Question:

Under perfect market conditions the individual firm in the industry has——————- control over the price of the product.

A.

Some

B.

Full

C.

No

D.

None of the above

Answer» c. No

Question:

Mannheim defines ________as the sum of those methods by which a society tries to influence human behavior to maintain a given order.

A.

Social control

B.

Constitution

C.

Policing

D.

Democracy

Answer» a. Social control

Question:

In the case of normal goods, the quantity demanded varies inversely with:

A.

Price of good

B.

Income of the consumer

C.

Fashion of the good

D.

Savings

Answer» a. Price of good

Question:

A firm under perfect competitions shall be in equilibrium when marginal cost will be equal to marginal revenue and marginal cost curve is still

A.

Declining

B.

Rising

C.

Constant

D.

None of the above

Answer» b. Rising

Question:

Frictional unemployment exists:

A.

When there is a decrease in real GDP

B.

Because it takes time to find a job when one is first entering the labour force

C.

As a result of technological change

D.

When an individual retires

Answer» b. Because it takes time to find a job when one is first entering the labour force