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4

The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:

A. Developed economy

B. Laissez-fair economy

C. Mixed economy

D. Capitalistic economy

Correct Answer :

C. Mixed economy


Related Questions

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Efficient allocation of resources is achieved to a greater extent under:

A. Monopoly

B. Perfect competition

C. Monopolistic competition

D. Oligopoly

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When there is decrease in demand the demand curve:

A. Moves (shifts) towards the axis

B. Moves (shifts) away from the axis

C. Remains unchanged

D. All of the above

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4

The optimal strategy for a player is termed as:

A. Recessive strategy

B. Dormant strategy

C. Dominant strategy

D. Hidden strategy

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4

In joint-profit maximization cartel, the distribution of profit is:

A. Made by agency

B. Not made by agency

C. Made by people

D. None of the above

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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

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4

If the demand curve is vertical then its slope is:

A. Infinite

B. Zero

C. Equal to one

D. None of the

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Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:

A. Consumers prefer to have less satisfaction than more of both commodities

B. As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant

C. The total satisfaction obtained along an indifference curve decreases at an 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

Nash equilibrium is applicable in case of:

A. Cournot model

B. Edgeworth model

C. Chamberline model

D. Sweezy model

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4

Economics is a:

A. Exact science

B. Inexact science

C. Pure science

D. All of the above

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A normal profit is:

A. A zero economic profit

B. Revenues less explicit cost

C. About 10% for most industries

D. A zero accounting profit

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A demand curve which is horizontal and parallel to x-axis represents:

A. Infinitely elastic demand

B. Infinitely inelastic demand

C. Relatively elastic demand

D. Relatively inelastic demand

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4

Who developed the concept of Representative Firm?

A. A.C.Pigou

B. Alfred Marshal

C. J.M.Keynes

D. D.H.Robertson

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All the firms with identical costs under perfect competition well, in the long-run, earn only:

A. Normal profits

B. Abnormal profits

C. Differential profits

D. No profits

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When the level of optimal factor combination is over and more labor is employed with the fixed plant, the efficiency of labor:

A. Increases

B. Decreases

C. Remains constant

D. Becomes zero

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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

The Prisoners Dilemma was presented by A.W.Tucker in:

A. 1910

B. 1945

C. 1900

D. 1940

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The spending of money by the producer to influence consumers is an example of:

A. Derived demand

B. Joint demand

C. Demand creation

D. Compressed demand

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Which of the following is assumed to be constant when drawing a demand curve?

A. Consumer tastes

B. Prices of inputs

C. Technology

D. Number of sellers

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When a consumer is satisfied with his spending pattern, he is said to be in:

A. Balance stat

B. Equilibrium

C. Disequilibrium

D. Authenticated form

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4

Slope of a demand curve is:

A. Not relevant to elasticity

B. The only factor determining elasticity

C. Only one of the factors influencing elasticity

D. None of the above

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The main contribution of Prof. R.G.D.Allen is in the field of:

A. fixation of price

B. Arc elasticity of demand

C. Cross elasticity of demand

D. Wage theory

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When the law of demand operates the demand curve:

A. Slopes downward

B. Slopes upward

C. Becomes horizontal

D. Becomes vertical

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A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:

A. Increases

B. Decreases

C. Remains the same

D. Is zero

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The MRTS along an iso-quant goes on to:

A. Appear

B. Diminish

C. Prominent

D. Increase

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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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Regarding economic decisions, economics of uncertainty identifies:

A. No risks

B. Risks

C. Safety

D. None of the above

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The Law of Proportionality is another name of:

A. The law of diminishing marginal utility

B. The law of demand

C. The Law of Diminishing Returns

D. The law of supply

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Economic problems arise because:

A. Wants are unlimited

B. Resources are scarce

C. Scarce resources have alternative uses

D. All of the above

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The slope of an iso-quant represents:

A. MRS

B. MRT

C. MRTS

D. MRPS