Questions & Answers
|1||The profit earned by a Monopoly firm is called as?||Innovation profit|
|2||Production in traditional agriculture does not respond to ?
|3||Ratio between nominal GNP and real GNP is called ?||GNP Deflator|
|4||The distinction between fixed and variable costs exists only in ?||Short run|
|5||Indian Army is an example of ?||National wealth|
|6||When the demand for the product is less elastic inelastic the consumers surplus is ?||High|
|7||In the marginal utility schedule initial utility become ?||First unit|
|8||When total product is increasing marginal product will be ?||Positive|
|9||The more we have a think the desire for additional units will be ?||less|
|10||The demand for milk sugar and tea is a case of ?
|11||The increase in quantity supplied for a commodity due to rice in price of the commodity it is called ?||Extension of supply|
|12||The supply of land is perfectly ?||Limited|
|13||When a great change in price of a commodity leads to no change in quantity supplied it is called ?||Perfectly inelastic supply|
|14||The various quantities of goods purchased by the consumer at various levels of income is referred to as ?||Income demand|
|15||The excess of income over consumption is called ?||Saving|
|16||Capital is an instrument of production I.e.?
|17||The line indicating all possible combinations of two communities purchased with a given outlay of funds is called ?||Price line|
|18||The level of indifference curve from the origin depends upon the level of ?||Satisfaction|
|19||Quantity demand of a good which will be changed with reference to change in price of related goods are ?||Cross demand|
|20||The point of maximum satisfaction in consuming two communities is when the slope of indifference curve is tangent to the slope of ?||Price line|
|21||The term value in Economics used in the sense of value in ?||Exchange|
|22||Quasi rent arises in ?||Capital|
|23||The more we have of a commodity the less we want to have more of it is explained by ?||Law of diminishing marginal utility|
|24||Under perfect competition market products sold our ?||Homogenous|
|25||The demand for a commodity that can be put to several uses is ?||Composite demand|
|26||The demand for various kinds of labour and materials to make the final product is called ?||Derived demand|
|27||When several goods are demanded together for a common purpose it is called ?||Joint demand|
|28||Economics is the wealth of nation definition is given by ?
|29||The services of doctor for his patient are the example of ?||Non material goods|
|30||Elasticity cannot be explained by ?||Correlation|