Home
Current Affairs January 2024

What is the correct answer?

4

The least cost combination of factors x , y and z will generally be the point at which:

A. Price of x = Price of z Price of y Price of x

B. MP of x = MP of y Price of x Price of x

C. MP of x = MP of y = MP of z Price of x Price of y Price of z

D. MP of x = MP of y = MP of z

Correct Answer :

C. MP of x = MP of y = MP of z Price of x Price of y Price of z


Related Questions

What is the correct answer?

4

The addition or increment to the total cost involvesd in expanding or contracting output by one unit is called:

A. Fixed cost per unit

B. Variable cost per unit

C. Total cost per unit

D. Marginal cost

What is the correct answer?

4

In case of short-run, the supply curve of an industry is the horizontal summation of:

A. Marginal cost curves

B. Average cost curves

C. Total cost curves

D. None of the above

What is the correct answer?

4

Who wrote An Introduction to Positive Economics?

A. R.G.Lipsey

B. Paul.A.Samuelson

C. E.D.Domar

D. J.M.Keynes

What is the correct answer?

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

What is the correct answer?

4

If the commodity is normal then Income Effect (I.E) is:

A. Negative

B. Positive

C. Zero

D. Infinite

What is the correct answer?

4

In monopolistic competition, the customers are attached with one product because of:

A. Product similarity

B. Product differentiations

C. Product inferiority

D. None of the above

What is the correct answer?

4

In market sharing cartel model, cartel determines the shares of:

A. the individuals

B. industry

C. firms

D. associations

What is the correct answer?

4

Ordinal approach includes arranging:

A. The different combinations of X and Y in any way the consumer wants

B. The different combinations of X and Y higher and lower and measuring the difference of utility between them

C. The different combinations of X and Y higher and lower and not measuring the difference of utility between them

D. None of above

What is the correct answer?

4

In the case of complements, the cross demand curve slopes:

A. Downwards to the right

B. Upwards to the right

C. Backwards to the top

D. Inwards at the bottom

What is the correct answer?

4

In the modern theory of costs, the level of production which the firm considers feasible is known as:

A. Input factor

B. Heavy factor

C. Output factor

D. Load factor

What is the correct answer?

4

If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

What is the correct answer?

4

At final equilibrium in cournot model, each firm sells:

A. 1/2 of the total market demand

B. 1/4 of the total market demand

C. 1/3 of the total market demand

D. None of the above

What is the correct answer?

4

In dominant strategies I am doing the best, I can no matter:

A. What you do

B. What you are doing

C. What you not do

D. None of them

What is the correct answer?

4

The production techniques are technically efficient:

A. Bellow the lower ridge line

B. Above the upper ridge line

C. Between the two ridge lines

D. On the upper ridge line

What is the correct answer?

4

The consumer is in equilibrium at the where:

A. Budget line and indifference curve intersect each other

B. Budget line and indifference curve are tangent to each other

C. Budget line and indifference curve are opposite to each other

D. Budget line and indifference curve are parallel to each other

What is the correct answer?

4

In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets are:

A. Different

B. Same

C. Zero

D. None of the above

What is the correct answer?

4

A price is a ratio of exchange between:

A. Money and exchange

B. Quantity and production

C. Production and consumption

D. Money and quantity

What is the correct answer?

4

The total utility (TU) curve is:

A. Concave to X-axis

B. Convex to X-axis

C. Concave to Y-axis

D. Convex to Y-axis

What is the correct answer?

4

Demand of a commodity is elastic when:

A. Change in its price causes a proportionately greater change in its quantity demanded

B. Change in its price does not change its quantity demanded

C. Change in consumers income causes change in demand

D. None of the above

What is the correct answer?

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

What is the correct answer?

4

A profit-maximizing monopolist in two separate markets will:

A. Charge the same price in both markets

B. Always charge a higher price in the market where he sells more

C. Always charge a higher price in the market where he sells less

D. Adjust his sales in the two markets so that his marginal revenue in each market just equals his aggregate marginal cost

What is the correct answer?

4

A firm will be in equilibrium when the lowest isocost is:

A. Tangent to the lowest isoquant

B. Tangent to the given isoquant

C. Above the given isoquant

D. Below the given isoquant

What is the correct answer?

4

By increasing the price of its products above those of its competitors, a perfectly competitive seller:

A. Can sell more

B. Reduces its revenues

C. Can sell nothing

D. Increases its revenues

What is the correct answer?

4

By reducing the prices of its products below those of its competitors, a perfectly competitive seller:

A. Reduces its revenues

B. Increases its revenues

C. Can sell nothing

D. None of the above

What is the correct answer?

4

Under price discrimination, the buyers must:

A. Be similar

B. Not be similar

C. Equal

D. None of the above

What is the correct answer?

4

If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):

A. Both move together and reinforce each other

B. One moves and the other remains constant

C. Move in the opposite direction and neutralize each other

D. Both remain constant

What is the correct answer?

4

Which is not an essential feature of a socialist economy?

A. Social ownership of the means of production

B. Freedom of enterprise

C. Use of centralized planning

D. Government decisions

What is the correct answer?

4

The Modern and Neo-Keynsian Theory of Interestwas presented by:

A. Gunner Myrdal

B. A.C.Pigou

C. J.M.Keynes

D. J.R.Hicks

What is the correct answer?

4

With the decrease in marginal valuation of a specific commodity, the price offered by the people:

A. Decreases

B. Increases

C. Become very high

D. Remain unchanged

What is the correct answer?

4

Government planners play a central role in allocating resources:

A. Only under socialism(communism)

B. Only under capitalism

C. Under both (a) and (b)

D. None of the above