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Current Affairs January 2024

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Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

Correct Answer :

B. R.C.Mathews


Related Questions

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Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:

A. The demand for soybeans should increase

B. The supply of soybeans should increase

C. The demand for soybeans should decrease

D. The supply of soybeans should decrease

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4

Robbins definition of economics was criticised by:

A. Alfred Marshal

B. Adam Smith

C. J.B.Clark

D. Hicks, Longe and Durbin

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4

Which of the following models are associated with non-collusive oligopoly?

A. Bertrand model

B. Chamberlin model

C. Kinked demand model (Sweezy Model)

D. All of the above

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4

Cross-demand curve shows:

A. The effect of a change in price of X on its demand

B. The effect of a change in price of X on the demand for Y

C. The effect of a change in price of Y on its demand

D. None of the above

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In monopolistic competition, because of difference in choices, the firm charges:

A. Different prices

B. Similar prices

C. High prices

D. Low prices

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An individual consumers demand is not determined by:

A. Price of the commodity

B. Price of the substitutes

C. His household income

D. Size of countrys population

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Variable cost includes the cost of:

A. Hiring the building for the factory

B. Purchasing heavy machines

C. Paying the manager of the factory

D. Paying the laborers

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The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share of a firm in market is called:

A. Relative demand curve

B. Proportional demand curve

C. Productive demand curve

D. Differential demand curve

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Airlines that try to lower fares in order to increase revenues believe that demand for airline services is:

A. Price elastic

B. Price inelastic

C. Income elastic

D. Income inelastic

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4

Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:

A. Charge different prices, but produce identical outputs

B. Produce different outputs, but charge identical prices

C. Charge different prices, and produce different outputs

D. None of the above

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4

Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:

A. Consumers prefer to have less satisfaction than more of both commodities

B. As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant

C. The total satisfaction obtained along an indifference curve decreases at an increasing rate

D. None of the above

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Rotten eggs are:

A. Free goods

B. Economic goods

C. Luxury goods

D. None of the above

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Marginal cost is found with the help of changes in:

A. Total cost or total variable cost

B. Total explicit cost

C. Total fixed cost

D. Total implicit cost

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If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):

A. Both move together and reinforce each other

B. One moves and the other remains constant

C. Move in the opposite direction and neutralize each other

D. Both remain constant

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4

If demand increased and supply decreased then:

A. Quantity exchanged might rise or fall and price would rise

B. Quantity exchanged would rise and price would fall

C. Quantity exchanged would rise and price might rise or fall

D. Both quantities exchanged and price would rise

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4

Increase in demand occurs when:

A. The price falls and the demand also falls down

B. The price increases but demand falls down

C. The price increases the demand remains constant and when the price remains constant the demand goes up

D. The price remains constant but demand falls

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The costs faced by the firm against fixed factors are:

A. Total costs

B. Fixed costs

C. Variable costs

D. Marginal costs

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According to critics, the assumption of costless production is:

A. true

B. not true

C. reliable

D. deniable

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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

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A firm enjoys maximum control over the price of its product under:

A. Monopoly

B. Perfect competition

C. Oligopoly

D. Imperfect competition

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The goods sold by firms under monopolistic competition are technological as well as:

A. Economic complements

B. Economic substitutes

C. Economic inferiors

D. None of the above

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Monopoly means:

A. Where there is no retail trade and every thing is sold on wholesale basis

B. Where trading of a particular commodity is controlled exclusively by one firm

C. Where many people sell only one commodity

D. A form of business organization in which only single proprietorship exists

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In perfect competition, the slope of the total revenue curve of a firm is equal to the:

A. Market price

B. AVC

C. TFC

D. AFC

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The main contribution of Prof. R.G.D.Allen is in the field of:

A. fixation of price

B. Arc elasticity of demand

C. Cross elasticity of demand

D. Wage theory

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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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Who finalized the model of monopolistic competition?

A. Ricardo

B. Marshal

C. Chamberlin

D. Mrs. Robinson

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General Equilibrium deals with the equilibrium of the:

A. Consumer

B. Producer

C. Farmer

D. All the producers and consumers

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The maximization of output subject to cost requires equilibrium at the:

A. Lowest isoquant

B. Lowest isocost line

C. Highest isoquant

D. Highest isocost line

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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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The economic problem of determining the combination of inputs yielding lowest cost for producing a given output:

A. Is only a choice among the technologically efficient combination

B. Depends on the relative price of inputs

C. Depends on the price of the product

D. Depends on the profits made