Rent is a creation of value, not of wealth who made this observation?
Adam Smith
David Ricardo
Alfred Marshal
A.C.Pigou
Correct Answer :
B. David Ricardo
Related Questions
Neutral 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
Nash equilibrium says:
I am doing the best, I can given what you are doing
You are doing the best, you can given what I am doing
Both a and b
None of the above
Increase in demand occurs when:
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
In case of economic bads, an IC can be :
Sloping downward
Sloping upward
Positively sloped
Negatively sloped
Moving along an indifference curve leaves the consumer:
Better off
Worse off
Neither better nor worse off
None of the above
At high prices, demand is likely to be:
More elastic
Less elastic
Unit elastic
Perfectly inelastic
In the long-run competitive equilibrium:
There is tendency for firms to enter but not leave the industry
Firms have no tendency either to enter or to leave the industry
Some firms may enter while the others may leave the market even after the equilibrium of the industry
Entry or exit of the firms cannot be predicted
The monopolist often lead to exploitation of:
Producers
Workers
Managers
Consumers
The ordinal approach was presented by:
Marshal
J.R.Hicks
Adam smith
Rostow
If the demand curve is vertical then its slope is:
Infinite
Zero
Equal to one
None of the
If the supply and demand increases equally, the price will:
Rise
Fall
Remain unchanged
Change depending on respective elasticities
Marginal utility (MU) always:
Increases
Decreases
Remains constant
None of above
On the total utility curve the economically relevant range is the portion over which:
The total utility is rising at a declining rate
The total utility is raising at an increasing rate
Total utility is maximum
Total utility is declining
When the level of optimal factor combination is over and more labor is employed with the fixed plant, the efficiency of labor:
Increases
Decreases
Remains constant
Becomes zero
The vertical distance between TVC and TC is equal to:
MC
AVC
TFC
AC
The costs faced by the firm against variable factors are:
Variable costs
Fixed costs
Average costs
Marginal costs
If the commodity is normal then fall in price will result in:
Increase the quantity demanded
Fixed the quantity demanded
Decrease the quantity demanded
None of the above
Which of the following is not an explicit cost of production?
Wage of self-employed proprietor
Depreciation on machinery
Returns on owned capital
Cost of raw materials
On a straight line demand curve, elasticity of demand at the midpoint is:
Equal to zero
Equal to one
Equal to infinity
More than one
Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
A decrease in demand lowers the price the most:
In the immediate run
In the short run
When the supply is perfectly elastic
When producers have sufficient time to fully adjust to the demand change
Supply of a commodity refers to:
Total stock of a commodity in the market
Total production of a commodity during the year
Total production plus total stock of a commodity
Amount of commodity offered for sale at some price at a particular place and time
The study of economics just in theoretical way is called:
Positive Economics
Normative Economics
Micro Economics
Development Economics
If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be:
Horizontal
Vertical
Positively sloped
Negatively sloped
The model which gives us information about price and output changes in different periods is:
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
Liquidity of Preference Theory was introduced by:
Alfred Marshal
Lord Keynes
Karl Marx
Prof. Robbins
When a consumer is in equilibrium then slope of indifference curve is:
Equal to the slope of budget line
Greater than the slope of budget line
Smaller than the slope of budget line
Parallel to the slope of budget line
An indifferent curve shows:
That how many utils are obtained from consuming different bundles of commodities
Different collections of two commodities the consumer considers to be of equal value
That if price increases there will be an increases in demand
None of the above
When AC curve falls, MC curve falls:
More than AC curve
Less than AC curve
Equal to AC curve
None of the above
When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility and price is:
Increased
Equalized
Prominent
Zero