'Economics is a study of mankind in the ordinary business of life' - It is the statement of

(a)

Adam Smith

(b)

Lionel Robbins

(c)

Alfred Marshall

(d)

Samuelson

Microeconomics is concerned with

(a)

The economy as a whole

(b)

Different sectors of an economy

(c)

The study of individual economic units behaviour

(d)

The interactions within the entire economy

Find the odd one out:

(a)

"An inquiry into the Nature and the Causes of the Wealth of Nations"

(b)

"Principles of Economics"

(c)

"Nature and Significance of Economic science"

(d)

"Ceteris Paribus"

Utility means

(a)

Equilibrium point at which demand and supply are equal

(b)

Want - satisfying capacity of goods and services

(c)

Total value of commodity

(d)

Desire for goods and services

A market is

(a)

Only a place to buy things

(b)

Only a place to sell things

(c)

Only a place where prices adjust

(d)

A system where persons buy and sell goods directly or indirectly

Pick the odd one out

(a)

Luxuries

(b)

Comforts

(c)

Necessaries

(d)

Agricultural goods

Choice is always constrained or limited by the _______ of our resources.

(a)

Scarcity

(b)

Supply

(c)

Demand

(d)

Abundance

The chief exponent of the cardinal utility approach was

(a)

J.R. Hicks

(b)

R.G.D. Allen

(c)

Marshall

(d)

Stigler

The concept of consumer's surplus is associated with

(a)

Adam Smith

(b)

Marshall

(c)

Robbins

(d)

Ricardo

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

Indifference curve approach is based on

(a)

Ordinal approach

(b)

Cardinal approach

(c)

Subjective approach

(d)

Psychological approach

Formula for calculating AP is

(a)

\(\frac { \Delta TP }{ N } \)

(b)

\(\frac { \Delta TP }{ \Delta N } \)

(c)

\(\frac { TP }{ MP } \)

(d)

\(\frac { TP }{ N } \)

Which factor is called the changing agent of the Society

(a)

Labourer

(b)

Land

(c)

Organizer

(d)

Capital

Cobb - Douglas production function assumes

(a)

Increasing returns to scale

(b)

Diminishing returns to scale

(c)

Constant returns to scale

(d)

All of the above

Identify the formula of estimating average variable cost.

(a)

TC/Q

(b)

TVC/Q

(c)

TFC/Q

(d)

TAC/Q

The cost incurred by producing one more unit of output is _____  cost.

(a)

variable

(b)

fixed

(c)

marginal

(d)

total

Marginal revenue is the addition made to the

(a)

total sales

(b)

total revenue

(c)

total production

(d)

total cost

A book seller sole 40 books with the price of Rs.10 each. The total revenue of the seller is Rs._____

(a)

100

(b)

200

(c)

300

(d)

400

There is no excess capacity under _________

(a)

Monopoly

(b)

Monopolistic competition

(c)

Oligopoly

(d)

Perfect competition

Another name of price is _________

(a)

Average Revenue

(b)

Marginal Revenue

(c)

Total Revenue

(d)

Average cost

In which type of market, AR and MR are equal _______

(a)

Duopoly

(b)

Perfect competition

(c)

Monopolistic competition

(d)

Oligopoly

The average revenue curve under monopolistic competition will be ____________

(a)

Perfectly inelastic

(b)

Perfectly elastic

(c)

Relatively

(d)

Unitary elastic

The concept of meeting unexpected expenditure according to Keynes is

(a)

Transaction motive

(b)

Precautionary motive

(c)

Speculative motive

(d)

Personal motive

The number of deaths per thousand of population is called as ______

(a)

Crude Death Rate

(b)

Crude Birth Rate

(c)

Crude Infant Rate

(d)

Maternal Mortality Rate

The arrival of Vasco da Gama in Calicut, India

(a)

1498

(b)

1948

(c)

1689

(d)

1849