What is the origin of profit?

What is the origin of profit?
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If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be - (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Description : If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be - (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Last Answer : (4) equal to unity Explanation: Any straight line supply curve passing through the origin has an elasticity of supply equal to 1. The different types of price elasticity of supply are listed below:

Origin of Red gram is — a. India b. Africa c. China d. Thailand

Description : Origin of Red gram is — a. India b. Africa c. China d. Thailand

Last Answer : b. Africa

Origin of Merino sheep is a. France b. Spain c. Switzerland d. UK

Description : Origin of Merino sheep is a. France b. Spain c. Switzerland d. UK

Last Answer : b. Spain

Origin of Maize crop is — a. Mexico b. Indonesia c. China d. Philippines

Description : Origin of Maize crop is — a. Mexico b. Indonesia c. China d. Philippines

Last Answer : a. Mexico

Origin of Potato is ____ a. India b. China c. South America d. Africa

Description : Origin of Potato is ____ a. India b. China c. South America d. Africa

Last Answer : c. South America

An indifference curve is always A.A vertical straight line B.Convex to the origin C.Concave to the origin D.A horizontal straight line

Description : An indifference curve is always A.A vertical straight line B.Convex to the origin C.Concave to the origin D.A horizontal straight line

Last Answer : B.Convex to the origin

The isoquants in Input Output model is (a) convex to the origin (b) concave to the origin © l shaped. (d) straight line.

Description : The isoquants in Input Output model is (a) convex to the origin (b) concave to the origin © l shaped. (d) straight line.

Last Answer : © l shaped.

If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Description : If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Last Answer : equal to unity

Is there a way to profit from the alt-right movement? Should I try to corner the market on brown shirts? Or maybe white cloth for KKK robes?

Description : Is there a way to profit from the alt-right movement? Should I try to corner the market on brown shirts? Or maybe white cloth for KKK robes?

Last Answer : Buy stock in Zyklon-B

Why are there so few for-profit live theatres in the US?

Description : Why are there so few for-profit live theatres in the US?

Last Answer : Bob. Your answer may be correct. It’s hilariously simple. But, really?

National Income is generated from: (1) any money making activity (2) any laborious activity (3) any profit-making activity (4) any productive activity

Description : National Income is generated from: (1) any money making activity (2) any laborious activity (3) any profit-making activity (4) any productive activity

Last Answer : (2) any laborious activity Explanation: National Income is the monetary value of all goods and services produced by nationals of a country. Only productive activities are included in the ... activities are included in national income. Income earned through unproductive activities is not Included.

The innovation theory of profit was proposed by - (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Description : The innovation theory of profit was proposed by - (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Last Answer : (3) Schumpeter Explanation: The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations. In ... to introduce innovations and the profit in the form of reward is given for his performance.

The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).

The excess of price a person is to pay rather than forego the consumption of the commodity is called - (1) Price (2) Profit (3) Producers' surplus (4) Consumer's surplus

Description : The excess of price a person is to pay rather than forego the consumption of the commodity is called - (1) Price (2) Profit (3) Producers' surplus (4) Consumer's surplus

Last Answer : (3) Producers' surplus Explanation: Producer Surplus' is an economic measure of the difference between the amount that a producer of a good receives and the minimum amount that he or she would be ... or surplus amount, is the benefit that the producer receives for selling the good in the market.

At "Break-even point", (1) the industry is in equilibrium in the long run. (2) the producers suffers the minimum losses (3) the seller earns maximum profit (4) the firm is at zero-profit point

Description : At "Break-even point", (1) the industry is in equilibrium in the long run. (2) the producers suffers the minimum losses (3) the seller earns maximum profit (4) the firm is at zero-profit point

Last Answer : (4) the firm is at zero-profit point Explanation: The break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even." For businesses, reaching the break-even point is the first major step towards profitability.

Gross Profit means - (1) Total investment over total saving (2) Changes in methods of production (3) Changes in the form of business organisation (4) Total receipts over total expenditure

Description : Gross Profit means - (1) Total investment over total saving (2) Changes in methods of production (3) Changes in the form of business organisation (4) Total receipts over total expenditure

Last Answer : (4) Total receipts over total expenditure Explanation: In accounting, gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service, before deducting ... . Gross profit = Net sales (total receipts) - Cost of goods sold (total expenditure).

Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Description : Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Last Answer : (4) sum of wages, interest, rent and normal profit. Explanation: The following elements are included in the cost of production: (1) Purchase of raw machinery, (2) Installation of plant and machinery ... also added, (k) The normal profit of the entrepreneur is also included In the cost of production.

Equilibrium price means - (1) Price determined by demand and supply (2) Price determined by Cost and Profit (3) Price determined by Cost of production (4) Price determined to maximize profit

Description : Equilibrium price means - (1) Price determined by demand and supply (2) Price determined by Cost and Profit (3) Price determined by Cost of production (4) Price determined to maximize profit

Last Answer : (1) Price determined by demand and supply Explanation: Equilibrium price is a state in economy where the supply of goods matches demand. When a major index experiences a period of consolidation or sideways ... short, it is the market price at which the supply of an item equals the quantity demanded.

The degree of monopoly power is to be measured in terms of the firm's- (1) normal profit (2) supernormal profit (3) both normal and supernormal profit (4) selling price

Description : The degree of monopoly power is to be measured in terms of the firm's- (1) normal profit (2) supernormal profit (3) both normal and supernormal profit (4) selling price

Last Answer : (2) supernormal profit Explanation: Monopoly power implies the amount of discretion which a monopolist possesses to fix up the prices of his products and degree of control over his output decisions. ... the degree of monopoly power can be measured by the monopoly firm's super-normal profit.

In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : (4) marginal revenue with marginal cost Explanation: A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost ... marginal cost curve. The marginal cost curve is thus the perfectly competitive firm's supply curve.

Economic profit or normal profit is the same as - (1) optimum profit (2) accounting profile (3) maximum profit (4) net profit

Description : Economic profit or normal profit is the same as - (1) optimum profit (2) accounting profile (3) maximum profit (4) net profit

Last Answer : (4) net profit Explanation: Normal profit or economic profit is an economic condition occurring when the difference between a firm's total revenue and total cost is equal to zero. Simply put, normal ... occurs when revenues are greater than costs, and not equal, as in the case of normal profit.

What is "book-building"? (1) Preparing the income and expenditure ledgers of a company (book-keeping) (2) Manipulating the profit and loss statements of a company (3) A process of inviting subscriptions to a public offer of securities, essentially through a tendering process (4) Publishers' activity

Description : What is "book-building"? (1) Preparing the income and expenditure ledgers of a company (book-keeping) (2) Manipulating the profit and loss statements of a company (3) A process of inviting subscriptions to a public offer of securities, essentially through a tendering process (4) Publishers' activity

Last Answer : (3) A process of inviting subscriptions to a public offer of securities, essentially through a tendering process Explanation: Book building refers to the process of generating, capturing, and recording investor ... a base price and a band within which the investor is allowed to bid for shares.

Who developed the innovations theory of profit? (1) Walker (2) Clark (3) Knight (4) Schumpeter

Description : Who developed the innovations theory of profit? (1) Walker (2) Clark (3) Knight (4) Schumpeter

Last Answer : (4) Schumpeter Explanation: Joseph Alois Schumpeter (1883- 1950) was Austrian-born American economist and social scientist. He did important early analyses of business cycles and economic growth. He ... (1942), he argued that capitalism would naturally evolve into socialism through its very success.

The remuneration of the entrepreneur in production is - (1) Pure profit (2) Gross profit (3) Net profit (4) Super-normal profit

Description : The remuneration of the entrepreneur in production is - (1) Pure profit (2) Gross profit (3) Net profit (4) Super-normal profit

Last Answer : (3) Net profit Explanation: Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. An entrepreneur is a person who combines the other factors ... commodities on the basis of demand, looking after efficient distribution) from the gross profit.

Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Description : Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Last Answer : (1) the revenue per unit of commodity sold Explanation: Average revenue is the revenue per unit of the commodity sold. It can be obtained by dividing the TR by the number of units sold. Then, AR = ... of view. Therefore, average revenue curve of the firm is the same as demand curve of the consumer.

