Please select a subject first
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Which of the following is not a central problem of an economy?
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Statement 1: A rational firm aims to operate in the second phase of the law of variable proportion.
Statement 2: In diminishing returns to a factor, i.e., the second phase of the law of variable proportion, MP falls.
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Refer to the passage below and answer the following question.
| The economic problem is the problem of choice. The problem of choice has to be faced by every economy of the world, whether developed or developing. Human beings have wants that are unlimited. Economic problems are reflected in the form of Central or Basic Problems of an economy. Any economy whether market, centrally planned or mixed has to face these problems. In economic analysis, the concept of opportunity cost is widely used. Opportunity cost is defined as the cost of an alternative opportunity given up or surrendered. |
The problem of choice is faced by ______
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What all is covered under the allocation of resources?
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Goods purchased for the following purpose are final goods:
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Which of the following is a flow?
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______ states that as more and more units of a commodity are consumed, the marginal utility derived from the additional units must decline.
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Total utility is ______ at the point of satiety.
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Assertion (A): TU curve starts from the origin, increases at a decreasing rate, reaches a maximum, and then starts falling.
Reason (R): The rising MU curve shows the law of diminishing marginal utility.
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Which of the following statement is false?
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"The law states that a consumer will so allocate his expenditure so that the utility gained from the last rupee spent on each commodity is equal." Identify the law defined above.
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Identify the correctly matched pair of the items in Column A to those in Column B:
| Column A | Column B |
| 1. Money Flow | (a) Depreciation |
| 2. Real Flow | (b) Factor Services |
| 3. Trade Flow | (c) House Work by Housewife |
| 4. Capital Flow | (d) Inventory |
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Which of the following statements is correct?
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When the marginal product becomes negative, then the total product starts ______
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When is the consumer in equilibrium?
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Assertion (A): The flour purchased by a baker is considered an intermediate good.
Reason (R): The flour is used for the production of bread, cakes, and biscuits to be sold to the consumer.
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Identify the correctly matched pair of column A to that of Column B:
| Column A | Column B |
| (1) Marginal Utility | (a) The power or capacity of a commodity to satisfy human wants. |
| (2) Cardinal measure of utility | (b) The addition to total utility on consuming an additional unit of a commodity. |
| (3) Total Utility | (c) It is the sum total of utility derived from the consumption of all units of a commodity. |
| (4) Utility | (d) It is that measurement of utility, which is measured in terms of units. |
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Which of the following are the correct assumptions for the utility approach?
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The utility is a ______ concept.
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Identify the correctly matched item from Column A to that of Column B:
| Column A | Column B | ||
| (1) | Tea Industry | (a) | Monopoly |
| (2) | Ship Building industry | (b) | Perfect Competition |
| (3) | Oil Producing Countries | (c) | Oligopoly |
| (4) | Food Market | (d) | Monopoly |
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