"Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses" is the definition of economics of

(a)

Lionel Robbins

(b)

Adam Smith

(c)

Alfred Marshall

(d)

Paul A Samuelson

________are transferable

(a)

Goods

(b)

Products

(c)

Commodities

(d)

All of these

Who is considered as the father of scientific socialism?

(a)

Alfred Marshall

(b)

Karl Marx

(c)

Keynes

(d)

Adam smith

Demand theory, supply theory etc have been derived based on_______________.

(a)

inductive method

(b)

deductive method

(c)

both (a) and (b)

(d)

neither (a) nor (b)

Given potential price is Rs. 250 and the actual price is Rs. 200. Find the consumer surplus.

(a)

375

(b)

175

(c)

200

(d)

50

The technical relationship that obtains between inputs and outputs is known as

(a)

Factors of production

(b)

Production function

(c)

Entrepreneurial function

(d)

None of these

Production function________

(a)

Hawlay

(b)

Cobb-Donglas

(c)

Marshall

(d)

None

When marginal product is positive, the total product______________.

(a)

decreases

(b)

increases

(c)

remains constant

(d)

is not affected

The nature of product in monopoly is_____________.

(a)

Homogeneous

(b)

Unique

(c)

Differentiated

(d)

Heterogeneous

Profit is the reward for

(a)

Land

(b)

Organization

(c)

Capital

(d)

Labour