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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

Correct Answer :

D. J.R.Hicks


Related Questions

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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

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4

If in the long run, output increases in the same proportion as increase in all the input in the given proportion, this is known as:

A. Increasing returns to scale

B. Decreasing returns to scale

C. Constant returns to scale

D. Variable returns to scale

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4

7.The costs which the firms have to face in order to change the price tags of their products and services are called:

A. Product costs

B. Real costs

C. Menu costs

D. Nominal costs

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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

If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above

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4

Average cost means:

A. Cost of the average units

B. Cost of the last units of average

C. Cost of the unit of production

D. Total cost marginal cost

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4

The indirect utility function is a homogeneous function of:

A. degree one

B. degree zero

C. degree less than one

D. degree greater than one

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4

The point where the supply and demand curves intersect on a graph determines:

A. Market price

B. Equilibrium price

C. Long-term price

D. Short-term price

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4

An indifferent curve shows:

A. That how many utils are obtained from consuming different bundles of commodities

B. Different collections of two commodities the consumer considers to be of equal value

C. That if price increases there will be an increases in demand

D. None of the above

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4

If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:

A. One

B. Zero

C. Two

D. Five

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4

In measuring price-elasticity:

A. Price is a dependent variable and quantity is an independent variable

B. Price is an independent variable and quantity is a dependent variable

C. Price and quantity both are independent variables

D. Price and quantity both are dependent variables

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4

When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there will be:

A. An upward pressure on price

B. A downward pressure on price

C. Price will remain unaffected

D. All of the above

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4

In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:

A. Equating price and marginal revenue

B. Equating price and average total cost

C. Increasing marginal cost and lowering fixed costs

D. Equating marginal cost and marginal revenue

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4

Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

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4

With which of the following concepts is the name of J.M.Keynes particularly associated?

A. Marginal propensity to consume

B. Marginal propensity to save

C. Liquidity preference

D. All of the above

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4

A country is advised to devalue (reduce external value of) its currency only when its exports face:

A. Inelastic demand in foreign markets

B. Elastic demand in foreign markets

C. Unit elastic demand in foreign markets

D. None of the above

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4

When price increases and with it the total outlay on a commodity also increases, it is a case of:

A. Perfect elasticity (infinitely elastic)

B. Relative elasticity (greater than one elasticity)

C. Perfect inelasticity (zero elasticity)

D. Relative inelasticity (less than one elasticity)

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4

The number of sellers in oligopoly are:

A. Two

B. Many

C. Four

D. Very few

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4

The cost of production is faced by a:

A. Producer

B. Consumer

C. Seller

D. Firm

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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

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4

In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?

A. When he cannot produce at an economic profit

B. When price falls short of average variable cost at every level of output

C. When price falls short of average fixed cost at every level of output

D. When price falls short of average total cost at every level of output

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4

The cobweb model will divergent when the slope of:

A. Demand curve is more than supply curve

B. Supply curve is more than demand curve

C. Supply curve is equal to demand curve

D. None of the above

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4

Which of the following is not a feature of isoproduct curves?

A. Are downward sloping to the right

B. Show different input combination producing the same output

C. Intersect each other

D. Are convex to the origin

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4

When in a market, the number of buyers is very large and the number of sellers is very small, it is known as:

A. Monopoly

B. Oligopoly

C. Imperfect competition

D. Perfect competition

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4

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

A. Negative

B. Positive

C. Zero

D. Infinite

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We can measure consumers surplus with the help of

A. TU curve

B. MU curve

C. Supply curve

D. None of the above

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4

For the given production function, technical efficiency 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

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4

A dominant strategy can best be described as:

A. A strategy taken by a dominant firm

B. A strategy taken by a firm in order to dominate its rivals

C. A strategy that is optimal for a player no matter an opponent does

D. A strategy that leaves every player in a game better off

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4

If the demand for good is more elastic and government levied a tax per unit of output, the price per unit for the firm would:

A. Rise by the amount of the tax

B. Rise by more than the amount of the tax

C. Rise by less than the amount of the tax

D. Remain the same

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4

Some economists refer to iso-product curves as:

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line