NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Economics MCQs (Practice_Test 21 of 122)
Doorsteptutor material for competitive exams is prepared by world's top subject experts: get questions, notes, tests, video lectures and more- for all subjects of your exam.
- A Given indifference map shows
- a given level of satisfaction
- a given pattern of tastes and preferences
- the average level of satisfaction
- All of the above
- Assuming that the demand curve for a commodity is a downward sloping straight line, price elasticity of demand
- cannot be estimated
- decreases as price falls
- increases as price falls
- is the same at every price
- The opportunity cost of a factor of production is
- what is earning in its present use.
- what it can earn in the long run
- what is can earn in the best alternative use
- none of the above
- Diminishing marginal returns to a factor arise essentially because:
- the quantity (or quantities) of some other factor (or factors) relatively fixed.
- the quantities of that factors is fixed
- quantities of all factors is fixed
- there is government control on production
- If an individual seller in a perfectly competitive market wishes to double his sales, he would.
- improve the quality of his product
- lower his price to half
- simply offer double the quantity for sale
- advertise the superiority of his product
- For a firm in a perfectly competitive market, the average and the marginal revenue curves coincide because
- the firm is price-taker
- there are constant returns to scale
- there are constant returns to some of the factors.
- it is a condition of profit-maximisation.
- The implication of the kinked demand curve is reflected in a discontinuity in the
- total cost curve
- marginal cost curve
- total revenue curve
- marginal revenue curve
- Which one of the following curve is NOT U-shaped?
- The AVC curve
- the AFC curve
- the AC curve the Mc curve
- The MC curve
- When both the firms are followers of each other in Stackelberg՚s Model of Duopoly, final equilibrium results in
- joint profit maximisation
- equal profit for both
- Coumot solution.
- perfectly competitive solution
- Limit price refers to the
- price which prevents entry of new firms
- maximum price which the firm is allowed to charge
- price which maximizes the profits of the firm
- price at which film just starts earning a surplus over cost
- For maximisation of profits, marginal revenue must be equated to marginal cost.
- under monopoly but not in other types of markets
- under perfect competition but not in other types of markets.
- under both perfect competition and monopoly but not in other types of markets
- in any type of market.
- The concept of ‘quasi-rent’ means
- the rent of land
- the return to a factor of production which is fixed in supply in the short run
- half the rent land
- the return to a factor of production which is not fixed in supply
- Which one of the following denotes the concept of marginal and in the Ricardian theory of rent?
- It is the poorest quality land
- It is no-rent land, as it produces not surplus over cost of production
- It is that land whose surplus determines rent of other land
- it is that land whose rent changes with change in the margin of cultivation.
- According to Frank Knight profit is
- a part of the cost of production
- a reward for uncertainty bearing
- equal to (total Revenue-Total Costs)
- none of the above
- The supply pr8ice of entrepreneurship refers to
- economic rent
- normal profits
- rent of ability
- salaries of managers