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Economics
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Question-1
Backward bending supply curve occurs in _________.
(A)
Less developed countries
(B)
under developed countries
(C)
Highly industrialized countries
(D)
African countries
Question-2
If greater the elasticity of demand for the product produced by labour __________ would be the demand for the labour.
(A)
Greater
(B)
lesser
(C)
Constant
(D)
None of these
Question-3
When Marginal Revenue Product (MRP) is less than wages __________.
(A)
Producer employs more labour
(B)
producer employs less labour
(C)
producer employs same number of labours
(D)
None of these
Question-4
The demand for factors of production is _________.
(A)
Derived demand
(B)
direct demand
(C)
Straight demand
(D)
None of these
Question-5
________ is the basket of goods he can purchase with the available wages.
(A)
Money wages
(B)
Time wages
(C)
real wages
(D)
wages in kind
Question-6
The MRP curve is _________ shaped.
(A)
Inverted U
(B)
U
(C)
L
(D)
V
Question-7
_________ is computed by dividing the total product by the number of units.
(A)
Total physical product
(B)
Average physical product
(C)
Marginal physical product
(D)
None of these
Question-8
The money payment made to the worker is known as __________.
(A)
Money wages
(B)
Nominal wages
(C)
1 or 2
(D)
None of these
Question-9
__________ part of MRP curve is the demand curve of the factor of production.
(A)
Positively sloped
(B)
negatively sloped
(C)
Horizontal
(D)
vertical
Question-10
_______ curves have inverted U shapes.
(A)
ARP
(B)
MRP
(C)
APP
(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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