Question:

Law of Variable Proportions was developed by _____________

A.

Alfred Marshall

B.

Adam Smith

C.

Robbins

D.

Jacob

Answer» a. Alfred Marshall

Question:

Which of the following does not characterize monopolistic competition?

A.

product differentiation

B.

many producers

C.

absence of advertising 8

D.

partial control over price

Answer» c. absence of advertising 8

Question:

_________ demand is also known as Direct Demand.

A.

Derived

B.

Autonomous

C.

Individual

D.

Consumption

Answer» b. Autonomous

Question:

Economics of scales are divided into ________ types.

A.

2

B.

3

C.

4

D.

5

Answer» a. 2

Question:

________ is one among the quantitative methods of credit control.

A.

Bank Rate Policy

B.

Moral Suasion

C.

Direct Action

D.

Rationing of Credit

Answer» a. Bank Rate Policy

Question:

________ refers to the market situations whether there is one seller and there is not closesubstitute to the commodity sold by the seller.

A.

Perfect Competition

B.

Monopoly

C.

Oligopoly

D.

Monopolistic Competition

Answer» b. Monopoly

Question:

A Production Function refers to ________________

A.

Scale of production

B.

relationship between resources

C.

relationship between inputs and output

D.

relationship between costs and output

Answer» c. relationship between inputs and output

Question:

If the proportionate change in the supply is equal to the proportionate change in price, it issaid to be _______ supply.

A.

Unitary Elastic

B.

Perfectly Inelastic

C.

Perfectly Elastic

D.

Relatively Inelastic

Answer» a. Unitary Elastic

Question:

_________ goods are known as scarce goods.

A.

Economic

B.

Durable

C.

Free

D.

Consumer

Answer» a. Economic

Question:

________ competition exists when the basic features of Perfect Competition are not present.

A.

Pure

B.

Perfect

C.

Imperfect

D.

All of the above

Answer» c. Imperfect