71. National income is
72. Match the following:
a. Various combinations of two commodities that a consumer can purchase
1. Indifference map
b. Various combinations of two commodities that give consumer equal satisfaction
2. Indifference curve
c. A set of indifference curves
3. Budget line
d. Point of tangency of a budget line and an indifference curve
4. Consumer's equilibrium
| a. Various combinations of two commodities that a consumer can purchase | 1. Indifference map |
| b. Various combinations of two commodities that give consumer equal satisfaction | 2. Indifference curve |
| c. A set of indifference curves | 3. Budget line |
| d. Point of tangency of a budget line and an indifference curve | 4. Consumer's equilibrium |
73. Your firm is selling 1,000 units at a price of Rs. 10 per unit. The firm's total explicit cost is Rs. 8,000. The firm's implicit cost is Rs. 1,000 and the opportunity cost of your time in managing the firm is Rs. 1,000. In the above situation, which one of the following is true?
74. Which of the following statements is correct or more nearly correct?
75. In case of an inferior commodity, the income elasticity of demand is
76. An increase in injections into the economy may lead to
77. Which of the following occupations should be included under the heading of "Primary production"?
1. Quarrying
2. Fishing
3. Farming
4. Coal mining
1. Quarrying
2. Fishing
3. Farming
4. Coal mining
78. Increase in demand due to decrease in price of that commodity is termed as
79. While analysing Marshall's measure of consumer's surplus one assumes
80. The MP of a factor
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