Who propounded Dynamic Theory of profit? (1) Clark (2) Schumpeter (3) Knight (4) Hawly

Description : Who propounded Dynamic Theory of profit? (1) Clark (2) Schumpeter (3) Knight (4) Hawly

Last Answer : (1) Clark Explanation: Dynamic Theory of Profit is associated with the name of an American Economist J. B. Clark. In the world of reality, according to J. B. Clark profit arises only in a dynamic economy.

Production function is the relationship between - (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Description : Production function is the relationship between - (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Last Answer : (3) Production and Production factors Explanation: In economics, a production function relates physical output of a production process to physical inputs or factors of production. The primary purpose ... use of factor inputs in production and the resulting distribution of income to those factors.

Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Description : Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Last Answer : (4) Inputs to output Explanation: Production function specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. The relationship of output to inputs is ... relates physical inputs to physical outputs, and prices and costs are not reflected in the function.

In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Description : In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Last Answer : (3) Normal profit Explanation: Making the assumption that the market demand curve remains unchanged, higher market supply will reduce the equilibrium market price until the price = long run average cost. ... of firms in and out of the industry and a long-run equilibrium has been established.

'Marginal efficiency of capital' is - (1) expected rate of return on new investment (2) expected rate of return of existing investment (3) difference between rate of profit and rate of interest (4) value of output per unit of capital invested

Description : 'Marginal efficiency of capital' is - (1) expected rate of return on new investment (2) expected rate of return of existing investment (3) difference between rate of profit and rate of interest (4) value of output per unit of capital invested

Last Answer : (1) expected rate of return on new investment Explanation: The volume of investment depend upon the following two factors: (1) rate of interest: and (2) marginal efficiency of capital. Before ... partly on expectations of future yields and partly on the actual price of the capital good concerned.

Under hill cost pricing, price is determined - (1) by adding a margin to the average cost (2) by comparing marginal cost and marginal revem (3) by adding normal profit to the marginal cost (4) by the total al cost of production

Description : Under hill cost pricing, price is determined - (1) by adding a margin to the average cost (2) by comparing marginal cost and marginal revem (3) by adding normal profit to the marginal cost (4) by the total al cost of production

Last Answer : (1) by adding a margin to the average cost Explanation: Full cost pricing is a practice where the price of a product is calculated by a firm on the basis of its direct costs per unit of output ... is known as 'full-cost' pricing. The price is equal to 'full' cost, including an acceptable profit.

Assertion (A): There are several goods and services that society needs however private sector doesn‘t produce all of them. Reason (R): Private sector is profit driven. (a) Both A & R are true and R is the correct explanation of A (b) Both A & R are true but R is not the correct explanation of A. (c) A is true but R is false. (d) Both A & R are false.

Description : Assertion (A): There are several goods and services that society needs however private sector doesn t produce all of them. Reason (R): Private sector is profit driven. (a) Both A & R are true and R is the correct ... correct explanation of A. (c) A is true but R is false. (d) Both A & R are false.

Last Answer : (a) Both A & R are true and R is the correct explanation of A

Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Description : Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Last Answer : b. Income

Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Description : Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Last Answer : b. Income

Minimum Support Price is announced by the government to provide : (a) incentives to farmers for raising production (b) incentives to traders to earn maximum profit from farmers (c) incentives to moneylenders to lend maximum to farmers (d) none of the above

Description : Minimum Support Price is announced by the government to provide : (a) incentives to farmers for raising production (b) incentives to traders to earn maximum profit from farmers (c) incentives to moneylenders to lend maximum to farmers (d) none of the above

Last Answer : (a) incentives to farmers for raising production

Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher price b. produce a lower quantity of the product c. make a greater amount of economic profit d. all of the above

Description : Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher price b. produce a lower quantity of the product c. make a greater amount of economic profit d. all of the above

Last Answer : d. all of the above

Epx = Percentage change in Qy / Percentage change in Px The above relationship is : A.Arc Cross Price Elasticity B.Cost Output C.Cost Profit D.Capital Budgeting

