The main contribution of Prof. Lord Keynes is in the field of:
Determination of the rate of interest
Determination of the market price
Determination of the wage rate
Determination of production of firm
Correct Answer :
A. Determination of the rate of interest
Related Questions
The main contribution of Malthus is in the field of:
Consumption expenditure
Theory of population
Division of labor
Theory of demand
Who finalized the model of imperfect competition?
Ricardo
Marshal
Chamberlin
Mrs. Robinson
Which of the following models are associated with non-collusive oligopoly?
Bertrand model
Chamberlin model
Kinked demand model (Sweezy Model)
All of the above
At a point above the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinite
Law of Variable Proportions is regarding in:
Short-Run
Long-Run
Medium-Run
None of the above
In the long run:
All factors can be used in different proportions
Management can be re-organized
A firm can experience returns to scale
All of the above
The engineering production function and engineering costs curves are concerned with the:
Production cost
Collection cost
Raw material costs
Distribution costs
In Edgeworth model, price remains:
Constant
On increasing
Independent
Indeterminate
A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
Increases
Decreases
Remains the same
Is zero
Production function shows:
Technical relationship between inputs and output
Profitability production
Relation between MR and MC
Relation between AR and AC
Increasing return to scales can be explained in terms of:
Optimal factor proportions
Fixed scale of plant
External and internal economies
Labor productivity
In short run, a firm can change its:
Total production
Fixed production
Variable production
None of the above
Which describes a competitive market?
Many buyers and many sellers
One seller, many buyers
One buyer, many sellers
Few sellers, many buyers
The Law of Equi-Marginal Utility refers to:
Marginal utility of commodity X
Marginal utility of commodity Y
Marginal utility per rupee spent on X and Y commodities
None of the above
The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
Explicit cost
Implicit cost
Variable cost
Fixed cost
In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded that results if consumers utility or welfare is kept constant is referred to as the:
Utility effect
Budget line effect
Substitution effect
Income effect
The falling part of total Utility (TU) curve shows:
Increasing marginal utility
Decreasing marginal utility
Zero marginal utility
Negative marginal utility
The normal long-run average cost curve is influenced by the:
Principle of diminishing returns
Economies and diseconomies of large scale production
Principle of constant return to scale
All of the above
By saying that monopolist create a contrived scarcity, economist mean that monopolist:
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
Moving along the indifference curve leaves the consumer:
Better off
Worse off
In equilibrium
Neither better off nor Worse off
When sales tax is imposed on monopolist, its:
Output is effected
Equilibrium is effected
Input is effected
Reputation is effected
One common definition of a luxury good is a good with income elasticity:
Greater than one
Equal to one
Less than one but more than zero
None of the above
The Strategy of Economic Development is the work of:
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand is:
Equal to one
Less than one
Equal to zero
Equal to infinite
The Input-Output Analysis was originated by:
W.W. Leontief
E.D.Domar
R.G.D.Allen
J.M.Keynes
If the demand curve remains unchanged and supply increases, the price will:
Rise
Fall
Remain the same
None of the above
An inferior commodity is one whose quantity demand decreases when income of the consumer:
Decreases
Increases
Remains constant
Zero
Marshalls definition of economics was strongly criticised by:
Adam Smith
Prof.Pigno
Prof. Robbins
J.B.Clark
The real income of a consumer is income in terms of:
Goods
Goods and survices
Goods and survices it can purchased
Monetary units
A country is advised to devalue (reduce external value of) its currency only when its exports face:
Inelastic demand in foreign markets
Elastic demand in foreign markets
Unit elastic demand in foreign markets
None of the above