Description : A government’s restriction on the quantity of imports of a country is known as (a) Export quota (b) Import quota © Import rent. (d) Embargo.
Last Answer : (b) Import quota
Description : The effective rate of protection (a). distinguishes between tariffs that are effective and those that are ineffective (b). is the minimum level at which a tariff becomes effective in ... in value added for domestic production that a particular tariff structure makes possible, in percentage terms
Last Answer : d). shows the increase in value added for domestic production that a particular tariff structure makes possible, in percentage terms
Description : Isoquants in Leontief’s input- output model are (a) Variable coefficient (b) Fixed coefficient © Sometimes fixed sometimes variable (d) None of the abov
Last Answer : (b) Fixed coefficient
Description : “Higher the indifference curve, higher will be the level of satisfaction” (a) always true (b) always false © sometimes true and sometimes false (d) true only if price effect is positive.
Last Answer : (b) always false
Description : “ All Giffen goods are inferior, but all inferior goods are not Giffen”. The statement is (a) sometimes true (b) true © false (d) none of the above
Last Answer : (b) true
Description : A tariff can---raise a country’s welfare (a) sometimes (b) always © never (d) none of the above
Last Answer : a) sometimes
Description : Rich countries have deficit in their balance of payments (a) Sometimes. (b) Always. © Never. (d) Alternate years.
Last Answer : (a) Sometimes.
Description : Which of the following least likely limits the auditor's ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b ... procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements
Last Answer : Most audit evidences are conclusive rather than being persuasive
Description : Below are given some probable characteristics of an in-effective teacher, which of them is most likely to be characterized the ineffective teacher (a) Emphasis upon pupil discussion in the clarification of groups ... (c) Emphasis upon the control of the immediate situation (d) None of the above
Last Answer : (c) Emphasis upon the control of the immediate situation
Description : 'Quota' is - (1) tax levied on imports (2) imports of capital goods (3) limit on the quantity of imports (4) limit on the quantity of exports
Last Answer : (3) limit on the quantity of imports Explanation: An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of ... production of a good, service, or activity, thus "protect" domestic production by restricting foreign competition.
Description : Which one of the following is not a non-tariff barrier ? (a) Voluntary export restraint (b) Quota (c) Advalorem tariff (d) Technical barriers
Last Answer : Advalorem tariff
Description : ‘Quota’ is (1) tax levied on imports (2) imports of capital goods (3) limit on the quantity of imports (4) limit on the quantity of exports
Last Answer : limit on the quantity of imports
Description : Leontief’s model is open due to the fact that final demand is given from----- the system (a) within (b) outside © both (a) and (b) (d) none of the above.
Last Answer : (b) outside
Description : Factors of production in Input Output model is---- (a) one (b) two © three (d) four
Last Answer : (a) one
Description : Leontief”s model explains a----- equilibrium. (a) static (b) dynamic © both static and dynamic (d) none of the above
Last Answer : (a) static
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.
Description : In Input Output model only----product is produced (a) One (b) Two © Three (d) Four
Last Answer : (a) One (d) Four
Description : Leontief’s input output model is based on the concept of----- (a) Consumption function (b) Partial Equilibrium © General Equilibrium. (d) All of the above.
Last Answer : © General Equilibrium.
Description : Hawkins Simon condition explains the----- condition in Input output model (a) Instability (b) Stability © Uniqueness (d) None of the above
Last Answer : (b) Stability
Description : In Leontief’s model own input coefficient’s are less than---- (a) Four (b) Three © Two (d) One
Last Answer : (d) One
Description : If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.
