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Economics Questions Answers
When labour is plotted on Z-axis and capital is plotted on Y-axis and an iso-quant is prepared, than which of the following statements is/are false?
1. Marginal rate of technical substitution of labour for captial is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
1 and 2 statements
Only 3 statement
Only 1 statement
Only 2 statement
Only 3 statement
Match the items of List-II with the items of List-I and indicate the code of correct matching. The items relate to economies of scale/ scope.
List I
(a) Economies of scale
(b) lnernal economies
(c) External economies
(d) Economies of scope
List II
1. arise with lower average costs of manufacturing a product when two complementary products are produced by a single firm
2. Mean lowering of costs of production by producting in bulk
3. Arise when cost per unit depends on size of the firm
4. Arise when cost per unit depends on the size of the industry, not the firm
a-2, b-4, c-1, d-3
a-1, b-2, c-3, d-4
a-2, b-3, c-4, d-1
a-4, b-3, c-2, d-1
a-2, b-3, c-4, d-1
A firm that produces highly substitute goods can adopt which one of the following pricing strategies?
Transfer pricing
Going Rate pricing
Product bundling
Full cost pricing
Going Rate pricing
In a perfectly competitive market, a firm in the long run operates at the level of output where:
AC = MC when MC is lowest
MC = AR = MR when MC is lowest
MR = MC
AR=MR=AC=MC
AR=MR=AC=MC
Assignment of numerals to the objects tn represent their attributes is known as :
Nominal data
Ordinal data
Interval data
Ratio data
Nominal data
A graph of a cumulative frequency distribution is called :
Frequency polygon
Frequency curve
Ogive
Pie diagram
Ogive
In the case of classification of data, the class having its upper limit is treated as the lower limit of its next class of called :
Open ended class
Close ended class
Exclusive class
Inclusive class
Exclusive class
Match the items of List-II with List-I and choose the correct code:
List I
(a) Sales Executive
(b) Branch Manager
(c) Foremap
(d) Production Manager
List II
1. Top-middle Management
2. Middle Management
3. Lower Management
4. Operating Force
a-4, b-2, c-3, d-1
a-2, b-3, c-4, d-1
a-3, b-4, c-2, d-1
a-1, b-2, c-3, d-4
a-4, b-2, c-3, d-1
Select the correct code of the statements being correct or incorrect.
Statements:
I. It is a significant feature of human that he plans.
II. A plan is a trap to capture the future.
Statement (I) is correct but (II) is incorrect
Statement (II) is correct but (I) is incorrect
Both the statements (I) and (II) are correct
Both the statement (I) and (II) are incorrect
Both the statements (I) and (II) are correct
Assertion (A) : Management is a set of principles relating to its functions.
Reasoning (R) : Management is essential to run all types of organizations.
(A) and (R) both are correct and (R) is the right explanation of (A)
(A) and (R) both are correct but (R) is not the right explanation (A)
Both (A) and (R) are incorrect
(A) is correct but (R) is incorrect
(A) and (R) both are correct but (R) is not the right explanation (A)