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The basic subject matter of economics is:

A. Money

B. Capital resources

C. Scarcity

D. Inflation

Correct Answer : B.


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  2. Whish of the following represents the average revenue curve of a firm?
  3. The basic subject matter of economics is:
  4. Which of the following conditions is met in the long-run equilibrium in monopolistic competition, where…
  5. A firm considering what type of new plant to build is involved in a:
  6. The budget constraint can be written as:
  7. In monopolistic competition, the firms have to face:
  8. At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
  9. Change in quantity demanded refers to:
  10. The income effect means that consumer purchase more when:
  11. The least cost combination of factors x , y and z will generally be the point at which:
  12. Who is the author of Choice of Technique?
  13. Market allocation fundamentally relies upon:
  14. Price discrimination is undertaken with the aim of:
  15. Supply curves are most elastic:
  16. Two policy variables, product and selling activities in the theory of firm was introduced by:
  17. The sufficient condition of firms equilibrium requires:
  18. Rotten eggs are:
  19. Selling costs are incurred under monopolistic competition to:
  20. The Substitution Effect (S.E) is always:
  21. The firm is said to be in equilibrium when the difference between revenue and cost is:
  22. In case of budget line, we get pairs of two goods where consumers income is:
  23. The Hicksian demand curve includes:
  24. Supply of a commodity refers to:
  25. Suppose income increases by 10% and demand for commodity increases by 5% then the income elasticity…
  26. Total utility and price are:
  27. The Purchasing Power Parity (PPP) Theory is presented by:
  28. Price discrimination is possible:
  29. In a socialist (communist) economy the invisible hand:
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