A stock concept
A flow concept
Both stock and flow
None of the above
B. A flow concept
Free good
Economic good
Both of the above
None of the above
Payments for raw materials
Labor cost
Transportation charges
Insurance premium on property
Price system
Barter system
Islamic economic system
Socialistic system
MR>AR
MR=AR
AR=0
Less than the average cost
More than the average cost
Equal to the average cost at minimum point
Never equal to the average cost
Perfect competition price is charged
Monopoly price is charged
Monopoly price is not charged
None of the above
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
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
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
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
MRS
MRT
MRTS
MRPS
Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
Utility derived from the last unit of production
Utility derived from the last unit of a commodity which is being consumed
Total utility- Average utility
None of the above
Restricted entry and exit of the firms
Semi free exit but absolute free entry
Free entry but restricted exit of the firms
Free entry and free exit of the firms
Many goods
Few goods
Two goods
Three goods
The U shape of long-run cost curve is less pronounced than the short-run cost curves
The U shape of the short-run cost curves is less pronounced than the long-run cost curves
The U shape of the long-run cost curve is more pronounced than the short-run cost curves
The long-run cost curves are never U shaped
Engels curve
Production indifference curve
Budget line
Ridge line
P = AC
P = MC
AC = MC
MC = TR
Partially offsets the substitution effect
Reinforces the substitution effect
Is equal to the substitution effect
More than offsets the substitution effect
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)
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)
Technological progress shifts the import function to the right
None of the above
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
V-shaped traditional cost curves
S-shaped traditional cost curves
Modern cost curves
U-shaped traditional cost curves
The price of substitute does not change
The taste of the consumer does not change
The income of the consumer does not change
All of the above
Policy on trade
Policy against inflation
The making of index numbers
Labor theory
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
Developed economy
Laissez-fair economy
Mixed economy
Capitalistic economy
Maximum
Minimum
Infinite
Not measureable
An inferior good
A giffen good
A normal(or superior) good
None of the above
Lord Keynes
J.S.Mill
Alfred Marshal
Prof.Senior
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
Minimum of average variable cost
Minimum of marginal cost
Minimum of average fixed cost
Minimum of average cost
J.M.Keynes
N.Kaldor
C.P.Kindleberger
Irving Fisher