Which theory is generally included under micro economics?

(a)

Price Theory

(b)

Income Theory

(c)

Employment Theory

(d)

Trade Theory

Economics according to the Lionel Robbins is a___________ science.

(a)

normative

(b)

applied

(c)

positive

(d)

experimental

Wants may be both __________ and complementary.

(a)

Alternative

(b)

Competitive

(c)

End

(d)

Essential

Price elasticity of demand is defined as the responsiveness of_____________.

(a)

price to a change in quantity demanded

(b)

quantity demanded to change in price

(c)

price to a change in income

(d)

quantity demanded to a change in income

Entrepreneur stand to benefit from the resulting _____________ .

(a)

Diseconomies of scale

(b)

Economies of scale

(c)

Output

(d)

Price

Monopolistic competition is a form of __________

(a)

Oligopoly

(b)

Duopoly

(c)

Imperfect competition

(d)

Monopoly

Residual Claimant Theory is propounded by

(a)

Keynes

(b)

Walker

(c)

Hawley

(d)

Knight

The average wage of a worker can be calculated by using _____________ formula.

(a)

Average Wage per Worker = \({{Total\ Wage\ Fund}\over{No.\ of\ Workers}}\)

(b)

Marginal Wage of Worker = \({{Total\ Wage\ }\over{No.\ of\ Workers}}\)

(c)

Average Wage per Worker x Price

(d)

Average Wage x Output

India has launched ________ number of five year plans so far.

(a)

12

(b)

11

(c)

10

(d)

13

Value Added Tax is ________ .

(a)

Multipoint tax

(b)

Single point tax

(c)

Direct tax

(d)

All the above