Home
Current Affairs January 2024

What is the correct answer?

4

The falling part of total Utility (TU) curve shows:

A. Increasing marginal utility

B. Decreasing marginal utility

C. Zero marginal utility

D. Negative marginal utility

Correct Answer :

D. Negative marginal utility


Related Questions

What is the correct answer?

4

If the commodity is inferior then:

A. Income effect is positive but substitution effect is negative

B. Income effect is negative but substitution effect is positive

C. Both income effect and substitution effect are negative

D. Both income effect and substitution effect are positive

What is the correct answer?

4

The production process is:

A. Consuming goods and services

B. Transforming inputs into outputs

C. Wasting goods and services

D. Buying goods and services

What is the correct answer?

4

Extension (expansion) of demand means:

A. More quantity demanded at a lower price

B. More quantity demanded at a higher price

C. More quantity demanded at the same price

D. None of the above

What is the correct answer?

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

What is the correct answer?

4

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

A. Increase at decreasing rate

B. Increase at constant rate

C. Decrease at increasing rate

D. Increase at increasing rate

What is the correct answer?

4

The Hicksian demand curve includes:

A. Substitution effect

B. Income effect

C. Both substitution and income effect

D. None of them

What is the correct answer?

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

What is the correct answer?

4

Utility means:

A. The want- satisfying power of a commodity

B. Usefulness of commodity

C. Eating of commodity

D. None of these

What is the correct answer?

4

The Law of Diminishing Marginal Returns can be explained in terms of:

A. Economies and diseconomies of production

B. Indivisibility of factors

C. Fixity of supply of land

D. Variable factor productivity

What is the correct answer?

4

If two goods are complements then indifference curve (IC) will be:

A. Straight line

B. Convex to origin

C. Concave to origin

D. Lshaped

What is the correct answer?

4

7.The costs which the firms have to face in order to change the price tags of their products and services are called:

A. Product costs

B. Real costs

C. Menu costs

D. Nominal costs

What is the correct answer?

4

Gold is bought and sold in a:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect national market

What is the correct answer?

4

Economics is a:

A. Physical science

B. Social science

C. Natural science

D. Basic science

What is the correct answer?

4

In respect of which of the following category of goods is consumers surplus highest?

A. Giffen goods

B. Necessities

C. Luxuries

D. Prestige goods

What is the correct answer?

4

The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

What is the correct answer?

4

In monopolistic competition, if a firm lowers its price, the rival firms will:

A. Also lower their prices

B. Increase their prices

C. Show no reaction

D. None of the above

What is the correct answer?

4

We can measure consumers surplus with the help of

A. TU curve

B. MU curve

C. Supply curve

D. None of the above

What is the correct answer?

4

Scarcity means:

A. Nil resources

B. Limited resources

C. Many resources

D. Extra resources

What is the correct answer?

4

The main contribution of Prof.Robbins is in the field of:

A. human welfare

B. national income

C. multiplicity of wants and scarcity of resources

D. theory of production

What is the correct answer?

4

Which of the following oligopoly models is concerned with the maximization of joint profits?

A. Price leadership model

B. Bertrands model

C. Collusive model

D. Edgeworths model

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

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

What is the correct answer?

4

MC = MR = AC = AR shows the long run equilibrium position of the:

A. Competitive firm

B. Oligopolistic firm

C. Monopolist firm

D. None of the above

What is the correct answer?

4

Consumers are likely to get a variety of similar goods under:

A. Monopoly

B. Perfect competition

C. Duopoly

D. Monopolistic competition

What is the correct answer?

4

Elasticity (E) expressed by the term, 1>E>0, is:

A. Perfectly elastic

B. Relatively elastic

C. Unitary elastic

D. Relatively inelastic

What is the correct answer?

4

At a point above the middle of a straight line demand curve, elasticity of demand is:

A. Less than one

B. Equal to one

C. More than one

D. Equal to infinite

What is the correct answer?

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

What is the correct answer?

4

The output where TC = TR & AC = AR:

A. Break-even point

B. Load point

C. Shut-down point

D. Revenue cost point

What is the correct answer?

4

The Strategy of Economic Development is the work of:

A. S.Kuznets

B. H.Liebenstein

C. A.O.Hirshman

D. Alfred Marshal

What is the correct answer?

4

Time Preference Theory of Interest was presented by:

A. Adam Smith

B. Carl Menger

C. Ruskin

D. J.B.Say