Thanks Akshay for sending this paper:
Hi Team,
Assignment
Multiple Choice Multiple
Select
Q.1. In the short
run under monopoly, the possibilities are:
a)
Normal profits
b)
Super normal profits
c)
Sub normal profits
d)
Chance profits
Q.2. In the measurement of profit, the valuation of these assets
is important
a)
Cash on hand
b)
Fixed asset
c)
Inventory
d)
Bank balance
Q.3. The important determinants of supply are
a)
Income
b)
Price
c)
Government policy
d)
Availability of factors of production
Fill in the blanks
Q.4. In the terminology, the aggregate
demand function refers
to the schedule of maximum
sale proceeds.
a)
Robinson
b)
Darwin’s
c)
Samuel’s
d)
Keynesian
Q.5. J M Keynes believed
that _ is a rare
occurrence.
a)
Full employment
b)
Potential rivals
c)
Consumer’s confidence
d)
Political climate
Q.6. An assembly of several machines, linked together either physically or by processes, capable
of producing a given quantity
of a product per day is called
as a
a)
Supply chain
b)
Operation
c)
Plant
d)
Network
Q.7. The law of diminishing returns states that, “as the proportion of one factor in a combination of factors is increased after a point”, then the
a)
Marginal
b)
Average
c)
Aggregate
d)
Total
Q.8. When the inputs increased from 4 units to 5 units and then to 6
units, the total product went up from 100 units to 120
units and then to 140 units. This is an example
of law of returns to scale.
a)
Constant
b)
Diminishing
c)
Increasing
d)
Negative
Q.9. Output and employment are determined by _
a)
Aggregate supply
b)
Effective demand
c)
Aggregate demand
d)
Aggregate consumption
Multiple Choice Single Select
Q.10. The assumption of perfect competition in all the analytical theories is made by
a)
Modern economists
b)
Classical economists
c)
Keynesian economists
d)
Ancient economists
Q.11. Functional relationship between
consumption and income
is expressed by the formula
a)
C = a + by
b)
Y = a + by
c)
C = a + bl
d)
C = Y + b
Q.12. Price of a product under perfect competition is determined by the interaction of total supply and
a)
Total demand
b)
Total production
c)
Total consumption
d)
Unit price
Q.13. At a given price, if the cost of production increases because
of higher price of raw materials, the supply
a)
Decreases
b)
Increases
c)
Expands
d)
Remains the same Match the following
Q.14. Q.14.
Law of negative returns to scale Total product
goes up
Law of decreasing returns to scale Total product goes down
Law of constant
returns to scale MP > TP
Law of increasing returns to scale MP > AP
AP > TP AP > MP
True or False
Q.15. The differences in the
concept of profit arise out of the differences in the cost concepts.
a)
True
b)
False
Q.16. A section of the
society can be denied the protection of defense services.
a)
False
b)
True
Q.17 Under perfect competition, a single firm does
not influence the supply.
a)
False
b)
True
Q.18. A plant is an economic
unit which takes various decisions related to production and distribution.
a)
False
b)
True
Q.19. The law of supply
is hypothetical.
a)
False
b)
True
Q.20. In India, the first phase of economic
reforms is believed to have begun
in 1985 when Vishwanath Pratap
Singh was the Prime Minster of the country.
a)
True
b)
False
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