Home
Current Affairs January 2024

What is the correct answer?

4

Supply of commodity is a:

A. A stock concept

B. A flow concept

C. Both stock and flow

D. None of the above

Correct Answer :

B. A flow concept


Related Questions

What is the correct answer?

4

In economic term water is a:

A. Free good

B. Economic good

C. Both of the above

D. None of the above

What is the correct answer?

4

Of the following, which one corresponds to fixed cost?

A. Payments for raw materials

B. Labor cost

C. Transportation charges

D. Insurance premium on property

What is the correct answer?

4

The name of the system of direct exchange is:

A. Price system

B. Barter system

C. Islamic economic system

D. Socialistic system

What is the correct answer?

4

In case of monopoly:

A. MR

B. MR>AR

C. MR=AR

D. AR=0

What is the correct answer?

4

Marginal cost is always:

A. Less than the average cost

B. More than the average cost

C. Equal to the average cost at minimum point

D. Never equal to the average cost

What is the correct answer?

4

In perfect cartel, the:

A. Perfect competition price is charged

B. Monopoly price is charged

C. Monopoly price is not charged

D. None of the above

What is the correct answer?

4

MRSxy measures:

A. The amount of Y a consumer is willing to give up to obtain one additional unit of X and still remain on the same indifference curve

B. The amount of X a consumer is willing to give up to obtain one additional unit of Y and still remain on the same indifference curve

C. The amount of Y a consumer is willing to give up to obtain one additional unit of X and move to a higher indifference curve

D. The amount of X a consumer is willing to give up to obtain one additional unit of Y and move to a higher indifference curve

What is the correct answer?

4

The slope of an iso-quant represents:

A. MRS

B. MRT

C. MRTS

D. MRPS

What is the correct answer?

4

If the production increases under decreasing returns to scale, the cost will:

A. Increase at decreasing rate

B. Increase at constant rate

C. Decrease at increasing rate

D. Increase at increasing rate

What is the correct answer?

4

Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

What is the correct answer?

4

Marginal utility means:

A. Utility derived from the last unit of production

B. Utility derived from the last unit of a commodity which is being consumed

C. Total utility- Average utility

D. None of the above

What is the correct answer?

4

In the perfect competition, there is a process of:

A. Restricted entry and exit of the firms

B. Semi free exit but absolute free entry

C. Free entry but restricted exit of the firms

D. Free entry and free exit of the firms

What is the correct answer?

4

The slope of budget line shows the price ratios of:

A. Many goods

B. Few goods

C. Two goods

D. Three goods

What is the correct answer?

4

Which is the correct statement?

A. The U shape of long-run cost curve is less pronounced than the short-run cost curves

B. The U shape of the short-run cost curves is less pronounced than the long-run cost curves

C. The U shape of the long-run cost curve is more pronounced than the short-run cost curves

D. The long-run cost curves are never U shaped

What is the correct answer?

4

Some economists refer to iso-product curves as:

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

What is the correct answer?

4

For the equilibrium of the firm and the industry in the short period in a competitive market, the condition is:

A. P = AC

B. P = MC

C. AC = MC

D. MC = TR

What is the correct answer?

4

In the case of an inferior good, the income effect:

A. Partially offsets the substitution effect

B. Reinforces the substitution effect

C. Is equal to the substitution effect

D. More than offsets the substitution effect

What is the correct answer?

4

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

What is the correct answer?

4

Excess capacity is not found under:

A. Monopoly

B. Monopolistic competition

C. Perfect competition

D. Oligopoly

What is the correct answer?

4

Excess capacity is concerned with the:

A. V-shaped traditional cost curves

B. S-shaped traditional cost curves

C. Modern cost curves

D. U-shaped traditional cost curves

What is the correct answer?

4

Ceteris paribus clause in the law of demand means:

A. The price of substitute does not change

B. The taste of the consumer does not change

C. The income of the consumer does not change

D. All of the above

What is the correct answer?

4

Identify the work of Irving Fisher:

A. Policy on trade

B. Policy against inflation

C. The making of index numbers

D. Labor theory

What is the correct answer?

4

The market demand shedule is determined by:

A. Adding up the prices consumers are wiling to pay at each quantity demanded

B. Multiply each consumers demand curve by the total number of consumers in the market

C. Adding the quantities denmanded by all consumers at each alternative price

D. None of the above

What is the correct answer?

4

The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:

A. Developed economy

B. Laissez-fair economy

C. Mixed economy

D. Capitalistic economy

What is the correct answer?

4

If Marginal Utility (MU) is zero, then total utility is:

A. Maximum

B. Minimum

C. Infinite

D. Not measureable

What is the correct answer?

4

With an increase in income, consumer is expected to buy more of:

A. An inferior good

B. A giffen good

C. A normal(or superior) good

D. None of the above

What is the correct answer?

4

Abstinence or Waiting theory of Interest was presented by:

A. Lord Keynes

B. J.S.Mill

C. Alfred Marshal

D. Prof.Senior

What is the correct answer?

4

Returns to scale is a:

A. Timeless phenomenon

B. Short run phenomenon

C. Long run phenomenon

D. None of the above

What is the correct answer?

4

Under conditions of perfect competition, price in the long-run is equal to:

A. Minimum of average variable cost

B. Minimum of marginal cost

C. Minimum of average fixed cost

D. Minimum of average cost

What is the correct answer?

4

Who formulated the Post-Keynsian Theory of Distribution and Growth?

A. J.M.Keynes

B. N.Kaldor

C. C.P.Kindleberger

D. Irving Fisher