| 1 |
One of the following NOT a assumption of the marginal productivity theory |
- A. units of factor are homogeneous
- B. mobility of factor
- C. low price of factor
- D. perfect competition
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| 2 |
y = 2<sup>x</sup> is a. |
- A. Log function
- B. Linear equation
- C. Exponential function
- D. Increasing function
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| 3 |
Validity of economics theories can never be proved with 100 percent certainty, because |
- A. ceteris paribus clause
- B. limited number of observation is possible
- C. very large number of economic theories proved false in the past
- D. b and c
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| 4 |
Market demand curve is a summation of all individual demand curves as |
- A. Vertical
- B. horizontal
- C. mathematical
- D. local
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| 5 |
Under marginal productivity theory, reward for labour is determined by |
- A. owner
- B. government
- C. labour
- D. marginal product
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| 6 |
In the long-run a competitive firms attains only:<div><br></div> |
- A. Normal profit
- B. Super Normal profit
- C. Sub-Normal profit
- D. Marginal cost
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| 7 |
The concept of perfect competition was introduced by. |
- A. Adam Smith
- B. Alfred Marshall
- C. Keynes
- D. Malthus
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| 8 |
A monopoly generally |
- A. allocates resources in a socially optimal way
- B. encourages greater income equality
- C. encourages greater efficiency
- D. produces less quantity than the quantity which minimies average cost
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| 9 |
Sometimes the supply curve of labour bends |
- A. downward
- B. upward
- C. backward
- D. firstly upward and then downward
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| 10 |
A labourer resigns from service to start his own business. what type of mobility will it be. |
- A. Vertical mobilty
- B. Occupational mobility
- C. Horizontal mobility
- D. Social mobility
|