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Economics
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Question-1
An increase in supply is grater than the increase in demand, the equilibrium price tends to ________.
(A)
increase
(B)
decrease
(C)
remains same
(D)
None of these
Question-2
Fall in the positive pure profits induce producer to ________________
(A)
Allocate less resources
(B)
make less investments
(C)
No incentives for earning higher profits
(D)
All of these
Question-3
Normal profits are _________________
(A)
Helps the forms to remain in the industry
(B)
Pure return on capital
(C)
Pure return for risk
(D)
All of these
Question-4
An individual unit that produces goods and services is called ________________
(A)
Firm
(B)
Industry
(C)
Group of firms
(D)
None of these
Question-5
Business firms always try to __________________
(A)
Increase profit
(B)
Reduce cost
(C)
Sales maximization
(D)
All of these
Question-6
TC curve lies above TR curve suggest that __________________
(A)
TC>TR
(B)
TC < TR
(C)
TC=TR
(D)
None of these
Question-7
Economic activity is concerned with _________________
(A)
Population
(B)
Use of scare resources
(C)
Unlimited resources
(D)
Mis-management of resources
Question-8
TR curve is a straight line from the __________________
(A)
Top of X axis
(B)
End of Y axis
(C)
Origin
(D)
None of these
Question-9
Which one is a profit maximization condition?
(A)
MC>MR
(B)
MC < MR
(C)
MC=MR
(D)
None of these
Question-10
Normal profits are considered as _________________
(A)
A part of cost of production
(B)
Included in the cost curves
(C)
Comes along with sales
(D)
All of these
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Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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