Economics - Study Mode

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[#541] 'Economics is the science of wealth'. This definition is given

(A) Adam Smith

(B) Marshall

(C) Robbins

(D) None of the above

Correct Answer

(A) Adam Smith

[#542] In the long run, equilibrium in perfect competition is attained when

(A) Price = Average Cost = Marginal Cost

(B) Price = Average Cost = Total Cost

(C) Price = Marginal Revenue = Total Cost

(D) Total Revenue = Total Variable Cost

Correct Answer

(A) Price = Average Cost = Marginal Cost

[#543] Who played the role of a catalyst in the green revolution of India?

(A) M. M. Swaminathan

(B) B. Kurien

(C) B. V. Rao

(D) Venkateshwar Rao

Correct Answer

(A) M. M. Swaminathan

[#544] Short-term regular variations related to the calendar or time of day is known as

(A) Trend

(B) Seasonality

(C) Cycles

(D) Random variations

Correct Answer

(B) Seasonality

[#545] Match the items of List-II with the items of List-I and find the correct matching. The items relate to economies of scale/scope. List-I List-II a. Economies of scale 1. Arise with lower average costs of manufacturing a product when two complementary products are produced by a single firm b. Internal economies 2. Mean lowering of costs of production by producing in bulk c. External economies 3. Arise when cost per unit depends on size of the firm d. Economies of scope 4. Arise when cost per unit depends on the size of the industry, not the firm

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

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

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

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

Correct Answer

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