Who is the author of Choice of Technique?
K.N.Raj
Amartiya Sen
A.C.Pigou
Alfred Marshal
Correct Answer :
B. Amartiya Sen
Related Questions
The effect of consumer boycotts usually is:
A rise in the price of the product
A decrease in the demand for the product
A decrease in the supply of the product
An increase in the quantity supplied of the product
Income distribution effects:
The price of complements
The price of substitutes
The market demand for commodities
The individuals scale of performances
The budget line is described by each of the following except:
Prices of products are assumed to be fixed
The consumer need not to spend all his income
Consumer income is assumed to be fixed
The slope represents relative prices
In perfect competition, the slope of the total revenue curve of a firm is equal to the:
Market price
AVC
TFC
AFC
In terms of price, the indirect utility function may be:
Concave
Quasi-convex
Straight line
Convex
Efficient allocation of resources is likely to be achieved under:
Monopoly
Monopolistic competition
Perfect competition
Any market form
In monopoly and perfect competition, TC curves are:
Different
Similar
Opposite
None of the above
By saying that monopolist create a contrived scarcity, economist mean that monopolist:
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
The critics of Sweezy model say that kink generates:
Frustration
Poverty
Uncertainty
Integrity
A monopolist:
Can not influence the market
Can influence the market
Is a price taker
None of the above
The concept of period refers to:
A specific duration of time
A varying duration of time
A duration of time which permits necessary adjustments
A period with calculated intervals
The demand curve slopes downwards due to:
Income effect(I.E)
Substitution effect(S.E)
Taste effect
Both a and b
The supply curve would probably shift to the right if:
Resource( factors of production) used in production became more costly
The technology of production improves
Consumers income increased
Some sellers left the market
When total product (TP) is maximum:
MP is negative
MP is infinite
MP is zero
None of the above
The act of producing the output from more than one plant is concerned with:
Monopoly
Multi-plant monopoly
Bilateral monopoly
Price discrimination
The alternative of profit maximization theory is:
Cost maximization
Product maximization
Revenue maximization
None of the above
At a point below the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinity
Quantity demanded or supplied is measured in:
Monetary units
Physical units
Relative units
Constant units
The Chamberline model recognizes mutual:
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials
Loanable funds theory of Interest was developed by:
Wicksell
Robert San
Ruskin
J.B.Say
In Edgeworth model, prices oscillate between:
Firms and industry price
Monopoly and duopoly price
Competitive and monopoly price
None of the above
Variable cost includes the cost of:
Hiring the building for the factory
Purchasing heavy machines
Paying the manager of the factory
Paying the laborers
The difference between average cost and average revenue is:
Total profit
Average profit
Net profit
Marginal profit
If production increases under constant returns to scale, the cost will:
Increase at a constant rate
Decrease at a constant rate
Increase at a variable rate
Decrease at a variable rate
Karl Marx:
Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
Price effect occurs on the higher IC in case of:
Slutsky approach
Hicksian approach
Marshallian approach
None of the above
In the case of an inferior good, the income effect:
Partially offsets the substitution effect
Reinforces the substitution effect
Is equal to the substitution effect
More than offsets the substitution effect
The model which gives us information about price and output changes in different periods is:
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
If the price of product increases and in the result the demand for product B also increases then:
A and B are substitute goods
A and B are complementary goods
A is inferior to B
A is superior to B
According to Robbins, economics is a:
Science of wealth
Science of national welfare
Science of optimality
Science of scarcity