Home
Current Affairs January 2024

What is the correct answer?

4

The main contribution of Prof. Lord Keynes is in the field of:

A. Determination of the rate of interest

B. Determination of the market price

C. Determination of the wage rate

D. Determination of production of firm

Correct Answer :

A. Determination of the rate of interest


Related Questions

What is the correct answer?

4

At the point where the straight line from the origin is tangent to the TC curve, AC is:

A. Maximum

B. Minimum

C. Equal

D. Lower

What is the correct answer?

4

Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:

A. Equal to one

B. Greater than one

C. Smaller than one

D. Zero

What is the correct answer?

4

In cournot model, each firm expects a reaction from his rival but the expected reaction is not:

A. important

B. materialized

C. accepted

D. rejected

What is the correct answer?

4

The longer the period of time, the elasticity of supply will be:

A. Constant

B. Less elastic

C. More elastic

D. Perfectly elastic

What is the correct answer?

4

In terms of price, the indirect utility function may be:

A. Concave

B. Quasi-convex

C. Straight line

D. Convex

What is the correct answer?

4

Marginal cost curve cuts the average cost curve:

A. At the left of its lowest point

B. At its lowest point

C. At the right of its lowest point

D. None of the above

What is the correct answer?

4

Increasing returns imply:

A. Constant average cost

B. Diminishing cost per unit of output

C. Optimum use of capital and factor

D. External economies

What is the correct answer?

4

Substitution effect means a consumer

A. Shifts away from the commodity the price of which has fallen

B. Shifts in favour of a commodity the price of which has risen

C. Shifts away from a commodity the price of which has risen, in favour of a commodity the price of which has fallen

D. None of the above

What is the correct answer?

4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

What is the correct answer?

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

What is the correct answer?

4

Which of the following goods is most likely to be exchanged in a market of local rather than national scope?

A. University professors

B. Computer components

C. Building materials

D. Jet airplanes

What is the correct answer?

4

Law of variable proportions is based on the assumption of:

A. Short period of time

B. Long period of time

C. Timeless production relationship

D. All of the above

What is the correct answer?

4

If the slope of the isoquant is equal to the slope of isocost, then isoquant is:

A. Concave to the origin

B. Convex to the origin

C. Tangent to the origin

D. None of the above

What is the correct answer?

4

Microeconomics is also known as:

A. Price theory

B. Demand theory

C. Supply theory

D. Income theory

What is the correct answer?

4

For the given production function, technical inefficiency is defined as:

A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)

B. Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)

C. Use of imported technology

D. None of the above

What is the correct answer?

4

On a straight line demand curve, elasticity of demand at the midpoint is:

A. Equal to zero

B. Equal to one

C. Equal to infinity

D. More than one

What is the correct answer?

4

Which of the following pairs of commodities is an example of substitutes?

A. Tea and sugar

B. Tea and coffee

C. Pen and ink

D. Shirt and trousers

What is the correct answer?

4

Liquidity of Preference Theory was introduced by:

A. Alfred Marshal

B. Lord Keynes

C. Karl Marx

D. Prof. Robbins

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

Marshallian demand function is also known as:

A. Utility demand function

B. Compensated demand function

C. Collective demand function

D. Relative demand function

What is the correct answer?

4

The demand curve of a firm in monopolistic competition is:

A. Negatively sloped

B. Vertical

C. Horizontal

D. Positively sloped

What is the correct answer?

4

If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above

What is the correct answer?

4

Market allocation fundamentally relies upon:

A. A system of relative prices

B. A belief that employees work for the good of society

C. Government ownership of the means of production

D. Moral incentives to encourage productive efficiency

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

In case of income effect, the level of consumers satisfaction rises when:

A. Income rises

B. Income falls

C. Sales rises

D. Price falls

What is the correct answer?

4

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

What is the correct answer?

4

Who introduced the concept of Elasticity of Demand into economic theory?

A. Alfred Marshal

B. Adam Smith

C. Karl Marx

D. George Stigler

What is the correct answer?

4

Total utility and price are:

A. Directly related

B. Unrelated

C. Closely related

D. Negatively related

What is the correct answer?

4

In case of giffin good, price effect is:

A. Positive

B. Negative

C. Neutral

D. Infinite

What is the correct answer?

4

The difference between average cost and average revenue is:

A. Total profit

B. Average profit

C. Net profit

D. Marginal profit