The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

In 1936, macroeconomics become a separate branch of economics after a book published by:

1. Adam Smith.
2. J.B. Say.
3. John Maynard Keynes.
4. Alfred Marshall.

Potato chips and popcorn are substitutes. A rise in the price of potato chips will .............. the demand for popcorn and the demand of potato chips will

1. Increase; increase.
2. Increase; decreases.
3. Decrease; decrease.
4. Decrease; increase.

Which is the best example of monopoly market?

1. Communication market.
2. Indian railway.
3. Stock exchange.
4. OPEC (Oil Producing Export Countries).

‘Homogenous products’ is a characteristic of:

1. Perfect competition only.
2. Perfect oligopoly only.
3. Both (a) and (b).
4. None of the above.

What is the shape of production possibility curve?

1. Convex.
2. Concave.
3. Straight line.
4. None of these.

If the price of any complementary good rises, then ______:

1. Demand curve shifts to left.
2. Demand curve shifts to right.
3. Demand curve moves downward.
4. Demand curve moves upward

The goods used by manufacturer like tools, equipment and plant, etc are known as:

1. Manufactured goods.
2. Intermediate goods.
3. Final producer goods.
4. All of the above.

Aggregate demand can be increased by:

1. Increasing bank rate.
2. Selling government securities by Reserve Bank of India.
3. Increasing cash reserve ratio.
4. None of the above.

How does total revenue behave when marginal revenue falls but remains positive?

1. Total revenue increases.
2. Total revenue decreases.
3. Total revenue becomes maximum.
4. Total revenue is constant.

________ involves transactions related to transfers of assets and liabilities in BoP account.

1. Balance of trade account
2. Current account
3. Unilateral transfer account
4. Capital account