Question:

Which one of the following cost can never become zero?

A.

Average cost

B.

Fixed cost

C.

Marginal cost

D.

Variable cost

Answer» b. Fixed cost

Question:

Total Outlay Method of measuring Elasticity of Demand was introduced by _________

A.

Stanley Jevons

B.

Alfred Marshall

C.

Adam Smith

D.

J.R. Hicks

Answer» b. Alfred Marshall

Question:

Production creates __________ utility.

A.

Place

B.

Time

C.

Form

D.

possession

Answer» c. Form

Question:

_______ means absence of competition.

A.

Monopoly

B.

Perfect

C.

Imperfect

D.

Oligopoly

Answer» a. Monopoly

Question:

________ defined economics as a science which deals with wealth.

A.

J.B. Say

B.

A.C.Pigou

C.

Alfred Marshall

D.

Lionel Robbins

Answer» a. J.B. Say

Question:

__________ cost remains constant even if production is stopped.

A.

Fixed

B.

Variable

C.

Semi-Variable

D.

Marginal

Answer» a. Fixed

Question:

When the price of a complementary product falls, the demand for the other product will ___

A.

Fall

B.

Increase

C.

remain stable

D.

drop by 25 per cent

Answer» b. Increase

Question:

Which factor of production is considered as a produced means of production?

A.

Land

B.

Labour

C.

Capital

D.

Organisation

Answer» c. Capital

Question:

Commercial banks provide collateral loans against

A.

Government Security

B.

Shares

C.

Bills of Exchange

D.

Commercial Paper

Answer» a. Government Security

Question:

Which one of the following is the apex bank for agricultural credit in India?

A.

RBI

B.

IDBI

C.

SIDBI

D.

NABARD

Answer» d. NABARD