Discussion
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- Question
If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good is called __________.
Options- A. Law of demand
- B. Law of supply
- C. Law of substitution
- D. Law of optimal choice
- Correct Answer
- Law of demand
- 1. The _________ balance is equal to capital flows from the rest of the world, minus capital flows to the rest of the world.
Options- A. Current Account
- B. Savings Account
- C. Capital Account
- D. Asset Account Discuss
- 2. __________ resources are those resources whose quantity is known.
Options- A. Natural resources
- B. Actual resources
- C. Potential resources
- D. Abiotic resources Discuss
- 3. Short run marginal cost curve cuts the short run average cost curve from _______ at the minimum point of short run average cost.
Options- A. top
- B. below
- C. right
- D. left Discuss
- 4. The demand for a normal good decreases with ________ in the consumer's income.
Options- A. increase
- B. decrease
- C. constant
- D. double Discuss
- 5. The relation between the consumer?s optimal choice of the quantity of a good and its price is very important and this relation is called the ________ function.
Options- A. Price
- B. Substitution
- C. Supply
- D. Demand Discuss
- 6. If the ___________ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the average revenue is zero.
Options- A. Perfect Competition
- B. Monopoly
- C. Oligopoly
- D. Monopolistic Competition Discuss
- 7. The average variable cost curve is ____ shaped.
Options- A. U
- B. V
- C. X
- D. W Discuss
- 8. If the ___________ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the marginal revenue is zero.
Options- A. Perfect Competition
- B. Monopoly
- C. Oligopoly
- D. Monopolistic Competition Discuss
- 9. The short run marginal cost curve is ____ shaped.
Options- A. U
- B. V
- C. X
- D. W Discuss
- 10. In a centrally planned economy, the ____________ plans all the important activities in the economy.
Options- A. Industrialists
- B. Citizens
- C. Government
- D. Judiciary Discuss
Indian Economy problems
Search Results
Correct Answer: Capital Account
Correct Answer: Actual resources
Correct Answer: below
Correct Answer: decrease
Correct Answer: Demand
Correct Answer: Perfect Competition
Correct Answer: U
Correct Answer: Monopoly
Correct Answer: U
Correct Answer: Government
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