Classical

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
(c) Economics by P. Samuelson
(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)

 
 

Option: D

Explanation :


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

 
 

Option: C

Explanation :


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
 
 

Option: D

Explanation :


24:  
Demand curve was drawn with empirical evidence  by
A.

Utility

B.

Revealed preference

C.

Indifference curve

D.

None of the above

 
 

Option: B

Explanation :


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.

 
 

Option: C

Explanation :




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