Which theory is generally included under micro economics?

(a)

Price Theory

(b)

Income Theory

(c)

Employment Theory

(d)

Trade Theory

Identify the correct characteristics of utility

(a)

It is equivalent to 'usefulness'

(b)

It has moral significance

(c)

It is same as pleasure

(d)

It depends upon consumer's mental attitude

The process of reasoning from particular to general is

(a)

Deductive method

(b)

Inductive method

(c)

Positive economics

(d)

Normative economics

The concept of elasticity of demand was introduced by

(a)

Ferguson

(b)

Keynes

(c)

Adam Smith

(d)

Marshall

The movement on or along the given demand curve is known as ______

(a)

Extension and contraction of demand

(b)

shifts in the demand

(c)

increase and decrease in demand

(d)

all the above

Ordinal Utility can be measured by

(a)

Ranking

(b)

Numbering

(c)

Wording

(d)

None of these

Formula for calculating AP is

(a)

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

(b)

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

(c)

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

(d)

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

The long-run production function is explained by

(a)

Law of Demand

(b)

Law of Supply

(c)

Returns to Scale

(d)

Law of Variable Proportions

Producer's equilibrium is achieved at the point where:

(a)

Marginal rate of technical substitution (MRTS) is greater than the price ratio

(b)

MRTS is lesser than the price ratio

(c)

MRTS and price ratio are equal to each other

(d)

The slopes of isoquant and isocost lines are different

If average product is decreasing, then marginal product

(a)

must be greater than average product

(b)

must be less than average product

(c)

must be increasing

(d)

both a and c

The cost that remains constant at all levels of output is _____ cost.

(a)

fixed

(b)

variable

(c)

real

(d)

social

Identify the formula of estimating average cost.

(a)

AVC/Q

(b)

TC/Q

(c)

TVC/Q

(d)

AFC/Q

Long-run average cost curve is also called as _____ curve.

(a)

demand

(b)

planning

(c)

production

(d)

sales

Which of the following is a feature of monopolistic competition?

(a)

One seller

(b)

Few sellers

(c)

Product differentiation

(d)

No entry

There is no excess capacity under _________

(a)

Monopoly

(b)

Monopolistic competition

(c)

Oligopoly

(d)

Perfect competition

Group equilibrium is analysed in ____________

(a)

Monopolistic competition

(b)

Monopoly

(c)

Duopoly

(d)

Pure competition

The reward for labour is

(a)

rent

(b)

wage

(c)

profit

(d)

interest

Residual Claimant Theory is propounded by

(a)

Keynes

(b)

Walker

(c)

Hawley

(d)

Knight

A scientific study of the characteristics of population is _____

(a)

Topography

(b)

Demography

(c)

Geography

(d)

Philosophy

The power for governance of India was transferred from the East India Company (EIC) to the British crown in

(a)

1758

(b)

1858

(c)

1958

(d)

1658

First World War started in the year

(a)

1914

(b)

1814

(c)

1941

(d)

1841

The main theme of the Twelth Five Year Plan

(a)

faster and more inclusive growth

(b)

growth with social Justice

(c)

socialistic pattern of society

(d)

faster, more inclusive and sustainable growth

The transfer of ownership from public sector to private sector is known as________

(a)

Globalization

(b)

Liberalization

(c)

Privatization

(d)

Nationalization

Identify an example for rural industries?

(a)

Sugar factory

(b)

Mat making industry

(c)

Cement industry

(d)

Paper industry

Which district has the lowest child sex ratio?

(a)

Madurai

(b)

Theni

(c)

Ariyalur

(d)

Cuddalore