Bachelor of Arts in Economics (BA Economics)

If a firm sells its output on a market that is characterized by a single seller and manybuyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is

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Question:

If a firm sells its output on a market that is characterized by a single seller and manybuyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is

A.

a monopolist

B.

an oligopolist

C.

a perfect competitor

D.

a monopolistic competitor

Answer» a. a monopolist

Note: The above multiple-choice question is for all general and Competitive Exams in India. 

If the ith raw and jth column of a square matrix of order ‘n’ are deleted, the determinant of theresulting square sub-matrix is called

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Question:

If the ith raw and jth column of a square matrix of order ‘n’ are deleted, the determinant of theresulting square sub-matrix is called

A.

adjoint

B.

co-factor

C.

minor

D.

rank

Answer» c. minor

Note: The above multiple-choice question is for all general and Competitive Exams in India. 

In an input-output matrix, the principal diagonal of this matrix represents the amount of inputeach industry takes from ___output.

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Question:

In an input-output matrix, the principal diagonal of this matrix represents the amount of inputeach industry takes from ___output.

A.

other industry’s

B.

government sector’s

C.

household sector’s

D.

its own output

Answer» d. its own output

Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Whenever marginal product is declining with increasing use of an input,

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Question:

Whenever marginal product is declining with increasing use of an input,

A.

Total product is declining as input increases.

B.

Average product is declining as input use increases

C.

Marginal product is greater than average product

D.

Total product is increasing at a decreasing rate as input use increases.

Answer» d. Total product is increasing at a decreasing rate as input use increases.

Note: The above multiple-choice question is for all general and Competitive Exams in India.