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4

The effects according to which people use those goods which are concerned with distinctive standard of living are:

A. Bandwagon effects

B. Snob effects

C. Veblen effects

D. Steven effects

Correct Answer :

B. Snob effects


Related Questions

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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

The concept of industry in monopolistic competition has been replaced by:

A. Firm

B. Product group

C. Producers

D. Shopkeepers

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4

Law of Diminishing Marginal Utility is practically untrue because:

A. It is given to a lot of criticism

B. It is too difficult to be explained

C. It is based on assumptions which are unreal

D. Economists do not agree on this

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4

In short run, a firm can change its:

A. Total production

B. Fixed production

C. Variable production

D. None of the above

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4

Suppose income increases by 10% and demand for commodity increases by 5% then the income elasticity of demand is:

A. Negative

B. Positive

C. Zero

D. Infinity

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4

By saying that monopolist create a contrived scarcity, economist mean that monopolist:

A. Restrict output to increase price

B. Produce where MC > P

C. Create a gap b/w quantity demanded and supplied

D. None of the above

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4

In Prisoner Dilemma, the best choice of strategy is:

A. Stable

B. Unstable

C. Negative

D. Neutral

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4

The demand of the luxuries is:

A. More elastic

B. Less elastic

C. Unit elastic

D. Zero elastic

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4

If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:

A. One

B. Zero

C. Two

D. Five

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4

In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:

A. Equating price and marginal revenue

B. Equating price and average total cost

C. Increasing marginal cost and lowering fixed costs

D. Equating marginal cost and marginal revenue

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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

The isoquant approach is:

A. Classical approach

B. Keynesian approach

C. Neo-classical approach

D. Modern approach

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4

The demand curve of ostentation goods (Veblen goods) will be:

A. Negatively sloped

B. Positively sloped

C. Parallel to X-axis

D. None of the above

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Cross-elasticity of demand or cross-price elasticity between two independent goods will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:

A. Output cost

B. Output ratio

C. Input prices

D. Input ratio

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4

The monopolist firm is price setter. The price setter firm is one which:

A. Can influence the market price

B. Cannot influence the market price

C. Can sell at zero price

D. None of the above

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4

Social costs equal private costs when:

A. Marginal cost is zero

B. Total cost is zero

C. External costs are zero

D. Average costs are zero

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Normal profits are considered as:

A. Explicit costs

B. Implicit costs

C. Social costs

D. Private cost

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4

Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:

A. Consumers prefer to have less satisfaction than more of both commodities

B. As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant

C. The total satisfaction obtained along an indifference curve decreases at an increasing rate

D. None of the above

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Cournot equilibrium is attained where two reaction curves:

A. Repel each other

B. Represent each other

C. Intersect each other

D. None of the above

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4

In monopolistic competition, the firm compete on the basis of:

A. Price

B. Entry

C. Both a and b

D. None of the above

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In case of monopoly, both AR and MR fall, but MR falls:

A. Double to that of AR

B. 1/2 to that of AR

C. 2/3 to that of AR

D. Four times to that of AR

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4

Scarcity is:

A. A relative term

B. An economic term

C. A dynamic term

D. As a whole term

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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

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4

In context of oligopoly, the kinky demand curve (kinked demand curve) hypothesis is designed to explain:

A. Price and output determination

B. Price rigidity (price stickness)

C. Price leadership

D. Collusion among rivals

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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

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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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In Bertrand model, the entry of new firms is:

A. banned

B. allowed

C. partially allowed

D. none of the above

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When total product increases at a decreasing rate:

A. MP = AP

B. MP < AP

C. MP > AP =0

D. MP > AP

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In case of giffin good, price effect is:

A. Positive

B. Negative

C. Neutral

D. Infinite