Discussion
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- Question
If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's _____.
Options- A. price exceeds its marginal costs
- B. price exceeds its average total costs
- C. average variable costs exceed its average total costs
- D. fixed costs are zero
- Correct Answer
- price exceeds its marginal costs
- 1. If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price of the bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is _______.
Options- A. Rs 850
- B. Rs 150
- C. Rs 1960
- D. Rs 1875 Discuss
- 2. If cash reserve ratio decreases, credit creation will _______.
Options- A. increase
- B. decrease
- C. does not change
- D. first decreases than increases Discuss
- 3. A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be
Options- A. 3%
- B. 10%
- C. 2.50%
- D. 7% Discuss
- 4. The GST (Goods and Services Tax), recently passed by Government will be levied on which of the following products?
Options- A. Petroleum Crude
- B. Tobacco
- C. Natural Gas
- D. Aviation Turbine Fuel Discuss
- 5. Disguised unemployment in India is mainly related to
Options- A. Agricultural sector
- B. Rural Area
- C. Factory sector
- D. Urban Area Discuss
- 6. 7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______.
Options- A. Rs 50
- B. Rs 850
- C. Rs 400
- D. Rs 100 Discuss
- 7. An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by _______.
Options- A. Zero percent
- B. One percent
- C. 0.5 percent
- D. More than one percent Discuss
- 8. If quantity of good X demanded increases from 2300 to 2700 when price of good Y increases from Rs. 45 to Rs. 55, find Arc Cross elasticity of demand?
Options- A. 4
- B. 1.25
- C. 0.25
- D. 0.8 Discuss
- 9. Which of the following is not an assumption of perfect competition?
Options- A. There are many buyers and sellers
- B. Average total costs continually decrease.
- C. The good sold by all sellers in the market is assumed to be homogeneous.
- D. Buyers and sellers in the market are assumed to have perfect information. Discuss
- 10. If the average total cost are Rs 54, total fixed cost is Rs 45000 and quantity produced is 2500 units, find the average variable costs (in Rs) of the firm?
Options- A. 24
- B. 18
- C. 36
- D. 60 Discuss
Indian Economy problems
Search Results
Correct Answer: Rs 850
Correct Answer: increase
Correct Answer: 10%
Correct Answer: Tobacco
Correct Answer: Agricultural sector
Correct Answer: Rs 850
Correct Answer: One percent
Correct Answer: 0.8
Correct Answer: Average total costs continually decrease.
Correct Answer: 36
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