Question:

According to Marshall, The law of diminishing marginal utility

A.

applies on money in the manner in which it applies on commodity

B.

do not applies on money except bank money

C.

does not applies on bank money but applies on cash

D.

applies on all commodities except money

Answer» d. applies on all commodities except money

Question:

Price discrimination is possible:

A.

Under any market form

B.

only under monopoly

C.

only under monopolistic completion

D.

only in perfect competition

Answer» b. only under monopoly

Question:

In a closed economy which of the following is not a macroeconomic objective?

A.

National income growth

B.

price level stability

C.

BOP stability

D.

employment

Answer» c. BOP stability

Question:

National income is a:

A.

Cross section analysis

B.

Flow concept

C.

Stock concept

D.

None

Answer» b. Flow concept

Question:

Which of the following statements is true regarding a profit maximizing monopoly

A.

it will cause a deadweight loss

B.

it will produce less than perfect competition

C.

it will sell at a higher price than perfect competition

D.

all of the above

Answer» d. all of the above