Home
Current Affairs January 2024

What is the correct answer?

4

The standard form of demand function is:

A. Q = a- bP

B.

C. Y = a- bP

D. Q = a+ bP

Correct Answer :

A. Q = a- bP


Related Questions

What is the correct answer?

4

Who formulated the Post-Keynsian Theory of Distribution and Growth?

A. J.M.Keynes

B. N.Kaldor

C. C.P.Kindleberger

D. Irving Fisher

What is the correct answer?

4

Production function shows:

A. Technical relationship between inputs and output

B. Profitability production

C. Relation between MR and MC

D. Relation between AR and AC

What is the correct answer?

4

In the real world, some competitive firms owns specialized resources that earn a return called:

A. Economic profit

B. Rent

C. Accounting profit

D. Normal profit

What is the correct answer?

4

In substitution effect and income effect:

A. The substitution effect is more certain

B. The income effect is more certain

C. The substitution effect is uncertain

D. The income effect is always positive

What is the correct answer?

4

Discriminating monopoly implies that the monopolist charges different prices for his commodity:

A. From different groups of consumers

B. For different uses

C. At different places

D. Any of the above

What is the correct answer?

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

What is the correct answer?

4

Income-demand curve shows:

A. Income-expenditure relationship

B. Income-cost relationship

C. Income-price relationship

D. Income-quantity relationship

What is the correct answer?

4

Diminishing returns occur when a firm:

A. Starts incurring losses

B. Uses more and more of one input while holding all other inputs constant

C. Does not utilize its inputs efficiently

D. Cuts down on the quantity of all inputs it uses

What is the correct answer?

4

The factors of production in perfect competition are:

A. Stagnant

B. Mobile

C. Immobile

D. Rare

What is the correct answer?

4

Who developed the concept of Representative Firm?

A. A.C.Pigou

B. Alfred Marshal

C. J.M.Keynes

D. D.H.Robertson

What is the correct answer?

4

In case of straight-line isoquant, the factors are not substituted because they are each others:

A. Imperfect substitutes

B. Perfect substitutes

C. Complements

D. None of the above

What is the correct answer?

4

The firm is said to be in equilibrium when the difference between revenue and cost is:

A. Maximum

B. Minimum

C. Zero

D. One

What is the correct answer?

4

An effective price ceiling usually results in:

A. Excess demand

B. Qd > Qs

C. Shortage of supply

D. All of the above

What is the correct answer?

4

Profits of a firm will be calculated taking into account the units produced and the difference between:

A. Real cost and money cost

B. Variable cost and fixed cost

C. Average cost and average revenue

D. Marginal cost and average cost

What is the correct answer?

4

Price effect occurs on the higher IC in case of:

A. Slutsky approach

B. Hicksian approach

C. Marshallian approach

D. None of the above

What is the correct answer?

4

According to Chamberline, in monopolistic competition, differentiation is determined by:

A. Choices

B. Preferences

C. Both a and b

D. None of the above

What is the correct answer?

4

Price discrimination is possible:

A. Only under monopoly situation

B. Under any market form

C. Only under monopolistic competition

D. Only under perfect competition

What is the correct answer?

4

An income demand curve of an inferior good is:

A. Upward sloping

B. Downward sloping

C. Constant in slope

D. None of the above

What is the correct answer?

4

Income -elasticity of demand will be zero when a given change in income brings about:

A. A less than proportionate change in quantity demanded

B. A more than proportionate change in quantity demanded

C. The same proportionate change in quantity demanded

D. No change in quantity demanded

What is the correct answer?

4

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

A. Consumers

B. Employees

C. People

D. Labor

What is the correct answer?

4

The long run average cost curve is:

A. Cup-shaped

B. Oval-shaped

C. Saucer-shaped

D. Glass-shaped

What is the correct answer?

4

In monopoly and perfect competition, TC curves are:

A. Different

B. Similar

C. Opposite

D. None of the above

What is the correct answer?

4

MC curve is:

A. L-shaped

B. U-shaped

C. V-shaped

D. Both a and b depending on situation

What is the correct answer?

4

Cartel is associated with:

A. Collusive oligopoly

B. Non-collusive oligopoly

C. Cartel

D. Perfect competition

What is the correct answer?

4

At the shut-down point in perfect competition:

A. P = AVC

B. TR =TVC

C. The total losses of the firm equal TFC

D. All of the above

What is the correct answer?

4

In Recardian theory of value, the stress has been made on:

A. Marginal cost

B. Production cost

C. Labor cost

D. Supply cost

What is the correct answer?

4

Which cost increases continuously with the increase in production?

A. Average cost

B. Marginal cost

C. Fixed cost

D. Variable cost

What is the correct answer?

4

A shift in the demand for a product is likely to result from a change in:

A. The products price

B. Expectations

C. The prices of factors of production used to produced it

D. Production technology

What is the correct answer?

4

Entry of new firms into a competitive market will shift the supply curve of the:

A. Firm to the left

B. Industry to the right

C. Firm to the right

D. Industry to the left

What is the correct answer?

4

The slope of indifference curve shows:

A. Income level

B. Satisfaction level

C. Marginal rate of substitution

D. Demand level