Economics cannot be considered a perfect science because (a) Human behaviour is unpredictable (b) It is difficult to make correct prediction of economic variables (c) Economist do not have common opinion about a particular economic event (d) All the three

Economics cannot be considered a perfect science because (a) Human behaviour is unpredictable (b) It is difficult to make correct prediction of economic variables (c) Economist do not have common opinion about a particular economic event (d) All the three
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(d) All the three
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In the long run a firm in perfect competition earns (a) Normal profit only ; (b) Abnormal profit ; (c) Average profit of past five years; (d) 12.33% profit on capital employed

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A perfect inelastic supply curve will be (a) Parallel to Y axis or a vertical line ; (b) Parallel to X axis ; (c) U shaped; (d) Downward sloping

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If two goods are perfect substitutes for one another, the elasticity of substitution will be (a) Infinite ; (b) Zero ; (c) > 1 ; (d) < 0

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Cross elasticity of a nearly perfect substitute products will be (a) Infinite ; (b) Zero ; (c) .> 1 ; (d) <1

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Tea and Coffee are perfect substitute of each other, given the price of Tea and Coffee being `100 and `200 per Kg. a consumer is prepared to buy 3 Kg. of each. If the price of tea remain same and the price of Coffee rises to `400 per kg. the demand for Tea goes to 6 Kg. and that of Coffee falls to 1Kg. The elasticity of substitution between Tea and Coffee is (a) 1 ; (b) 4 ; (c) 5 ; (d) 3

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Goods which are not perfect substitute of each other but have to be consumed in a fixed ratio will have rate of substitution (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Zero

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Goods which are perfect substitute of each other will have elasticity of substitution…... (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Infinite

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Goods which are perfect substitute of each other will have rate of substitution (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Zero

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Change in consumers tastes and preference causes – of the particular goods (a) Change in quantity demanded ; (b) Shift in demand curve ; (c) Change in price ; (d) No effect on quantity demanded

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Last Answer : (b) Shift in demand curve ;

The works of which economist lead to a more quantitative study of economics?

Description : The works of which economist lead to a more quantitative study of economics?

Last Answer : François Quesnay

A person showing unpredictable moods, outbursts of emotion, quarrelsome behaviour and conflicts with others is suffering from (a) addictive disorders (b) schizophrenia (c) borderline personality disorder (BPD) (d) mood disorders.

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Last Answer : c) borderline personality disorder (BPD)

In an isothermal process, the internal energy of gas molecules  (a) increases  (b) decreases  (c) remains constant  (d) may increase/decrease depending on the properties of gas  (e) shows unpredictable behaviour.

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Last Answer : Answer : c

An ideal gas as compared to a real gas at very high pressure occupies  (a) more volume  (b) less volume  (c) same volume  (d) unpredictable behaviour  (e) no such correlation.

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Last Answer : Answer : a

Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal(c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

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Last Answer : (a) Painting for self use ;

A firm that makes profit in excess of normal profit is earning (a) Economic profit ; (b) Costing profit ; (c) Normal profit ; (d) Super normal profit

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Last Answer : ; (d) Super normal profit