Last Answer : (a) constant opportunity cost
Description : Normally the isoquant slopes (a) downwards from left to right (b) upward from right to left © upwards from left to right (d) backwards from left to right
Last Answer : (a) downwards from left to right
Description : Afirm will close down in the short run, if AR is less than (a) AC (b) AVC © MC (d) none of the above
Last Answer : (b) AVC
Description : For getting total revenue, the formula is (a) TR/Q (b) MR+Q © AR/Q (d) AR X Q
Last Answer : (d) AR X Q
Description : Total revenue is maximum when elasticity of demand is (a) 3 (b) 1 © 0 (d) 0.5
Last Answer : (b) 1
Description : .All of the following curves are U-shaped, except the (a) AFC curve (b) MC curve © AC curve (d) AVC curve
Last Answer : (a) AFC curve
Description : Difference between average cost and average revenue is (a) total profit (b) net profit © average profit (d) marginal profit
Last Answer : © average profit
Description : Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost
Last Answer : © alternative cost
Description : In the long run, which of the following factors of production is fixed? (a) capital (b) building © labour (d) none of the above
Last Answer : (d) none of the above
Description : Diminishing returns occurs when a firm (a) uses too much of all inputs (b) uses more and more of one input while holding another inputs constant © does not utilize its inputs efficiently (d) cut down on the quantity of all inputs it uses
Last Answer : b) uses more and more of one input while holding another inputs constant
Description : A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward
Last Answer : (a) the price of one good changes
Description : Marginal rate of substitution is the ___of the indifference curve (a) mean (b) slope © peak (d) inverse
Last Answer : (b) slope
Description : Marginal utility means (a) change in total utility due to one unit change in consumption (b) change in total utility due to no change in consumption © change in utility due to change in price (d) change in utility due to change in income
Last Answer : (a) change in total utility due to one unit change in consumption
Description : Total utility is maximum, when (a) marginal utility is maximum (b) marginal utility is zero © marginal utility increases (d) average utility is maximum
Last Answer : (b) marginal utility is zero
Description : An increase in product price will cause (a) quantity demanded to decrease (b) quantity supplied to decrease © quantity demanded to increase (d) the demand curve to shift to the left
Last Answer : (a) quantity demanded to decrease
Description : If consumer’s income increases, the demand for normal product X (a) will remain unchanged (b)will necessarily increase © will necessarily decrease (d) may increase or decrease
Last Answer : (b)will necessarily increase
Description : The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve
Last Answer : (b) Law of demand
Description : A rightward shift in the supply schedule indicates (a) a decrease in supply (b) an increase in supply © an increase in quantity supply (d) a decrease in quantity supply
Last Answer : (b) an increase in supply
Description : The quantity demanded depends on (a) its price (b) income © price of other goods (d) all of the above
Last Answer : (d) all of the above
Description : Demand curve remaining the same, if the supply curve shifts to the right then (a) Price and quantity move in the same direction (b) Price and quantity move in the opposite direction © Price and quantity remain unchanged (d) None of the above.
Last Answer : (b) Price and quantity move in the opposite direction
Description : The basic problem of an economy is (a) What to produce? (b) How to produce? © For whom to produce? (d) All of the above.
Last Answer : (d) All of the above.
Description : In case of horizontal demand curve , price elasticity of demand is (a) equal to zero (b) equal to one © equal to two (d) infinite
Last Answer : (a) equal to zero
Description : Cross-price elasticity of demand between tea and coffee is (a) negative (b) positive © zero (d) infinite
Last Answer : (b) positive
Description : Price elasticity of demand shows the relationship between demand for a commodity and (a) price of other commodities (b) price of that commodity © tastes and preferences of the consumer (d) income of the consumer
Last Answer : (b) price of that commodity
Description : Demand curve shifts downwards when (a) at the same price level demand falls (b) price increases and demand falls © price falls and demand also falls (d) at the same price level demand increases
Last Answer : © price falls and demand also falls
Description : If arithmetic of 6 numbers is 17 then the sum of numbers is---- (a) 102 (b) 103 © 150 (d) 120.
Last Answer : (a) 102
Description : Number which occurs with maximum frequency is----- (a) mean (b) median © mode (d) none of the above.
Last Answer : © mode
Description : There are ----types of line diagram (a) one (b) two © three (d) four
Last Answer : (b) two
Description : To calculate index number ----- mean is used (a) arithmetic (b) geometric © harmonic (d) none of the above.
Last Answer : (b) geometric
Description : Cumulative frequency distribution is helpful to calculate----- (a) mean (b) median © mode (d) both (b) and (c).
Last Answer : (b) median