Economics - Study Mode

[#1086] Demand is elastic when
Correct Answer

(D) small change in price causes big changes in demand

[#1087] With reference to theories of interest, match List-I with List-II List-I List-II a. Time Preference Theory 1. Keynes b. Classical Theory 2. Fisher c. Loanable Fund Theory 3. Marshall d. Liquidity Preference theory 4. Wicksell
Correct Answer

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

[#1088] An iso-cost line represents
Correct Answer

(B) Combination of two inputs which cost the same amount to a firm

[#1089] Consider the following statements and identify the right ones: 1. According to the theory of demographic transition in the first stage, birth rate is low but death rate is high. 2. The difference between them is high.
Correct Answer

(D) Neither 1 nor 2

[#1090] The minimum Long Run Average Cost (LAC) can be determined on a I. LAC curve for a normal production function II. LAC curve for a linear production function III. Planning curve IV. Envelope curve
Correct Answer

(C) I, III, IV