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Quiz 7
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Q.1
Which of the following input factor takes risk, innovates and coordinates
Capital
Labour
Productivity
Entrepreneur
Q.2
Some economists say that profit earner is a kind of
Rent receiver
Interest receiver
Wage earner
Government officer
Q.3
Quality of a commodity that satisfies some human want or need is called
Service
Demand
Utility
Efficiency
Q.4
Total utility is maximum when
Marginal utility is zero
Marginal utility is at its highest point
Marginal utility is equal to average
Average utility is maximum
Q.5
Under which of the following forms of market structure does a firm have no control over the price of its product?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
Q.6
Which is a condition for existence of monopoly?
Big size
Identical product
Absence of government taxes
No close substitute
Q.7
Productivity of land can be raised by
Extensive cultivation
Intensive cultivation
Better marketing
a' and 'b' both
Q.8
Land only
Is a free gift of nature
Lacks geographical mobility
Is not hirable
a' and 'b' both
Q.9
When Marginal Utility is positive, Total Utility
Increases
Decreases
Remains constant
Is highest
Q.10
The three broad types of productive resources are
Money, profit and interest
Capital, labour and natural resources
Bond, stock shares and deposits
Technology, human capital and markets
Q.11
Economic development of a country requires
Skilled labour
Diplomacy
Abundant natural resources
a' and 'c' both
Q.12
Which of the following is one of the assumptions of perfect competition?
Few buyers and few sellers
Many buyers and few sellers
Many buyers and many sellers
All sellers and buyers are honest
Q.13
Price and demand are positively correlated in case of
Normal goods
Comforts
Giffen goods
Luxuries
Q.14
Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price
Equal to one
Greater than one
Small than one
Zero
Q.15
Which of the following is CORRECT with respect to resources?
Money is a capital good
Human skills are a labour input
Entrepreneur is part of the labour input
Natural resources include human input
Q.16
The transformation of resources into economic goods and services is called
Technical efficiency
Input
Production
Increasing returns
Q.17
Profits
Are lower in the long run than in the short run
Can be negative
Are less in perfect competition than in monopoly
All of the above
Q.18
When Marginal Utility is zero, Total Utility is
Minimum
Maximum
Law of return
None of the above
Q.19
Which of the following is NOT an input?
Labour
Entrepreneurship
Natural resources
Production
Q.20
Profits are
Residual payment
Pre-determined
Fixed contract
Always higher than wages
Q.21
Diminishing marginal utility is the basis of
Law of supply
Law of demand
Law of returns
None of the above
Q.22
Who stated explicitly for the first time, the Law of Comparative Costs?
David Ricardo
Adam Smith
James Mill
Thomas Mun
Q.23
According to Keynes, interest is a payment for
Use of durable goods
Use of capital
Use of money
Use of land
Q.24
The cost which a firm incurs for purchasing or hiring factors is called
Implicit
Explicit
Real
Nominal
Q.25
The Communist Manifesto, written jointly by Marx and Engels's was published in
1843
1848
1853
1859
Q.26
Every factor of production gets rewarded equal to its
Cost
Marginal product
Price
Increasing return
Q.27
If rate of interest is 10%, the PV (present value) of Rs.100 received in 1 year's time is
90
90.9
95
110
Q.28
Law of substitution is another name for law of
Law of diminishing MU
Law of Equi-MU
Law of demand
Satisfaction
Q.29
As output increases, AC curve
Falls
Rises
Remains constant
All of the above
Q.30
Demand curve slopes downward because of the law of
Consumer equilibrium
Utility maximization
Utility minimization
Diminishing marginal utility
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