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Current Affairs January 2024

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Which one of the following has been the most influential work of F.H.Knight?

A. Freedom and Reform

B. The Green Revolution

C. Economic Integration

D. Risk ,Uncertainty and Profit

Correct Answer :

D. Risk ,Uncertainty and Profit


Related Questions

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The main contribution of Prof. Lord Keynes is in the field of:

A. Determination of the rate of interest

B. Determination of the market price

C. Determination of the wage rate

D. Determination of production of firm

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In the case of a normal goods, the income effect:

A. Is always equal to the substitution effect

B. Completely offsets the substitution effect

C. Partially offsets the substitution effect

D. Reinforces the substitution effect

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4

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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The act of producing the output from more than one plant is concerned with:

A. Monopoly

B. Multi-plant monopoly

C. Bilateral monopoly

D. Price discrimination

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The long run average cost curve is the envelope of:

A. SACs

B. LACs

C. SMCs

D. LMCs

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Utility means:

A. The want- satisfying power of a commodity

B. Usefulness of commodity

C. Eating of commodity

D. None of these

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Each SAC represents a particular level of:

A. Input

B. Output

C. Both of them

D. None of them

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In perfect cartel, the:

A. Perfect competition price is charged

B. Monopoly price is charged

C. Monopoly price is not charged

D. None of the above

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Which of the following is an implicit cost of production?

A. Wages of the labor

B. Charges of electricity

C. Interest on owned money capital

D. Payment for raw materials

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For monopolistic competitive firm:

A. P=AR and P>MR

B. P

C. P=MC and MC=AC

D. None of the above

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The main contribution of Adam Smith is in the field of:

A. Economics of state

B. Wealth of Nations

C. Value and price

D. Theory of demand

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In the long-run competitive equilibrium:

A. There is tendency for firms to enter but not leave the industry

B. Firms have no tendency either to enter or to leave the industry

C. Some firms may enter while the others may leave the market even after the equilibrium of the industry

D. Entry or exit of the firms cannot be predicted

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In the case of superior (normal) commodity, the income elasticity of demand is:

A. Positive

B. Unitary

C. Negative

D. Infinite

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In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :

A. With using indifference curves

B. With using MRS

C. Without using indifference curve

D. None of the above

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In Prisoners Dillemma, the players are:

A. Industrialists

B. Prisoners

C. Common men

D. Workers

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A maximin strategy:

A. Maximizes the minimum gain that can be earned

B. Maximizes the gain of one player, but minimizes the gain of the opponent

C. Minimizes the maximum gain that can be earned

D. None of the above

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In context of oligopoly, the kinky demand curve (kinked demand curve) hypothesis is designed to explain:

A. Price and output determination

B. Price rigidity (price stickness)

C. Price leadership

D. Collusion among rivals

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Increasing returns is not caused by:

A. Specialization of labor

B. Technological advancement

C. Marketing economics

D. Varying factor proportions

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In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes, the iso-product curve will be:

A. A downward sloping straight line

B. A downward sloping curve

C. An upward rising curve

D. Right angled iso-quants

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In Edgeworth model, if price falls below competitive price, the demand is:

A. More than maximum output

B. More than minimum output

C. Less than maximum output

D. Less than minimum output

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If the commodity is normal then price effect is:

A. Negative

B. Inverse

C. Positive

D. Both (a) and(b)

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When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:

A. Positive

B. Negative

C. Zero

D. None of the above

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If a person behaves against the laws of economics then:

A. He should be condemned

B. He may lose his respect from society

C. He should be punished

D. He should not be punished or even criticised

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When elasticity of demand is less than one (e<1), then following the formula MR=P[1-1/e], the MR will:

A. Positive

B. Negative

C. Zero

D. None of the above

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Demand for a commodity is elastic when it has

A. Only one use

B. Many uses

C. Uses which cannot be postponed

D. Uses very essential for the consumer

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In modern theory of costs, a firm normally utilizes:

A. 2/3 of capacity of its plants

B. 3/4 of capacity of its plants

C. 1/3 of capacity of its plants

D. 1/2 of capacity of its plants

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Cross-elasticity of demand or cross-price elasticity between two substitutes will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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In short-run, in monopolistic competition, a firm earns:

A. Normal profits

B. Abnormal profits

C. No profits

D. All of the above

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

A. Negative

B. Positive

C. Zero

D. Infinite

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The reaction curve of a firm is attained by joining the:

A. Isoprofit curve

B. Super profit curve

C. Normal profit curve

D. Indoprofit curve