Home
Current Affairs January 2024

What is the correct answer?

4

Technological efficiency:

A. Is the same as economic efficiency

B. Is achieved when the output produced is maximum for the given level of inputs

C. Means that there is only one way to produce a given quantity of output

D. None of the above

Correct Answer :

B. Is achieved when the output produced is maximum for the given level of inputs


Related Questions

What is the correct answer?

4

Under which of the following forms of the market structure does a firm have no control over the price of its product?

A. Monopoly

B. Monopolistic competition

C. Oligopoly

D. Perfect competition

What is the correct answer?

4

Utility is:

A. A subjective concept

B. An ethical concept

C. An objective concept

D. A historical concept

What is the correct answer?

4

Marshallian demand function is also known as:

A. Utility demand function

B. Compensated demand function

C. Collective demand function

D. Relative demand function

What is the correct answer?

4

Economic problems arise because:

A. Wants are unlimited

B. Resources are scarce

C. Scarce resources have alternative uses

D. All of the above

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

Who is the author of Problems of Capital Formation in Underdeveloped Countries?

A. R.Nurkse

B. N.Kaldor

C. S.kuznets

D. Alfred Marshal

What is the correct answer?

4

Now-a-days in real life, we are unable to fined:

A. Monopoly

B. Perfect competition

C. Imperfect competition

D. Monopolistic competition

What is the correct answer?

4

Two policy variables, product and selling activities in the theory of firm was introduced by:

A. Chamberline

B. Sraffa

C. Carl marx

D. Robinson

What is the correct answer?

4

A decrease in demand lowers the price the most:

A. In the immediate run

B. In the short run

C. When the supply is perfectly elastic

D. When producers have sufficient time to fully adjust to the demand change

What is the correct answer?

4

In terms of price, the indirect utility function may be:

A. Concave

B. Quasi-convex

C. Straight line

D. Convex

What is the correct answer?

4

The production function can convey to a firm:

A. The cost of producing any given output

B. The various combinations of input that could be employed in production of any given quantity of output

C. The various combinations of input that should be used in producing any given quantity of output in an efficient manner

D. The maximum profit level of output

What is the correct answer?

4

Supply and demand changes have their most rapid impact in:

A. Auction market

B. Contract markets

C. Market for commercial office space

D. Natural gas market

What is the correct answer?

4

The point on which the average cost is minimum in a firm, short run average cost curve will also be the minimum cost point on the firms long-run average cost curve. This is true:

A. Always

B. Never

C. When LAC is falling

D. Only at that level of output when LAC is at its minimum

What is the correct answer?

4

Which is not an essential feature of a socialist economy?

A. Social ownership of the means of production

B. Freedom of enterprise

C. Use of centralized planning

D. Government decisions

What is the correct answer?

4

When there is decrease in demand the demand curve:

A. Moves (shifts) towards the axis

B. Moves (shifts) away from the axis

C. Remains unchanged

D. All of the above

What is the correct answer?

4

In the theory of firm, Chamberline presented the idea of:

A. Rising cost

B. Falling cost

C. Rising input

D. Falling input

What is the correct answer?

4

If the demand curve remains unchanged and supply increases, the price will:

A. Rise

B. Fall

C. Remain the same

D. None of the above

What is the correct answer?

4

When the demand curve is rectangular hyperbola, it represents:

A. Unitary elastic demand

B. Perfectly elastic demand

C. Perfectly inelastic demand

D. Relatively elastic demand

What is the correct answer?

4

Which of the following is the work of A.C.Pigou?

A. Economics of Welfare

B. Commerce and Trade

C. Industrial Economics

D. None of the above

What is the correct answer?

4

MC curve is:

A. L-shaped

B. U-shaped

C. V-shaped

D. Both a and b depending on situation

What is the correct answer?

4

We get constant returns to scale when:

A. a = ½

B. � = ½

C. Both of them

D. None of them

What is the correct answer?

4

Each short run average cost curve:

A. Has to touch the long run cost curve

B. Has to cross the long run cost curve

C. Has to lie above all points on the long run cost curve

D. Coincides with the long run cost curve at some point

What is the correct answer?

4

Marginal Productivity Theory deals with the theory of:

A. Distribution

B. Exchange

C. Market structure

D. Consumer behaviour

What is the correct answer?

4

Marginal cost curve cuts the average cost curve:

A. At the left of its lowest point

B. At its lowest point

C. At the right of its lowest point

D. None of the above

What is the correct answer?

4

Neutral Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

What is the correct answer?

4

If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:

A. Contraction of demand

B. Decrease in demand

C. Increase in demand

D. Extension of demand

What is the correct answer?

4

The games which played by players again and again are called:

A. Repeated games

B. Cooperative games

C. Non-cooperative games

D. Constant games

What is the correct answer?

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

What is the correct answer?

4

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

A. Increase at a constant rate

B. Decrease at a constant rate

C. Increase at a variable rate

D. Decrease at a variable rate

What is the correct answer?

4

Who is the author of Choice of Technique?

A. K.N.Raj

B. Amartiya Sen

C. A.C.Pigou

D. Alfred Marshal