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4

The basic and essential economic problems in a community are related to choice and:

A. Freedom

B. Scarcity

C. Social class

D. Politics

Correct Answer :

B. Scarcity


Related Questions

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4

The non-price competition cartel is a:

A. stable cartel

B. unstable cartel

C. prominent cartel

D. special cartel

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4

The main contribution of Alfred Marshal is in the field of:

A. Research in mathematical economics

B. Economics of labor

C. Theory of production

D. Theory of demand

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4

Economic laws are:

A. Conditional

B. Moral by nature

C. Predicted

D. Like laws of sports

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4

In the case of substitutes, the cross demand curve slopes

A. Downwards to the right

B. Upwards to the right

C. Backwards to the right

D. Inwards at the bottom

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4

An exceptional demand curve is:

A. Downward sloping

B. Upward sloping

C. Horizontal straight line

D. Vertical straight line

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4

Theory of revealed preference is based on:

A. Weak orderings

B. Neutral orderings

C. Partial orderings

D. Strong orderings

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4

The Hicksian demand curve includes:

A. Substitution effect

B. Income effect

C. Both substitution and income effect

D. None of them

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4

Total variable cost curve:

A. Steps downwards at first and then upwards

B. Steps upwards, then remains constant and then falls

C. Steps downwards

D. None of the above

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4

Karl Marx:

A. Led the Russian Revolution

B. Provided the theoretical basis for socialism(communism)

C. Developed his theory in response to the Great Depression of the 1930s

D. None of the above

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4

An iso-product (an isoquant) curve slopes:

A. Downward to the left

B. Downward to the right

C. Upward to the right

D. Upward to the left

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4

If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above

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4

The cost of firms in cournot model are:

A. identical

B. differential

C. very high

D. very low

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4

Moving along the indifference curve leaves the consumer:

A. Better off

B. Worse off

C. In equilibrium

D. Neither better off nor Worse off

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4

If in the long run, output increases in the same proportion as increase in all the input in the given proportion, this is known as:

A. Increasing returns to scale

B. Decreasing returns to scale

C. Constant returns to scale

D. Variable returns to scale

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4

When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility and price is:

A. Increased

B. Equalized

C. Prominent

D. Zero

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4

Price elasticity of demand is best defines as:

A. Change in the tastes of consumers at different prices

B. The rate of response of demand to a change in supply

C. The change in costs when output is increased by one unit

D. The responsiveness of demand to a change in price

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4

Who is the author of the famous work Asian Drama: An Enquiry intro the Causes of Poverty of Nations?

A. Irving Fisher

B. J.B.Clark

C. J.M.Keynes

D. Gunnar Myrdal

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4

Which of the following statement is wrong?

A. A utility function refers to a particular individual and reflects the tastes of that individual

B. When the tastes of an individual changes, his utility function changes(shifts)

C. Different individuals usually have different tastes and thus have different utility functions

D. Different individuals have same tastes and thus have the same utility function

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4

Identify the factor, which generally keeps the price elasticity of demand for a commodity low:

A. Variety of uses for that commodity

B. Its low price

C. Close substitutes for that commodity

D. High proportion of the consumers income spent on it

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4

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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4

Total profits are maximized at the point where:

A. TR equals TC

B. The TR curve and the TC curve intersect such that TR and TC lie at the same point

C. The TR curve and the TC curve are parallel and TC exceeds TR

D. The TR curve and the TC curve are parallel and TR exceeds TC

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4

The greater the percentage of income spent on a commodity:

A. The greater its elasticity is likely to be

B. The weaker its elasticity is likely to be

C. The unchanged its elasticity is likely to be

D. None of the above

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4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

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4

The advantage of using indifference curves rather than marginal utilities is:

A. We do not need to attach util values to consumption

B. Consumers can attain higher utility

C. It takes into account how much income the household has

D. We can determine how much of one good the consumer is willing to sacrifice in order to consume one more unit of another

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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

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4

The imaginary differentiation is attributed to difference in:

A. Style

B. Salesmanship

C. Locality

D. All of these

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4

Capital Saving 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

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4

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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4

Nash equilibrium says:

A. I am doing the best, I can given what you are doing

B. You are doing the best, you can given what I am doing

C. Both a and b

D. None of the above

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4

Which is the other name that is given to the average revenue curve?

A. Profit curve

B. Demand curve

C. Average cost curve

D. Indifference curve