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When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?

A. 1756

B. 1777

C. 1776

D. 1801

Correct Answer : C.


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  1. The firm is said to be in equilibrium when the difference between revenue and cost is:
  2. Which of the following formula determine the income elasticity of demand?:
  3. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…
  4. In the case where two commodities are good substitutes then cross elasticity will be:
  5. If under perfect competition, in the short period, price does not cover the average cost completely,…
  6. In the long-run competitive equilibrium:
  7. After reaching the saturation point consumption of additional units of the commodity cause:
  8. Classical production function is:
  9. In monopolistic competition, if a firm lowers its price, the rival firms will:
  10. The budget line is described by each of the following except:
  11. In market sharing cartel model, cartel determines the shares of:
  12. With elasticity of demand, the:
  13. In monopolistic competition, the firm compete on the basis of:
  14. A budget line shows:
  15. The entry of new firms in cournot model is:
  16. For monopolistic competitive firm:
  17. Law of Diminishing Marginal Utility is practically untrue because:
  18. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  19. The critics of Sweezy model say that kink generates:
  20. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  21. Slope of a demand curve is:
  22. The concept of period refers to:
  23. The engineering production function and engineering costs curves are concerned with the:
  24. The cost curves of the firm shift due to changes in:
  25. Under perfect competition, a firm will be in equilibrium if:
  26. In constant sum game (zero sum game), if there are two parties then:
  27. Change in quantity demanded refers to:
  28. With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
  29. The expansion point is attained by joining:
  30. A vertical supply curve parallel to the price axis implies that the elasticity of supply is: