Economics II | Study Mode

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Question 61
A
A proportional tax is one which takes from high income people a higher fraction of their income than it takes for low income people
B
The sole proprietor is a legal entity
C
the influence of demand on price will be smallest on the short run
D
the cost of production is the most important determining factor of supply in the long run
Explanation

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Correct option: A
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Question 62
A
Lowest cost of producing goods
B
The cost of production of the most efficient firm in the industry
C
Cost of production of the most inefficient firm in the industry
D
The cost of production at which the minimum profit is obtained by the firm
Explanation

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Correct option: D
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Question 63
A
A sole proprietorship
B
Cartel
C
Partnership
D
Joint stock
Explanation

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Correct option: B
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Question 64
A
Increase
B
Remain constant
C
Fluctuate
D
Decrease
Explanation

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Correct option: D
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Question 65
A
The rate at which export exchange for imports
B
Quality of export
C
Terms of purchase on deferred payment basis
D
The direction of foreign trade
Explanation

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Correct option: A
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Question 66
A
An increase in price and quantity offered
B
A reduction in price and quantity offered
C
An increase in quantity offered but price will remain the same
D
An increase in quantity offered but a reduction in price
Explanation

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Correct option: C
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Question 67
A
A branch of social studies
B
A dismissal science in the Malthusian sense
C
A study of the ways man devises to satisfy his unlimited wants from unlimited resources
D
The study of human wants by the means of scientific method of observation
Explanation

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Correct option: C
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Question 68
A
Interest rates
B
Opportunity costs
C
Economic rent
D
Indirect costs
Explanation

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Correct option: C
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Question 69
A
Manufactured goods
B
Processed and semi processed commodities
C
Invisible items
D
Primary product
Explanation

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Correct option: D
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Question 70
A
Trade done by people in the village
B
Exchange of goods for money
C
International trade
D
Exchange of goods for goods
Explanation

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Correct option: D

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