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4

The budget-line is also known as the:

A. Iso-utility curve

B. Production possibility line

C. Isoquant

D. Consumption possibility line

Correct Answer :

D. Consumption possibility line


Related Questions

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4

In first degree price discrimination, monopolist takes away :

A. All of the consumer surplus

B. All of the producer surplus

C. Some part of the consumer surplus

D. None of them

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4

Which of the following goods is most likely to be exchanged in a market of local rather than national scope?

A. University professors

B. Computer components

C. Building materials

D. Jet airplanes

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4

Identify the work of Irving Fisher:

A. Policy on trade

B. Policy against inflation

C. The making of index numbers

D. Labor theory

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4

If the marginal utility is divided by the price of the commodity then it is called:

A. Real Marginal Utility

B. Gross Marginal Utility

C. Weighted Marginal Utility

D. Money Marginal Utility

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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

Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:

A. Charge different prices, but produce identical outputs

B. Produce different outputs, but charge identical prices

C. Charge different prices, and produce different outputs

D. None of the above

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4

The point where the supply and demand curves intersect on a graph determines:

A. Market price

B. Equilibrium price

C. Long-term price

D. Short-term price

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4

Inputs or Factors of production are defined as:

A. Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production

B. Unproductive resources that do not take part in production process are called inputs or factors of production

C. Firms own resources are called inputs or factors of production

D. None of the above

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4

If the demand curve is inelastic then:

A. It may be nearly vertical

B. Quantity demanded is very sensitive to income

C. Demand is hardly affected by income

D. Close substitutes for the good are abundant

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4

In case the two commodities are complements, cross elasticity will be:

A. Positive

B. Unitary

C. Negative

D. Infinite

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4

Economies of large-scale production:

A. Lead to greater specialization

B. Offsets the effects of the law the law of comparative advantage

C. Lead to greater diversification of individual production

D. Cause firms to use more capital and less labor

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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

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4

The necessary condition of firms equilibrium requires:

A. dR/dQ + dC/dQ = 0

B. dR/dQ - dC/dQ = 0

C. dC/dQ - dR/dQ = 0

D. dR/dQ > dC/dQ > 0

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4

The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

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4

If there are many producers, each of whom has an individual production possibility curve, then the lowest marginal cost producer of good X is the producer:

A. Who must sacrifice fewer units of every other goods than any other producer

B. Who can produce more X per hour than any other producer

C. Who must sacrifice more units of every other goods than any other producer

D. None of the above

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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

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4

Who wrote An Introduction to Positive Economics?

A. R.G.Lipsey

B. Paul.A.Samuelson

C. E.D.Domar

D. J.M.Keynes

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4

Liquidity of Preference Theory was introduced by:

A. Alfred Marshal

B. Lord Keynes

C. Karl Marx

D. Prof. Robbins

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4

To get more revenue, a Finance Minister impose tax on that commodity which has:

A. Inelastic demand

B. Elastic demand

C. Unit elasticity

D. Zero elasticity

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4

Supply of commodity is a:

A. A stock concept

B. A flow concept

C. Both stock and flow

D. None of the above

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4

In sweezy model (kinked demand curve model), the overall increase in costs of production:

A. Do not effect equilibrium

B. Affect equilibrium

C. Both a and b

D. None of the above

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4

Under the perfect competition, the transportation cost:

A. Is considered to be negligible and thus ignored

B. Is considered to be vital for the calculation of total cost

C. Is charged along with the price of the commodity

D. None of the above

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4

The vertical demand curve for a commodity shows that its demand is:

A. Highly elastic

B. Perfectly inelastic

C. Fairly elastic

D. Moderately elastic

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4

In a perfectly competitive market, suppliers must know:

A. The incomes of consumers

B. The price of the good

C. What other commodities households could substitute for the good

D. Consumers expectations of the future

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4

Elasticity of Substitution (s) is defined as:

A. Percentage change in capital-labor ratio dividing by percentage change in

B. Percentage change in dividing by percentage change in capital-labor ratio

C. Percentage change in inputs dividing by percentage change in outputs

D. None of the above

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4

General Equilibrium deals with the equilibrium of the:

A. Consumer

B. Producer

C. Farmer

D. All the producers and consumers

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4

Consumer surplus is the difference between

A. Price demanded and price paid

B. Price quoted and price actually paid

C. Price that a consumer is willing to pay and the price actually paid

D. None of the above

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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

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4

Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?

A. Oligopoly

B. Perfect competition

C. Imperfect competition

D. None of the above

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4

The number of firms in monopolistic competition normally range between:

A. 14 to 28

B. 14 to 80

C. 14 to 38

D. 14 to 60