81
Who propounded the population theory
A)
Mill
B)
Hicks
C)
Malthus
D)
Adam Smith
Answer & Solution
Answer: Option
C
82
Who was the author of 'Das capital' which gave birth to communism?
A)
Lenin
B)
Karl Marx
C)
J. S. Mill
D)
David Ricardo
Answer & Solution
Answer: Option
B
83
When the output increases in the same proportion as the increase in input it is
A)
Constant
B)
Average
C)
Decreasing
D)
Increasing
Answer & Solution
Answer: Option
A
84
In the kinked demand model, the demand curve for the firm's products is drawn on the assumption that
A)
All rivals charge the same price charged by the oligopolist
B)
All rivals charge a price independent of the price charged by the oligopolist
C)
All rivals follow the oligopolist up to a certain price
D)
All oligopolists charge the price as independent sellers
Answer & Solution
Answer: Option
A
85
A given economic state is Pareto-optimal if a policy-change can
A)
make everyone better off
B)
make someone better off and all others worse off
C)
not make anyone better off without making someone worse off
D)
None of the above
Answer & Solution
Answer: Option
C
86
Welfare oriented definition of economics has been given by
A)
A. Marshall
B)
Adam Smith
C)
Robbins
D)
A. C. Pigou
Answer & Solution
Answer: Option
A
87
The monopoly involves as social cost mainly due to its emphasis on which one of the following?
A)
Earning net profit in all possible situations
B)
Lower output at a higher cost in a normal profit situation
C)
Charging different prices from different categories of buyers of the same product
D)
Attempting to stop entry of other firms in the market
Answer & Solution
Answer: Option
B
88
A point on the slope of the indifference curve is called
A)
Marginal rate of substitution
B)
Establishment rate of trade off
C)
Trade off rate
D)
Marginal rate of neutrality
Answer & Solution
Answer: Option
A
89
Match the following.
List-I List-II
a. Perfect competition
1. Different prices for the same product
b. Monopolistic competition
2. Dominant strategy
c. Oligopoly
3. Product differentiation
d. Discriminating monopoly
4. Identical product
A)
a-4, b-3, c-2, d-1
B)
a-1, b-2, c-3, d-4
C)
a-2, b-4, c-1, d-3
D)
a-3, b-1, c-4, d-2
Answer & Solution
Answer: Option
A
90
We have asked Mac to rank his preference between three market basket - A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then
A)
A is on a higher indifference curve than B
B)
B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A
C)
C is on a higher indifference curve
D)
Both A and B are on a higher indifference curve than C
Answer & Solution
Answer: Option
D
