| 1 |
A short period market is the market of. |
- A. Perishable goods
- B. Durable goods
- C. Consumer goods
- D. Capital goods
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| 2 |
Who criticized economics as "dismal Science". |
- A. Alfred Marshall
- B. Lionel Robbins
- C. Carlyle and Ruskin
- D. J.M. Keynes.
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| 3 |
If demand is inelastic, a change in the price |
- A. will change the quantity in same direction
- B. will change total revenue in same direction
- C. will change total revenue in the opposite direction
- D. will not change quantity
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| 4 |
Supply curve |
- A. is vertical in long run
- B. is flatter in long run
- C. is same in long and short run
- D. is horizontal in both short and long run
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| 5 |
The goods used to produce income or wealth are., |
- A. Consumer goods
- B. Manufactured goods
- C. Merit goods
- D. Capital goods
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| 6 |
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as |
- A. increase in supply of capital
- B. increase in supply of land
- C. increase in supply of land and supply of capital
- D. none of these
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| 7 |
The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is: |
- A. Differential rent
- B. Scarcity rent
- C. Quasi rent
- D. Economic rent
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| 8 |
A consumer in equilibrium when marginal utilities are |
- A. minimum
- B. highest
- C. equal
- D. increasing
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| 9 |
The maximum point of TP curve is at quantity of labour where |
- A. Average physical product of labour is equal to 1
- B. MPP of labour is at its maximum
- C. curves of APP and MPP of labour intersect
- D. MPP of labour is zero
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| 10 |
According to Keynes interest is a payment for |
- A. use of durable goods
- B. use of capital
- C. use of money
- D. use of land
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