Who first formulated the Marginal Productivity Theory of Distribution?
J.B.Clark
L.Euler
J.A.Schumpeter
Alfred Marshal
Correct Answer :
A. J.B.Clark
Related Questions
If two goods have same marginal utility for a consumer then:
He will consume only one of them
He will consume equal quantities of them
He will be willing to pay the same price for each of them
The total utility gained from each of them is equal
Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
Negative
Positive
Infinite
Zero
At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand is:
Equal to one
Less than one
Equal to zero
Equal to infinite
In non-constant sum game (non-zero sum game), if there are two parties then:
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
Both parties can become better off or worse off
When the law of demand operates the demand curve:
Slopes downward
Slopes upward
Becomes horizontal
Becomes vertical
In Revealed Preference Theory, a consumer reveals preference for bundle of:
Two goods
A few goods
One good
Many goods
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is:
Greater than one
Less than one
Zero
Equal to one
Opportunity costs are also known as:
Spill-over costs
Money costs
Alternative costs
External costs
When total product (TP) is maximum:
MP is negative
MP is infinite
MP is zero
None of the above
Economics is a:
Exact science
Inexact science
Pure science
All of the above
In the case where two commodities are good substitutes then cross elasticity will be:
Positive
Unitary
Negative
Infinite
A country is advised to devalue (reduce external value of) its currency only when its exports face:
Inelastic demand in foreign markets
Elastic demand in foreign markets
Unit elastic demand in foreign markets
None of the above
For a commodity giving large consumers surplus, the demand will be:
Less elastic
More elastic
Unit elastic
Zero elastic
The total revenue curve for monopolist is the shape of:
Circle
Rectangle
Parabola
None of the above
Gold is bought and sold in a:
Perfectly competitive international market
Perfectly competitive national market
Imperfect international market
Imperfect national market
If money income is given then consumer is in equilibrium when:
MU < P
MU >P
MU = P
MU = 0
General equilibrium is concerned with simultaneous equilibrium of:
Few economic agents
All the economic agents
Two economic agents
Many economic agents
Ordinal approach includes arranging:
The different combinations of X and Y in any way the consumer wants
The different combinations of X and Y higher and lower and measuring the difference of utility between them
The different combinations of X and Y higher and lower and not measuring the difference of utility between them
None of above
The slope of marshallian demand curve is:
Upward
Vertical
Downward
Horizontal
Which of the following curves is a rectangular hyperbola?
ATC
AVC
AFC
None of the above
If X and Y are close substitutes, a rise in the price of X will lead to:
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
A monopolist is:
Price winner
Price searcher
Price taker
Price leaver
Which is not a central problem of an economy?
What to produce
How to produce
How to maximize private profit
For whom to produce
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
Supply and demand changes have their most rapid impact in:
Auction market
Contract markets
Market for commercial office space
Natural gas market
If the price of product A decreases and in the result the demand for product B increases then we can say that:
A and B are substitute goods
A and B are complementary goods
A is an inferior good
B is an inferior good
A budget line shows:
Price of commodity X in terms of Y
Price of commodity Y in term of X
Income of the consumer
All of the above
At the shut-down point in perfect competition:
P = AVC
TR =TVC
The total losses of the firm equal TFC
All of the above
The Law of Diminishing Marginal Returns can be explained in terms of:
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
Who is the author of the famous work Asian Drama: An Enquiry intro the Causes of Poverty of Nations?
Irving Fisher
J.B.Clark
J.M.Keynes
Gunnar Myrdal