economics

Topics: Costs, Marginal cost, Supply and demand, Variable cost / Pages: 11 (1408 words) / Published: Sep 27th, 2014
Timings :1 hour TEST Max.Marks 58
Choose the most appropriate answer from the given options in respect of the following :

1)”Economics is the study of mankind in the ordinary business of life” was given by :
a) Adam Smith
b)Lord Robbins
c)Alfred Marshall
d)Samuelson

2)A capitalist economy uses as the principal means of allocating resources
a)Demand
b)Supply
c)Efficiency
d)Price

3)The commodity whose demand is associated with the name of Sir Robert Giffen:
a)Necessary goods
b)Luxury goods
c)Inferior goods
d)Ordinary Goods

4)In case of straight line demand curve meeting two axis, the price elasticity of demand at the point where the curve meets Y-axis would be :
a)Zero
b)Greater than one
c)Less than one
d)Infinity

5)Marginal Utility approach was given by :
a)J.R. Hicks
b)Alfred Marshall
c)Robbins
d)A.C. Pigou

6)Which economist said that money is the measuring rod of utility :
a)A.C. Pigou
b)Marshall
c)Adam Smith
d)Robbins

7)If the supply curve is Perfectly Inelastic, the supply curve is :
a)Vertical
b)Horizontal
c)Upward Sloping
d)Downward sloping

8)If the price of apples rise from Rs.30 per Kg to Rs.40 per Kg and the supply increases from 240 Kg to 300 Kg. Elasticity of supply is :
a)0.75
b)0.67
c)00.67
d)00.77

9)Isoquants are equal to :
a)Product lines
b)Total Utility Lines
c)Cost Lines
d)Revenue Lines 10)An isoquant is ___________ to an iso-cost lines at equilibrium point :
a)Convex
b)Concave
c)Tangent
d)Perpendicular

11)During the IInd stage of law of Diminishing Returns :
a)MP and TP is maximum
b)MP and AP are decreasing
c)AP is negative
d)TP is negative

12)An increase in supply with unchanged demand leads to ;
a)Rise in price and fall in quantity
b)Fall in both price and quantity
c)Rise in both price and quantity
d)Fall in price and rise in quantity

13)A monopolist is able to maximize his

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