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4

The relationship between AC and MC curves depend upon the behavior of:

A. AP curves

B. MP curves

C. Both of them

D. None of them

Correct Answer :

C. Both of them


Related Questions

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4

The difference between average total cost and average fixed cost shows:

A. Normal profits

B. Implicit costs

C. Variable costs

D. Opportunity costs

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4

The relationship between price effect, income effect and substitution effect is:

A. P.E = S.E + I.E

B. S.E = P.E +I.E

C. I.E = P.E +S.E

D. S.E = P.E +2I.E

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4

We can obtain consumers demand curve from:

A. Income Consumption Curve (ICC)

B. Engels Curve

C. Price Consumption Curve (PCC)

D. Production Possibility Curve (PPC)

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4

The minimization of costs subject to output requires equilibrium at the lowest:

A. Isoquant line

B. Isocost line

C. Indifference curve

D. Price line

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4

Consumers Surplus can also be defined as:

A. Extra price benefits

B. Shortage of quantity

C. Surplus of quantity

D. Difference between actual price and potential price

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4

Who wrote Mathematical Analysis for Economists?

A. J.P.Lewis

B. R.G.D.Allen

C. Paul A.Samuelson

D. E.D.Domar

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4

The production process is:

A. Consuming goods and services

B. Transforming inputs into outputs

C. Wasting goods and services

D. Buying goods and services

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4

In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:

A. Also decrease it

B. Increase it

C. Remain uneffected

D. None of the above

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4

Which of the following formula determine the income elasticity of demand?:

A. Proportionate change in demand Proportionate change in price

B. Proportional change in the purchase of Y Proportional change in the price of X

C. Proportionate change in demand Proportionate change in income

D. Proportionate change in demand Proportionate change in price

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4

In case of monopoly, TR curve rises at a:

A. Constant rate

B. Decreasing rate

C. Increasing rate

D. None of the above

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4

The income effect means that consumer purchase more when:

A. Price falls

B. Price increases

C. Price is unchanged

D. Taste changed

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4

The MRTS along an iso-quant goes on to:

A. Appear

B. Diminish

C. Prominent

D. Increase

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4

The word ECONOMICS is derived from the Greek terms meanings:

A. Political economy

B. Household Management

C. Production and consumption

D. Financial Accounting

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4

7.In an economy based on the price system the decision on what shall be produced is made by:

A. Government

B. Consumer

C. Producer

D. Stock holder

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4

In constant sum game (zero sum game), if there are two parties then:

A. Both parties make better-off

B. Both parties make worse-off

C. Both parties become Neutral

D. One party can become better off only if another is made worse off

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4

Chamberline introduces the concept of:

A. V-shaped selling cost

B. U-shaped selling cost

C. V-shaped purchasing material

D. U-shaped purchasing material

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4

The total revenue curve for monopolist is the shape of:

A. Circle

B. Rectangle

C. Parabola

D. None of the above

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4

Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?

A. Oligopoly

B. Perfect competition

C. Imperfect competition

D. None of the above

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4

The kinked demand curve comes into being where:

A. Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other

B. Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other

C. Proportional demand curve (PDC) and individual demand curve (IDC) repel each other

D. None of the above

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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

The water diamond paradox was firstly resolved with the help of:

A. Labor theory of value

B. Individual theory of value

C. Producer theory of value

D. Consumer theory of value

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4

Iso-product curve (isoquant) shows:

A. A given quantity of output that can be produced by various combinations of two inputs

B. Varying quantities of output that can be produced by the same combination of two factors

C. Combination of two factors that can give the least cost of production

D. Combination of two goods that cost the same amount to the producer

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4

In modern theory, LAC = LMC after the attainment of:

A. Maximum optimal scale

B. Average optimal scale

C. Minimum optimal scale

D. None of the above

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4

To calculate the Economic Profit we must deduct which of the following cost from our total revenues?

A. Opportunity cost

B. Direct cost

C. Rent cost

D. Wage cost

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4

According to Saint Thomas Aquinas value is determined by God, but prices by:

A. Consumers

B. Employees

C. People

D. Labor

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4

Income-demand curve shows:

A. Income-expenditure relationship

B. Income-cost relationship

C. Income-price relationship

D. Income-quantity relationship

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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

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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

Which of the following has more elastic demand curve?

A. A commodity without substitutes

B. A commodity with substitutes

C. A commodity on which a small fraction of income is spent

D. A commodity the use of which cannot be postponed

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4

If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of demand is:

A. Perfectly elastic

B. Elastic

C. Unitary elastic

D. Inelastic