Economics Objective Questions and Answers

1562. Which one of the following industrial relations approach believes in state intervention via legislation and the creation of industrial tribunals as supporting management's interest rather than ensuring a balance between the competing groups?

1563. How is the revenue marginal productivity calculated under marginal productivity theory?

A. By computing the total physical output

B. Finding the total revenue

C. By computing marginal physical productivity

D. Marginal physical productivity multiplied by the value of the commodity i.e., price

Discussion

1564. Match the following.

List-I	List-II
a. Science of wealth	1. Marshall
b. Science of welfare	2. Samuelson
c. Science dealing with scarcity	3. Robbins
d. Science of growth	4. Smith

A. a-2, b-1, c-3, d-4

B. a-4, b-2, c-1, d-3

C. a-4, b-1, c-3, d-2

D. a-3, b-2, c-1, d-4

Discussion

1565. In case of perfect competition in the market

A. Marginal revenue curve always slopes upward

B. Marginal revenue curve always slopes downwards

C. Marginal revenue is always equal to average revenue

D. Marginal revenue is always less than average revenue

Discussion

1566. The process of capital formation depends on

1567. Production function is based on which combination of the main characteristics of the inputs from the following.
1. Substitutability
2. Complementarity
3. Flexibility
4. Specificity
Choose the correct answer

1568. In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be

A. more than unity

B. equal to unity

C. equal to a fraction of unity

D. equal to zero

Discussion

Economics MCQs