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Business Economics - Business Economics Questions

21:

Arrange the following books in order (year) in which they appeared.

(a) Economic Theory and operations Analysis by W.J. Baumol

(b) An introduction to positive Economic by KG. Lipsey

(d) Managerial Economic ofJoel Dean

A.	(a), (b), (c), (d)
B.	(d), (c), (a), (b)
C.	(b), (d), (a), (c)
D.	(c), (d), (a), (b)
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	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

22:

Statements

(i) The law of demand always operates in the case of superior goods.

(ii) The substitution effect is always posilive

A.	Both correct
B.	Both incorrect
C.	Only (i) correct
D.	Only (ii) correct
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	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

23:

Cobb-Douglas production function in its initial form has the following properties

A.	Power function
B.	Constant return to scale
C.	Elasticity of substitution as unity
D.	Elasticity of substitution as constant and unity
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	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

24:

Demand curve was drawn with empirical evidence by

A.	Utility
B.	Revealed preference
C.	Indifference curve
D.	None of the above
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	Option: B Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

25:

Return to scale involve variations in the quantities of the various factors of production

(1) Simultaneously, and/ or

(2) Proportionately

A.	Both (1) and (2) are correct.
B.	(1) is correct and (2) is incorrect.
C.	(1) is incorrect and (2) is correct.
D.	Both (1) and (2) are incorrect.
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	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

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