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What is the correct answer?

4

The indirect utility function is a homogeneous function of:

A. degree one

B. degree zero

C. degree less than one

D. degree greater than one

Correct Answer :

B. degree zero


Related Questions

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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

If there are many firms producing similar but differentiated products, the competition is generally said to be:

A. Oligopoly

B. Pure competition

C. Perfect competition

D. Monopolistic competition

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4

In the long-run competitive equilibrium, the theory predicts that:

A. TC = TR and MC = MR

B. Firms operate at a minimum average total cost

C. There is no incentive for entry or exit of firms

D. All these conditions exist

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4

The CES production function shows:

A. Decreasing return to scale

B. Increasing return to scale

C. Constant return to scale

D. None of the above

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4

The budget line is described by each of the following except:

A. Prices of products are assumed to be fixed

B. The consumer need not to spend all his income

C. Consumer income is assumed to be fixed

D. The slope represents relative prices

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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

Which one of the following is also known as Plant Curves:

A. Long-run average cost (LAC) curves

B. Short-run average cost (SAC) curves

C. Average variable cost (AVC) curves

D. Average total cost (ATC) curves

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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

In case of giffin good, price effect is:

A. Positive

B. Negative

C. Neutral

D. Infinite

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4

If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:

A. Perfect elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unit elastic

D. Relatively inelastic (less than one elasticity)

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4

Production is a function of:

A. Profits

B. Costs

C. Inputs

D. Price

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4

The Cambridge School of Thought refers to the group of English economists who came under the influence of:

A. Alfred Marshal

B. J.M.Keynes

C. Paul A.Samuelson

D. A.C.Pigou

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4

The optimal strategy for a player is termed as:

A. Recessive strategy

B. Dormant strategy

C. Dominant strategy

D. Hidden strategy

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4

Capital and Development Planning is the work of:

A. S.Chakravarty

B. J.S.Mill

C. A.C.Pigou

D. F.W.Taussig

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4

When a consumer reached at the point of saturation then marginal utility (MU) is:

A. Negative

B. One

C. Positive

D. Zero

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4

To calculate the elasticity of demand, which of the following formula is used?:

A. Percentage change in demand Original demand

B. Proportionate change in demand Proportionate change in price

C. Change in demand Change in price

D. None of the above

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4

Supply of a commodity refers to:

A. Total stock of a commodity in the market

B. Total production of a commodity during the year

C. Total production plus total stock of a commodity

D. Amount of commodity offered for sale at some price at a particular place and time

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4

The model which gives us information about price and output changes in different periods is:

A. Stable cobweb model

B. Perpetual oscillation

C. Both(a) and(b)

D. None of them

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4

Price discrimination is possible:

A. When elasticities of demand in different markets are the same at the ruling price

B. When elasticities of demand are different in different markets at the ruling price

C. When elasticities cannot be known

D. When elasticities of demands are zero in different markets at the rulling price

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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

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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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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

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

Rotten eggs are:

A. Free goods

B. Economic goods

C. Luxury goods

D. None of the above

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4

An individual consumers demand is not determined by:

A. Price of the commodity

B. Price of the substitutes

C. His household income

D. Size of countrys population

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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

When sales tax is imposed on monopolist, its:

A. Output is effected

B. Equilibrium is effected

C. Input is effected

D. Reputation is effected

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4

The Law of Equi-Marginal Utility states:

A.

B. per income rupee

C.

D.

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4

The indirect utility function is a homogeneous function of:

A. degree one

B. degree zero

C. degree less than one

D. degree greater than one

What is the correct answer?

4

If the supply curve is not a straight line but curvilinear, the elasticity on all points of the supply curve is:

A. Equal

B. Different

C. Zero

D. Infinity