Discussion
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- Question
The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
Options- A. monotonic
- B. indifferent
- C. market demand
- D. diminishing
- Correct Answer
- market demand
- 1. _________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.
Options- A. Law of diminishing marginal product
- B. Law of variable proportions
- C. The Short Run
- D. The Long Run Discuss
- 2. In a centrally planned economy, the ____________ plans all the important activities in the economy.
Options- A. Industrialists
- B. Citizens
- C. Government
- D. Judiciary Discuss
- 3. The short run marginal cost curve is ____ shaped.
Options- A. U
- B. V
- C. X
- D. W Discuss
- 4. 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
- 5. The average variable cost curve is ____ shaped.
Options- A. U
- B. V
- C. X
- D. W Discuss
- 6. For a price taking firm, average revenue is ______ market price.
Options- A. half of
- B. equal to
- C. double of
- D. less than Discuss
- 7. Calculate a country's GDP if for the year, consumer spending is $400 million, government spending is $150 million, investment by businesses is $80 million, exports are $35 million and imports are $40 million.
Options- A. $625 million
- B. $465 million
- C. $475 million
- D. $635 million Discuss
- 8. Economics assumes that
Options- A. people have unlimited desires but limited resources
- B. people have limited desires but unlimited resources
- C. allocation of resources if not centrally planned will cause inefficiency
- D. people are emotional and make irrational decisions Discuss
- 9. At the equilibrium price
Options- A. quantity demanded is equal to quantity supplied
- B. quantity demanded is greater than quantity supplied
- C. price elasticity of demand is unity
- D. elasticity of demand equals elasticity of supply Discuss
- 10. Which of the following best defines free trade?
Options- A. Imports are discouraged
- B. There are no restrictions on exports and imports
- C. There are no duties levied on export
- D. Imported goods are made duty free Discuss
Indian Economy problems
Search Results
Correct Answer: Law of variable proportions
Correct Answer: Government
Correct Answer: U
Correct Answer: Monopoly
Correct Answer: U
Correct Answer: equal to
Correct Answer: $625 million
Correct Answer: people have unlimited desires but limited resources
Correct Answer: quantity demanded is equal to quantity supplied
Correct Answer: There are no restrictions on exports and imports
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