Description : Epx = Percentage change in Qy / Percentage change in Px The above relationship is : A.Arc Cross Price Elasticity B.Cost Output C.Cost Profit D.Capital Budgeting

Last Answer : A.Arc Cross Price Elasticity

In case of monopoly, a firm in the long run can have A.Loss B.Super Normal Profit C.Break even D.All of these

Description : In case of monopoly, a firm in the long run can have A.Loss B.Super Normal Profit C.Break even D.All of these

Last Answer : B.Super Normal Profit

Which of the following is Stock concept ? (a) Capital (b) Investment (c) Income (d) Profit

Description : Which of the following is Stock concept ? (a) Capital (b) Investment (c) Income (d) Profit

Last Answer : (a) Capital

‘Normal Profit’ means (a) Profit earned by the marginal firm in a normal year. (b) Minimum amount needed to keep a firm in the same business. (c) The payment made to marginal firm for its ability. (d) Surplus profit earned by the least efficient firm

Description : ‘Normal Profit’ means (a) Profit earned by the marginal firm in a normal year. (b) Minimum amount needed to keep a firm in the same business. (c) The payment made to marginal firm for its ability. (d) Surplus profit earned by the least efficient firm

Last Answer : (c) The payment made to marginal firm for its ability.

Given competitive conditions, a firm in the long run earn (a) Quasi-rent (b) Pure-rent (c) Normal profit (d) Economic profit

Description : Given competitive conditions, a firm in the long run earn (a) Quasi-rent (b) Pure-rent (c) Normal profit (d) Economic profit

Last Answer : (c) Normal profit

A monopolist is able to maximise his profit when (a) his output is maximum (b) he charges higher prices (c) his average cost is minimum (d) his marginal cost is equal to marginal revenue

Description : A monopolist is able to maximise his profit when (a) his output is maximum (b) he charges higher prices (c) his average cost is minimum (d) his marginal cost is equal to marginal revenue

Last Answer : (d) his marginal cost is equal to marginal revenue

Difference between average cost and average revenue is (a) total profit (b) net profit © average profit (d) marginal profit

Description : Difference between average cost and average revenue is (a) total profit (b) net profit © average profit (d) marginal profit

Last Answer : © average profit

Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Description : Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Last Answer : (b) gains from specialization and gains from exchange.

A profit maximizing firm will invest up to the level of investment where (a) The cost of borrowing equals marginal efficiency of capital (b) The cost of borrowing is greater than marginal efficiency of capital © The cost of borrowing is less than marginal efficiency of capital (d) The cost of borrowing is equal to marginal propensity to consume.

Description : A profit maximizing firm will invest up to the level of investment where (a) The cost of borrowing equals marginal efficiency of capital (b) The cost of borrowing is greater than marginal ... marginal efficiency of capital (d) The cost of borrowing is equal to marginal propensity to consume.

Last Answer : (a) The cost of borrowing equals marginal efficiency of capital

What is “book-building” ? (1) Preparing the income and expenditure ledgers of a company (book-keeping) (2) Manipulating the profit and loss statements of a company (3) A process of inviting subscriptions to a public offer of securities, essentially through a tendering process (4) Publishers’ activity

Description : What is book-building ? (1) Preparing the income and expenditure ledgers of a company (book-keeping) (2) Manipulating the profit and loss statements of a company (3) A process ... subscriptions to a public offer of securities, essentially through a tendering process (4) Publishers' activity

Last Answer : A process of inviting subscriptions to a public offer of securities, essentially through a tendering process

The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : Sale in a foreign market of a commodity at a price below marginal cost

The innovation theory of profit was proposed by (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Description : The innovation theory of profit was proposed by (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Last Answer : Schumpeter

Economic profit or normal profit is the same as : (1) optimum profit (2) accounting profile (3) maximum profit (4) net profit

Description : Economic profit or normal profit is the same as : (1) optimum profit (2) accounting profile (3) maximum profit (4) net profit

Last Answer : net profit

National Income is generated from: (1) any money-making activity (2) any laborious activity (3) any profit-making activity (4) any productive activity

Description : National Income is generated from: (1) any money-making activity (2) any laborious activity (3) any profit-making activity (4) any productive activity

Last Answer : any laborious activity