant returns to scale

C. Increasing returns to scale

D. maximum returns to scale

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When the level of optimal factor combination is over and more labor is employed with the fixed plant, the efficiency of labor:

A. Increases

B. Decreases

C. Remains constant

D. Becomes zero

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The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:

A. Two points on demand curve

B. Two points on supply curve

C. Many points on demand curve

D. Many points on demand curve

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An indifference curve shows the bundles of two goods among which a consumer remains:

A. Indifferent

B. Different

C. In equilibrium

D. Dominant

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In joint-profit maximization cartel, the distribution of profit is:

A. Made by agency

B. Not made by agency

C. Made by people

D. None of the above

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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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Who is the founder of classical school of thought?

A. David Ricardo

B. Adam Smith

C. T.R.Malthus

D. J.S.Mill

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Efficient allocation of resources is achieved to a greater extent under:

A. Monopoly

B. Perfect competition

C. Monopolistic competition

D. Oligopoly

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Whish of the following represents the average revenue curve of a firm?

A. The curve representing the cost per unit of output

B. The demand curve of consumers for the firms product

C. Total receipts realized by the firm

D. All of the above

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Marshallian approach is also known as:

A. Cardinal approach

B. Ordinal approach

C. Consumer approach

D. Production approach

What is the correct answer?

4

Marshalls definition of economics was strongly criticised by:

A. Adam Smith

B. Prof.Pigno

C. Prof. Robbins

D. J.B.Clark

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A demand schedule is shown as:

A. A function of price alone

B. A result of change in tastes

C. A result of increase in the size of the family

D. None of the above

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If we measure the elasticity of demand with the help of the average and marginal revenue, the formula is:

A. Ed = AR/ (AR- MR)

B. Ed = MR/ (AR-MR)

C. Ed = AR/(MR-AR)

D. Ed = AR/ MR

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The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like industry demand curve in:

A. Monopolistic competition

B. Imperfect competition

C. Monopoly

D. Perfect competition

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If the price of a product falls then quantity demanded tends to increase ceteris paribus because:

A. The MU/P ratio has decreased

B. Of the income and substitution effects

C. Consumers tend to feel poorer when prices fall

D. When price falls the demand curve shifts right

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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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Which of the following is not characteristic of perfect competition?

A. Freedom of entry and exit

B. Each seller is a price taker

C. Perfect information about prices

D. Heterogeneous products

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In case of straight-line isoquant, the factors are not substituted because they are each others:

A. Imperfect substitutes

B. Perfect substitutes

C. Complements

D. None of the above

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In substitution effect and income effect:

A. The substitution effect is more certain

B. The income effect is more certain

C. The substitution effect is uncertain

D. The income effect is always positive

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If the price of product A decreases and in the result the demand for product B increases then we can say that:

A. A and B are substitute goods

B. A and B are complementary goods

C. A is an inferior good

D. B is an inferior good

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According to Cobb-Douglas, in production function the marginal product of labor is:

A.

B.

C.

D.

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The demand of the necessities is:

A. More elastic

B. Less elastic

C. Unit elastic

D. Zero elastic

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A profit-maximizing monopolist in two separate markets will:

A. Charge the same price in both markets

B. Always charge a higher price in the market where he sells more

C. Always charge a higher price in the market where he sells less

D. Adjust his sales in the two markets so that his marginal revenue in each market just equals his aggregate marginal cost

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4

In monopoly, the relationship between average revenue and marginal revenue curves is as follows:

A. Average revenue curve lies above the marginal revenue curve

B. Average revenue curve coincides with the marginal revenue curve

C. Average revenue curve lies below the marginal revenue curve

D. Average revenue curve is parallel to the marginal revenue curve

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4

Law of Returns to Scale shows:

A. Technical relationship between input of a variable factor and the resulting output

B. Any economic relationship between input and output

C. An output maximizing relationship

D. A relationship with input changing and corresponding changes in output

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The effects according to which people use those goods which are concerned with distinctive standard of living are:

A. Bandwagon effects

B. Snob effects

C. Veblen effects

D. Steven effects

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The Purchasing Power Parity (PPP) Theory is presented by:

A. J.M.Keynes

B. E.D.Domar

C. Adam Smith

D. Gustav Cassel

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All the firms with identical costs under perfect competition well, in the long-run, earn only:

A. Normal profits

B. Abnormal profits

C. Differential profits

D. No profits