Economics - Study Mode

[#511] The branch of Economics which focuses on 'what should be' is:
Correct Answer

(C) normative economics

[#512] Match the following. List-I List-II a. Total cost 1. TR ÷ Q b. Average revenue 2. ∆TC ÷ ∆Q c. Marginal cost 3. AR × Q d. Total revenue 4. TFC + TVC
Correct Answer

(D) a-4, b-1, c-2, d-3

[#513] Consider the following statements. 1. Cartel is an informal agreement among the firms to avoid competition. 2. There is a free entry of firms in monopoly market. 3. There is a full control over price in perfect competition. Which of the statement(s) given above is/are correct?
Correct Answer

(D) All of the above

[#514] If the price of 'X' rises by 10 percent and the quantity demanded falls by 10 percent, 'X' has
Correct Answer

(B) Unitarily elastic demand

Explanation

Solution: If the price of 'X' rises by 10 percent and the quantity demanded falls by 10 percent, 'X' has Unitarily elastic demand.

[#515] Demand for intermediate consumption arises in
Correct Answer

(D) All producing sectors of the economy

Explanation

Solution: Demand for intermediate consumption arises in all producing sectors of the economy. Intermediate consumption is a national accounts concept which measures the value of the goods and services consumed as inputs by a process of production.