Theory of consumer behaviour — Economics STD 12 Humanities & Commerce — Question

Match the following.

1.	NDPMP	(i)	NDPFC + NFIA
2.	NDPFC	(ii)	GDPMP + Deprecialion
3.	NNPFC	(iii)	GDPMP - NIT - Deprecialion

(Where, NDP = Net Domestic Product, GDP = Gross Domestic Product, NNP = Net National Product, NIT = Net Indirect Taxes, MP = Market Price, FC = Factor Cost, NFIA = Net Factor Income From Abroad)
Codes: I, II, III

1. (iii) (i) (ii)
2. (i) (ii) (iii)
3. (ii) (iii) (i)
4. (ii) (i) (iii)

Production possibility curve (PPC) is defined as different combination of goods and services that can be produced by whom when the resources are fully employed?

1. Firm
2. Industry
3. Economy
4. All of the above

Difference between TR and TC is maximum when:

1. AR = MR
2. MR = MC
3. MR = AC
4. MC = AC

What will be the state of total output when marginal product turns negative?

1. Total output will begin to fall.
2. Total output will begin to rise.
3. Total output will remain constant.
4. None of these.

What can be the minimum value of investment multiplier?

1. 0
2. 1
3. 2
4. 3

Which cost increases continuously with the increase in production?

1. Average cost.
2. Marginal cost.
3. Fixed cost.
4. Variable cost.

All of the following are characteristics of a monopoly except:

1. There is a single firm.
2. The firm is a price-taker.
3. The firm produces a unique product.
4. The existence of some advertising.

The non-tax revenue in the following is: (choose the correct alternative)

1. Export duty.
2. Import duty.
3. Dividends.
4. Excise.