Question: For equilibrium market, the condition is____ A. Demand > supply B. demand <supply C. demand = supply D. None of these Answer» c. demand = supply Note: The above multiple-choice question is for all general and Competitive Exams in…

Question: Abstraction from reality is made based on : A. assumptions B. prediction C. theory D. hypothesis Answer» a. assumptions Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: Football socks are found to have a cross-elasticity of demand of −2 with respect to productY. Which of the following products is most likely to be product Y: A. Cricket boots B. Tennis shoes C. Tennis socks D. Football…

Question: ____ refers to the change in total cost (TC) due to the production of an additional unit ofoutput. A. MPC B. MC C. MPI D. MPPL Answer» b. MC Note: The above multiple-choice question is for all general and…

Question: A production function is said to be _____, if, when each input factor is multiplied by apositive real constant k, the constant can be completely factored out: A. homogenou B. nonhomogenous C. additive D. heterogonous Answer» a. homogenou Note:…

Question: The process of finding relative maximum or minimum of a function is known as : A. optimization B. minimisation C. maximisation D. any of these Answer» a. optimization Note: The above multiple-choice question is for all general and Competitive…

Question: Necessities have _____ elasticity of demand of between 0 and +1. A. cross B. price C. income D. any of these Answer» c. income Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: ______ function expresses the relationship between price of the good and quantity of thegood supplied. A. Supply B. Consumption C. Demand D. Income Answer» a. Supply Note: The above multiple-choice question is for all general and Competitive Exams in…

Question: ____ indicates what proportion of the increased income will be saved. A. MPS B. MPC C. MPI D. GDP Answer» a. MPS Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: In input-output analysis,when the technical coefficients are put in the form of a matrix, weget the______ A. the transaction matrix B. a technology coefficient C. non negativity constrains D. the Answer» d. the Note: The above multiple-choice question is…