Economics 2015 | Study Mode

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Question 21
A
price maker
B
price taker
C
price system
D
price competition
Explanation
Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.

Correct option: A
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Question 22
A
Partnership
B
Public limited liability company
C
Sole proprietorship
D
Central bank
Explanation

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Correct option: B
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Question 23
A
gift and donations
B
rents and rates
C
profit and dividends
D
internal and external debts
Explanation

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Correct option: A
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Question 24
A
Utility
B
Cost
C
Demand
D
Production function
Explanation
production function shows the technical information about the combination of inputs necessary for the production of outputs. In equation we write the production function as q = f (L, K) where L and K represents the inputs of labour and capital respectively.

Correct option: D
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Question 25
A
negative
B
positive
C
zero
D
fixed
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: B
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Question 26
A
E = C + I + G
B
E = C + I + G + M X
C
E = C + I + G + X M
D
E = C + I + G T + M X
Explanation
The national income of a country can be estimated as aggregate expenditure, consumption, investment, government expenditure, export less import. Import will be deducted because it is the money paid on importation of goods from other countries.

Correct option: C
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Question 27
A
12.5
B
12
C
15
D
10
Explanation
Average Product = total product Labour Employed
TPL/1 = 25/2= 12.5
Average product = 12.5

Correct option: A
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Question 28
A
A rise in cost of living gives a corresponding rise in standard of living
B
A lower cost of living give a higher standard of living
C
A lower cost of living give a lower standard of living
D
None of the above
Explanation
Cost of living is the amount of money individuals spent on consumption while the standard of living is the state of economic well being. Therefore, a fall in the cost of living leads to a rise in standard of living.

Correct option: B
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Question 29
A
Rank
B
Measurable
C
Rise
D
Fall
Explanation
The ordinalist approach explains that an individual can rank boundless of goods in order of preference with regard to the satisfaction they give him or her. Ordinalist approach is explained by means of different curves and budget lines.

Correct option: A
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Question 30
A
median
B
mean
C
mode
D
range
Explanation
mode is the frequently occurring value in a given data.

Correct option: C

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