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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.


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  2. From the resource allocation view point, perfect competition is preferable because:
  3. On all points of budget (price) line:
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  5. Income-demand curve shows:
  6. Extension (expansion) and contraction of demand are result of:
  7. Production is a function of:
  8. Income -elasticity of demand will be zero when a given change in income brings about:
  9. When there is decrease in demand the demand curve:
  10. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
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  12. The normal long-run average cost curve is influenced by the:
  13. Who is the founder of classical school of thought?
  14. Which is the other name that is given to the average revenue curve?
  15. Efficient allocation of resources is likely to be achieved under:
  16. In monopolistic competition, the firms have to face:
  17. In cournot model, firms face:
  18. The Hicksian indirect utility function in the form of equation is:
  19. If by doubling all inputs in the long run output is less than double, it is a case of:
  20. In short-run, in monopolistic competition, a firm earns:
  21. The slope of indifference curve shows:
  22. Efficient allocation of resources is achieved to a greater extent under:
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  28. Perfect competition implies:
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