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Quiz 8
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Q.1
The long run is a
Period of three years or longer
Period long enough to allow firms to change plant size and capacity
Period long enough to allow firm to make economic decisions
A period which affects larger than smaller firms
Q.2
The Purchasing Power Parity Theory' came into prominence in 1916 through the writings of
J.M.Keynes
L.E.Von Miser
Gustav Cassel
F.A.von Hayek
Q.3
Utility is more closely related to the term
Useful
Useless
Necessary
Satisfaction
Q.4
The short run
Is less than one year
Requires that at least one input is fixed
Requires that all inputs are fixed
Is just long enough to permit entry and exit
Q.5
Identify the work of Irving Fisher
A Treatese on Money
Policy against Inflation
The Making of Index numbers
Monetary Theory
Q.6
Professor Knight is famous for his theory of
Rent
Profit
Population
Wages
Q.7
Which is NOT a cause of shift in cost curves of a firm?
Excise tax
Prices of inputs
Increase in productivity
Price of product
Q.8
Who first raised the fear of a world food shortage?
David Ricardo
T.R.Malthus
J.S.Mill
J.B.Say
Q.9
The minimum wage is an example of
Price floor
Price ceiling
Equilibrium wage
Efficiency of labour
Q.10
During short period, diminishing returns may follow because
Quantity of labour is fixed
Quantity of output is fixed
Quantity of capital is fixed
Quantity of any one factor is fixed
Q.11
MC is given by
Slope of TFC
Slope of TC
Slope of AC
None of the above
Q.12
As for the cost of production of an individual farmer, the rent paid by him
Enters into the price of his product
Does not enter into price of his product
Is unjustified
None of the above
Q.13
Human wants are
One thousand
Few
Innumerable
Countable
Q.14
When was Adam Smith's major work "An enquiry into the Nature and Causes of Wealth of Nations" published?
1756
1766
1776
1786
Q.15
The standard of living of workers depends upon their
Nominal wages
Real wages
Average product
Government policy
Q.16
Economies of scale are of two kinds
Temporary and permanent
Internal and external
Managerial and industrial
Natural and artificial
Q.17
Which statement is true
ATC + AVC = AFC
ATC + MC = AFC
ATC + AFC = AVC
AFC + AVC = ATC
Q.18
TVC curve
Starts from origin
Does not start from origin
Is parallel to Y-axis
None of the above
Q.19
TC curve
Starts from origin
Does not start from origin
Is parallel to Y-axis
None of the above
Q.20
"The real price of everything, what every thing really costs to the man who wants to require it, is the toil and trouble of acquiring it. Who made this statement?
Karl Marx
Adam Smith
David Ricardo
J.S.Mill
Q.21
Identify the economist who had little formal education and started working in the money market at an early age of fourteen.
David Ricardo
Adam Smith
V.F.D. Pareto
A.A. Cournot
Q.22
In which form, the largest percentage of national income is earned?
Interest income
Proprietor's income
Employee' wages
Rental income
Q.23
Law of return applies to firms working in
Perfect competition
Monopoly
Small firm
All kinds of market situations
Q.24
These are kinds of rent EXCEPT
Differential rent
Scarcity rent
Mobility rent
Location rent
Q.25
Identify the author of "The principles of Political Economy and Taxation"
Alfred Marshall
J.S.Mill
David Ricardo
A. Turgot
Q.26
Which is not a central problem of an economy?
What to produce
How to produce
How to maximize private profit
For whom to produce
Q.27
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is
Equal to 1
More than 1
Less than 1
0
Q.28
The most efficient scale of production of a firm is where
LAC is minimum
SAC is minimum
LMC is minimum
SMC is minimum
Q.29
A firm should shut down in the short run if it is not covering its
Variable cost
Fixed cost
Total cost
Explicit cost (money outlays)
Q.30
A consumer is in equilibrium when marginal utilities are
Minimum
Highest
Equal
Increasing
0 h : 0 m : 1 s
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