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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

Correct Answer :

C. multiplicity of wants and scarcity of resources


Related Questions

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4

In monopolistic competition, the firms follow:

A. Exotic behavior

B. Sympathetic behavior

C. Myopia behavior

D. Regular behavior

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4

The slope of the iso-cost line (budget line) is determined by:

A. Pricing of two factors

B. Productivity of the two factors

C. Degree of substitutability of two factors

D. None of the above

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4

The products, under monopolistic competition are differentiated, yet they are:

A. Complements

B. Close substitutes

C. Both a and b

D. None of the above

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4

The vertical distance between TVC and TC is equal to:

A. MC

B. AVC

C. TFC

D. AC

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4

The cost curves of the firm shift due to changes in:

A. Input prices

B. Technological innovations

C. Both of them

D. None of them

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4

Which of the following is not characteristic of perfect competition?

A. Freedom of entry and exit

B. Each seller is a price taker

C. Perfect information about prices

D. Heterogeneous products

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4

Price discrimination is undertaken with the aim of:

A. Increasing sales and maximizing profits

B. Reducing sales and raising prices

C. Minimizing cost and maximizing revenue

D. Serving the markets without earning profits

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4

The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:

A. Explicit cost

B. Implicit cost

C. Variable cost

D. Fixed cost

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4

The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:

A. Only when the price of commodity X changes

B. Only when the price of commodity Y changes

C. Only when the consumers income is varied

D. None of the above

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4

If a person behaves against the laws of economics then:

A. He should be condemned

B. He may lose his respect from society

C. He should be punished

D. He should not be punished or even criticised

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4

One way the government can induce a monopolist to expand his output is by imposing:

A. A specific tax on the monopolists output

B. A price ceiling that make the monopolist lower his price

C. A price floor that make the monopolist raise his price

D. A heavy tax on the monopolists profit

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4

Cross-elasticity of demand or cross-price elasticity between two perfect substitutes will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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4

Each firm in cournot model can:

A. not ignor the activities of the rival

B. ignor the activities of the rival

C. both a and b

D. none of the above

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4

Marginal Utility (MU) curve is always:

A. Rising

B. Falling

C. Parallel to X-axis

D. Parallel to Y-axis

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4

Which is the correct statement?

A. The U shape of long-run cost curve is less pronounced than the short-run cost curves

B. The U shape of the short-run cost curves is less pronounced than the long-run cost curves

C. The U shape of the long-run cost curve is more pronounced than the short-run cost curves

D. The long-run cost curves are never U shaped

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4

In the range of excess capacity, the average costs are:

A. Maximum

B. Minimum

C. Equal to one

D. Equal to zero

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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

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4

The fundamental choices that a society must make about the use of its resources include:

A. How much to produce

B. How to produce

C. How to distribute

D. All of the above

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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

In monopolistic competition, the cost curves of all firms are:

A. Uniform

B. Different

C. Dependent

D. Independent

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4

Identify the work of T.W.Schultz:

A. Transforming Traditional Agriculture

B. Productivity and Technical Change

C. Jobs, Poverty and the Green Revolution

D. Causes of Poverty

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4

A monopolist has control over the price he charges for his product. He will be able to maximize his profit by:

A. Lowering the price, if the demand curve is elastic

B. Lowering the price, if the demand curve is inelastic

C. Rising the price, if the demand curve is elastic

D. None of the above is applicable

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4

The Lambda or Langrange Multiplier is a:

A. Analyst

B. Catalyst

C. Pessimist

D. Optimist

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4

Cross-elasticity of demand or cross-price elasticity between two substitutes will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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4

A demand curve is not related to:

A. The price of the commodity

B. The time period

C. The price of substitutes

D. Any of the above

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4

The basic subject matter of economics is:

A. Money

B. Capital resources

C. Scarcity

D. Inflation

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4

Which of the following is not an explicit cost of production?

A. Wage of self-employed proprietor

B. Depreciation on machinery

C. Returns on owned capital

D. Cost of raw materials

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4

In the long run average costs curve, a firm can change:

A. Labour

B. Capital

C. Both of them

D. None of them

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4

The concept of period refers to:

A. A specific duration of time

B. A varying duration of time

C. A duration of time which permits necessary adjustments

D. A period with calculated intervals

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4

The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:

A. It gets more expensive

B. A household consumes more of it

C. Preference changes

D. A households income goes up