Pariksha

1. The Book “The Wealth of Nations “is written by:

• Adam Smith
• Arthur Pigou
• Robinson
• Ragnar Nurske

2. The Nature of Business Economics:

• Business Economics is a Science
• Incorporate elements of Macro Analysis
• Interdisciplinary in Nature
• All the above

3. Which of the following statement is correct concerning the relationship among the firm’s cost function:

• TC = TVC-TFC
• TFC = TC- TVC
• TC = TFC – TVC
• TVC = TFC- TC

4. Marginal Product is the slope of –

• marginal product curve
• average product curve
• total product curve
• implicit product curve

5. Law of Production does not include _

• Least cost combination of factors
• Law of variable proportion
• Law of diminishing returns to a factor
• Return to scale

6. When the firm is in the long run equilibrium in perfect competition which of the following is true

• AC = MR
• TR = TC
• the firm are earning supernormal profit
• None of these

7. The opportunity cost of a good is :

• loss of interest in using savings
• time lost in finding it.
• quality of other goods sacrificed to get another unit of that good.
• none of these

8. Which is not the characteristics of monopolistic competition:

• large number of sellers
• homogeneous Product
• freedom of entry and exit
• non price discrimination

9. Demand Curve in the monopolistic competition is –

• infinitely elastic
• downward sloping and highly inelastic
• downward sloping and more elastic demand curve.
• none of these.

10. The concept of price rigidity in Sweezy’s model is related to which market form:

• oligopoly market
• perfect competition market
• monopoly market
• monopolistic market