| 1 |
When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product(MP) of labour falls but the average product(AP) of labour rises. This can be explained by the factors that |
- A. MP of labour is grater than AP of labour
- B. additional workers are more efficient
- C. MP and AP are equal
- D. AP is maximum
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| 2 |
It describes the law of supply |
- A. supply curve
- B. supply schedule
- C. supply equation
- D. all the three
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| 3 |
TVC |
- A. starts from origin
- B. not from origin
- C. is parallel to x-axis
- D. is parallel to y-axis
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| 4 |
y = 20-5 x this function is. |
- A. Increasing function
- B. Decreasing function
- C. Constant function
- D. Exponential function
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| 5 |
Profits |
- A. are lower in the long run than in the short run
- B. can be negative
- C. are less in perfect competition than in monopoly
- D. all of the above
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| 6 |
One of the following is not an exception to the law of diminishing marginal utility . |
- A. Money
- B. Knowledge
- C. Music
- D. Non of them
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| 7 |
Efficiency of labour is not affected by |
- A. attitude of worker
- B. attitude of employer
- C. attitude of wife/husband
- D. all affect
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| 8 |
The slopes of average and marginal products curves are always zero under: |
- A. Law of increasing returns
- B. Law of diminishing returns
- C. Law of constant returns
- D. Law of variable propoitions
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| 9 |
Consists of all kinds of wealth, other than free gifts of nature, which yield income are called |
- A. Capital
- B. Productivity of capital
- C. Both a and b
- D. None of these
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| 10 |
Doctors get higher wages than clerks because |
- A. doctors are in short supply
- B. doctors have more respect in society
- C. doctors are organised in trade unions
- D. people fear doctor's displeasure
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