11
Which of the following is not the primary objective of industrial relations and labour laws?
A)
Maintaining social equity
B)
Providing credit facilities to industries
C)
International uniformity
D)
Promoting economic growth
Answer & Solution
Answer: Option
B
12
The idea of equilibrium firm is propounded by
A)
Pigou
B)
Marshall
C)
Robbins
D)
J. K. Mehta
Answer & Solution
Answer: Option
A
13
Which one of the following is a feature of monopolistic competition?
A)
Heavy advertisement
B)
Non-price competition
C)
Interdependent firms
D)
Price competition
Answer & Solution
Answer: Option
B
14
Match the following.
List-I List-II
a. Marginal utility
1. Hick and Allen
b. Indifference curve analysis
2. Alfred Marshall
c. Revealed preference hypothesis
3. Paul A. Samuelson
A)
a-2, b-1, c-3
B)
a-2, b-3, c-1
C)
a-3, b-1, c-2
D)
a-1, b-2, c-3
Answer & Solution
Answer: Option
A
15
Which of the following industries is most likely to be monopolistically competitive?
A)
Automobile industry
B)
Steel industry
C)
Car repair industry
D)
Electrical generating industry
Answer & Solution
Answer: Option
C
16
Expansion in supply refers to a situation when the producers are willing to supply
A)
Larger quantity of the commodity at an increased price
B)
Larger quantity of the commodity due to increased taxation on that commodity
C)
Larger quantity of the commodity at the same price
D)
Larger quantity of the commodity at the decreased price
Answer & Solution
Answer: Option
A
17
The functional principal of business economics is
A)
Opportunity cost
B)
Time reference
C)
Equimarginal
D)
All of the above
Answer & Solution
Answer: Option
D
A)
equal to the firm's total profits
B)
greater than firm's total profits
C)
smaller than firm's total profits
D)
not related to firm's profits
Answer & Solution
Answer: Option
A
19
According to the rent principle of Ricardo, rent arises due to
A)
Soil fertility
B)
Land subsidence
C)
Differential fertility of the land
D)
Supply stability of land
Answer & Solution
Answer: Option
C
20
A good, whose demand by a consumer falls with the rise in income of that consumer is called
A)
normal goods
B)
inferior goods
C)
substitute goods
D)
complementary goods
Answer & Solution
Answer: Option
B
